Up-and-coming Advanced Bionutrition (ABN) has captured the attention of venture capitalists in the biotechnology field, raising $7.5 million in a second round of private equity funding.
The funding, $2 million of which was provided by BASF Venture Capital, will be used to expand applications for the new MicroMatrix ingredient delivery technology, which makes possible the delivery of active ingredients - such as probiotics, vaccines, enzymes, hormones and peptides - in capsule form.
"While our MicroMatrix technology was developed to meet immediate needs in the area of aquatic nutrition, we see exciting applications in delivery systems for active ingredients in human applications," said David Kyle, ABN's president and CEO.
Other investors in the series B financing include SAM Equity Partners, Arancia Industrial, Sherbrooke Capital, Eastbourne Capital Management, the Maryland Department of Business and Economic Development and a private investor.
"This investment is a testament to the strength of ABN's unique, proprietary technology. We have put together an excellent syndicate of investors whose expertise will benefit us as we grow our business," added Kyle.
ABN will also draw on the funding to build sales of its docosahexaenoic and arachidonic acid fish diets, which will result in "safer seafood products by eliminating the need for fishmeal and fish oil in aquaculture feeds, and the contaminants they potentially carry," and "enable the sustainable production of Organic seafood," according to Walter Locher, principal of Sam Equity Partners.
Columbia, Maryland-based ABN raised an initial $6 million in series A funding in 2001, when it was spun off from Martek Biosciences. Sherbrooke Capital, Eastbourne Capital Management and the Maryland Department of Business and Economic Development were also among the investors in the earlier round of funding.