Company Name: Benten BioServices
Location: Malvern, Pennsylvania
Solution/product: It provides support services for biotechnology and pharmaceutical companies, among them: biological safety testing, such as antibiotic resistance testing, cell bank manufacturing and DNA sequencing.
Money raised: $2.9 million
Management team: Paula MacDonald, the CEO and co-founder, has more than 25 years’ experience in the biomedical sector. She previously served as CEO of Accugenix. She was also executive director of Charles River Laboratories Biopharmaceutical Services and a vice president at Tektagen Inc. (acquired by Charles River Laboratories in 1998), one of the first CSOs to offer biological testing and cell banking services. Dr. Harvey Schlesinger, a co-founder, has 40 years’ experience in the sciences. He’s held several positions such as chief technical officer, and senior director for technical services for biopharmaceutical contract service companies including Charles River Laboratories Biopharmaceutical Services and Tektagen.
Market opportunity: The trend towards outsourcing research and development by Big Pharma has created market opportunities for clinical research organizations and contract service organizations. A research report by Tufts Center for the Study of Drug Development cited by Contract Pharma estimated the U.S. contract R&D service market generated up to $49.5 billion in 2011, although the services Benten BioServices provides account for a small sliver of that market.