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Km80.5

   

Seahorse Bioscience Acquires BioProcessors Corp.


3/9/2009 10:41:37 AM

Market Vision, Engineering Know-how, and Smart Plastics Expertise Combine

to bring Practical Cell Technologies to the Life Sciences

N. BILLERICA, Mass., March 9 /PRNewswire/ -- Seahorse Bioscience, Inc., manufacturer of instruments and consumables for cell based metabolic assays today announced the acquisition of BioProcessors Corp., manufacturer of systems for optimizing biologic drug manufacturing. The two companies will be integrated and operate under the Seahorse name.

A concurrent $6MM financing included Commonwealth Capital, Oxford Bioscience, Flagship Ventures, Life Sciences Partners, FLIR Systems Inc, Healthcare Ventures, New Science Ventures and HLM Venture Partners.

Seahorse applies its expertise in engineering and biology to modernize cell-based science using "smart plastic" consumables and easy to use instruments. Its XF series instruments measure energy consumption and mitochondrial function in cells in a 24 or 96 well microplate with precision and throughput far better than any previous technology. It has enabled new insights into the metabolic deficiencies underlying many neurological diseases, obesity, diabetes, cancer and cardiovascular disease, as well as an early indication of potential toxicities of candidate drug compounds.

The BioProcessors "SimCell" technology modernizes biologic drug manufacturing scale-up and optimization using plastic, microplate-sized cards with six small bioreactors. One technician can run tens, hundreds or even 1,000 simultaneous experiments for weeks or months to select clones, optimize medium, or determine the best process conditions for protein manufacturing. The system offers Biopharmaceutical and CMO customers a strong competitive advantage in developing and optimizing production of biologic products from mammalian cell culture.

"Both the XF and SimCell technologies have reached a key milestone where thought-leading customers have demonstrated their value," said Jay Teich, CEO. "Our sales of XF series instruments tripled in 2008, and we introduced three new products to this market at the end of the year. With the addition of the people and technologies of BioProcessors Corp., we will expand and grow the SimCell product line and markets during the coming year."

"Seahorse hit the nail on the head with its XF96 instrument and their business has grown steadily. We believe that the SimCell technology will fuel continued growth in the years to come," said Jeff Hurst of Commonwealth Capital.

"We have supported BioProcessors through their development and customer validation of the SimCell technology. We now look forward to participating in a strong company with complementary product lines and a growing worldwide market presence," said Fouad Azzam of Life Sciences Partners.

Liberty Tree Advisors, LLC acted as financial advisor to Seahorse Bioscience.

About Seahorse Bioscience

Seahorse XF instruments have become the new standard in cellular bioenergetic measurements. Scientists worldwide use these tools to advance their research in understanding the role of mitochondrial function in obesity, diabetes, ageing, cancer, cardiovascular function and safety toxicity. Founded in 2001, Seahorse is headquartered in Billerica, MA. For more information, please visit http://www.seahorsebio.com.

CONTACT: Cynthia Egan of Seahorse Bioscience, Inc., +1-978-671-1610

Web site: http://www.seahorsebio.com/



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