BioDtech, Inc. Gets $600,000 In Venture Capital
10/8/2010 11:17:31 AM
Birmingham Business Journal -- A Birmingham-based biotechnology firm has received a $600,000 venture capital boost to continue operations and hire at least one more worker.
BioDtech Inc., a biomedical firm that detects and removes biological toxins from researchers’ test samples, was lured to Birmingham from Nashville in July 2007 with a $1 million venture capital infusion from the Birmingham Technology Fund.
Since then, BioDtech has operated in an 1,100-square-foot lab at the Innovation Depot, but with the $600,000 capital offer, the firm now plans to move to a larger 2,500-square-foot space within the business incubator and add at least one more researcher, said Michael Pepe, president and CEO of BioDtech.
“What (the VC deal) does is allows us to further develop new products to satisfy the needs of our current customers,” he said. “We have products currently selling in the marketplace and the potential in the market as well as potential to attract larger partners.”
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