CHICAGO--(BUSINESS WIRE)--April 13, 2004--zuChem, Inc., an innovative supplier of glycochemicals and other specialized sugars for the pharmaceutical, food, nutraceutical, and related industries, today announced that it has raised more than $500,000 in a second close of its Series A financing. Participants in this second close include, the Biotechnology Research and Development Corporation (BRDC), ARCH Development Partners, and other private investors including angel investors from Peoria, Illinois.
"Our continued support from the investor community is a true testament to the viability of our technologies and business," said David Demirjian, president of zuChem. "As we progress through the late stages of commercialization of our initial products, it is imperative that we have this support."
Both ARCH Development Partners and the BRDC have a previously vested interest in zuChem. In April 2003, ARCH Development Partners led the first close of zuChem's Series A financing, in which the company raised $900,000. In addition, the BRDC awarded zuChem a grant in September 2003 to support commercialization of a proprietary manufacturing process for the polyol sweetener, xylitol.
"The Biotechnology Research and Development Corporation is very pleased and excited about the progress zuChem is making in the development of production technologies for both xylitol and mannitol," said Grant Brewen, chief executive officer for BRDC. "Our confidence in the success of both these projects has motivated us to now take an equity stake in zuChem."
The company will present an update on their progress towards product commercialization at the Midwest Venture Summit on April 29, 2004 at the Sheraton Chicago Hotel.
zuChem, headquartered in Chicago, uses proprietary biotechnology manufacturing technologies to create fine sugar-like chemicals (glycochemicals) more efficiently and economically. Its initial products, being developed in its Peoria research facilities, are reduced-caloric sweeteners for the food industry. The company is also developing novel pharmaceutical building blocks. It expects to begin initial product sales in the fourth quarter of 2004.
About zuChem, Inc.
zuChem is a development-stage company, based in Chicago, Illinois, focused on the commercialization of innovative manufacturing processes for unique glycochemicals (varieties of specialized sugars) for the pharmaceutical, food, agriculture, flavor and fragrances industries. Glycochemicals are key components of many antibiotics, anticancer and antiviral drugs, as well as many food ingredients. More information is available at www.zuchem.com or by calling 312-464-9713.
zuChem, Inc. Rajni Aneja, 312-464-9713 x 4000 email@example.com or
The ChemPetitive Group Murad Sabzali, 630-400-3042 firstname.lastname@example.org