In the news release, BioSurplus Raises Capital for East Coast Expansion Into Biotech Hub of Boston, issued 10-May-2012 by BioSurplus over PR Newswire, we are advised by the company that there was an omitted quotation from Susan Windham-Bannister, Ph.D., President & CEO of the Massachusetts Life Sciences Center, as originally issued inadvertently. The complete, corrected release follows:
BioSurplus Raises Capital for East Coast Expansion Into Biotech Hub of Boston
-- New Office will Provide the East Coast Better Access to Pre-Owned Lab Equipment and Auctions --
BOSTON, May 10, 2012 /PRNewswire/ -- BioSurplus, Inc., a leading provider of equipment management services and pre-owned laboratory instruments, today announced the completion of the majority of its $1.5 million capital raise from KI Investment Holdings. The funds will be used to fund an East Coast expansion into Boston, one of the leading biotech communities in the U.S.
"Massachusetts is leading the world in the life sciences industry thanks to our growth strategy of investing in education, innovation and infrastructure," said Governor Deval Patrick. "We welcome BioSurplus, and we look forward to working with them to create jobs and opportunities in the Commonwealth."
"We are excited to welcome BioSurplus to the Massachusetts Life Sciences community," said Susan Windham-Bannister, Ph.D., President & CEO of the Massachusetts Life Sciences Center, the agency charged with implementing Governor Patrick's 10-year, $1 billion Life Sciences Initiative. "BioSurplus provides an important service, and their presence in Massachusetts will contribute to our economy, as well as strengthen our life sciences cluster. I am confident that the team at BioSurplus will find all of the resources and partners they need to grow in Massachusetts."
BioSurplus has established a successful business model for maximizing the value of used laboratory equipment by selling inventory via its online auctions and strategically located showroom facilities. The new Boston location, scheduled to open in the summer of 2012, will be the fourth BioSurplus showroom. It follows closely on the heels of the BioSurplus expansion into other leading biotech hubs, including the San Francisco Bay Area and Korea.
"We are eager to bring our existing business model to the East Coast," said Preston "Cinco" Plumb, President and CEO. "While we actively sell laboratory equipment nationwide and worldwide through online auctions, we will be able to better serve the East Coast biotech community with a physical showroom facility. This funding is instrumental in allowing the business to scale into major biotech hubs like Boston."
"BioSurplus fills an unmet need in the biotech industry," noted Stan Sewitch, founder and one of five directors of KI Investment Holdings. "Through a commitment to offer solutions for every stage of the laboratory equipment life cycle, from buying and selling to equipment management and valuation services, BioSurplus provides optimal solutions to the national and worldwide biotech community. Our firm invests in strong long-term business models that can grow profitably and create middle class careers. BioSurplus fits our investment strategy perfectly."
Since 2002, BioSurplus has assembled a team of scientific experts to pioneer leading edge solutions for every stage of the lab equipment lifecycle. From providing a website of dynamic inventory, as well as live and online auctions, to developing software solutions that allow clients to manage their own equipment, to offering turnkey solutions for selling surplus assets, BioSurplus is dedicated to maximizing the value and use of laboratory equipment for its customers. To this end, it has become a leading supplier of pre-owned laboratory instruments and equipment management services.
BioSurplus has headquarters in San Diego and large showrooms in San Diego, the San Francisco Bay Area, and Korea. BioSurplus offers services nationally and sells equipment worldwide. For more information, please visit the corporate website at www.biosurplus.com.
About KI Investment Holdings
KI Investment Holdings, LLC is an innovative investment firm, providing capital and expertise towards the goal of being instrumental in the long-term success of its portfolio companies.