ABN funding will bring products to market
Wednesday, May 21, 2003
Aquabiotech company Advanced BioNutrition (ABN), has announced that it has raised $2.5 million in funding. Added to the $3.5 million raised previously, it closes the company's Series A round with a total of $6 million raised and will speed its entry into animal health and nutrition market
The round was led by Sherbrooke Capital and included all of ABN¹s original investors: Eastbourne Capital Management, L.L.C., Maryland Dept. of Business and Economic Development, angel investors and the company founder.
Columbia, Maryland,U.S.-based ABN says it will use the proceeds in part to complete development of its lead animal health products and bring them to the marketplace. The proceeds will also be used to complete development of a novel protein production system that has implications for the human health area, including the rapid production of new vaccines.
ABN was formed in 2001 by Dr. David J. Kyle, a co-founder of Martek Biosciences Corporation. ABN has filed 16 patent applications in the past 12 months, in addition to completing two licensing agreements capturing the use of DHA and ARA in aquaculture and certain terrestrial animals.
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