Company name: BioAnalytix LLC.
Industry: Pharmaceuticals.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Location: Boston, Massachusetts.
Solution/product: Mass High Tech reported that the company is a spinout of the Barnett Institute of Chemical and Biological Analysis at Northeastern University. The publication reported that CEO Kirtland Poss said the institute has been “analyzing the makeup of large, complex molecules for biotechs” for years and decided to spin out the company last year. Better characterization of biologic and biosimilar drugs leads to more efficient drug development, he said.
Money raised: $857,587 from 11 investors in an equity offering, according to a U.S. Securities and Exchange Commission filing.
How it will be used: A call to the number listed on the filing was not answered.
Investors: Relativity Investment Capital, co-founder Robert Garnick and other angel investors, according to Mass High Tech.
Management team: Poss was a co-founder and CEO of biotech company VisEn, which sold to PerkinElmer (NYSE:PKI) in 2010. Garnick is the president and CEO of Lone Mountain Biotechnology, which does drug development and device manufacturing consulting, and previously worked at Genentech.
Market size: U.S. companies have drastically increased their biologics development over the past five years, according to a 2011 report from Thomson Reuters, with annual sales totaling $30 billion.
Competitors: Intertek, Proteomics International.
