INDIANAPOLIS, Aug. 7 /PRNewswire/ -- BioStorage Technologies, Inc. (“BST” or the “Company”) a premier provider of advanced biomaterial storage, inventory management and cold chain logistics for the global biopharmaceutical market, today announced that it has secured a $5 million Series A financing (including conversion of outstanding notes) led by Radius Ventures (“Radius”) and joined by returning investor Twilight Venture Partners. In connection with the Radius investment, Dr. George M. Milne and Arthur H. Spiegel III have joined the BST board of directors. As internationally recognized leaders in pharmaceutical research, development and outsourcing, Dr. Milne and Mr. Spiegel will be important resources to the company as it pursues rapid expansion both domestically and overseas.
“We are extremely honored to welcome Dr. Milne and Mr. Spiegel to our board,” said F. John Mills, M.D., Ph.D., BST’s Chairman and Chief Executive Officer. “The market for pharmaceutical outsourcing is expected to experience double-digit growth in the next five years and the company is well-positioned to capitalize on this trend. The decades of experience and global industry relationships these two accomplished and well-respected individuals bring to BioStorage Technologies will help further establish our leadership position in this field and meet our aggressive goals for continued growth.”
“In the new era of genomics and advanced biomarkers, the need for well- curated biological sample libraries will be a key factor in the development of new therapies and the understanding of disease processes,” said Dr. George Milne, Venture Partner at Radius. “The thought leadership, expertise and commitment to quality that BioStorage Technologies offers to the scientific research community and global pharmaceutical and biotech development firms have positioned the company as a leader in its field.”
“BioStorage Technologies is a biobanking innovator and has helped define best-in-class processes, methodologies and services for the long-term storage, management and transportation of valuable biological specimens and their associated data,” said Arthur Spiegel, Radius Advisory Board Member. “As the scientific value of biological samples continues to increase, BioStorage Technologies will be a major force in their high integrity storage and management.”
George M. Milne, Jr., Ph.D. is a Venture Partner at Radius Ventures and the former Executive Vice President of Research and Development at Pfizer, Inc., where he also served as President of Worldwide Strategic and Operations Management. From 1993 to 2000, Dr. Milne served as President of Pfizer Central Research with global responsibility for human and veterinary research and development. Dr. Milne serves on the boards of Aspreva Pharmaceuticals Corporation, Athersys, Inc., Charles River Laboratories, Inc., MedImmune, Inc., Mettler-Toledo, Inc., Rib-X Pharmaceuticals, Inc., the Mystic Aquarium- Institute for Exploration and the New York Botanical Garden. He received his B.S. in chemistry from Yale University and a Ph.D. in organic chemistry from the Massachusetts Institute of Technology (MIT).
Arthur H. Spiegel III is a member of Radius Ventures’ Advisory Board. He is the former President of CSC Healthcare, which he is credited with developing into one of the nation’s leading healthcare IT providers that delivers management consulting, systems integration, full-service IT outsourcing, and claims processing systems and services to the life sciences, health plan and provider markets. Previously, Mr. Spiegel was founder and President of APM, Inc., the nation’s largest management consulting firm dedicated exclusively to the healthcare industry. He also served in top management capacities for the City of New York and was one of the early leaders of ACCION International, a community development program. Mr. Spiegel currently serves on the board of directors of Eye-Tel Imaging, Inc., has served on numerous for-profit and not-for-profit boards and has been published in leading journals. Mr. Spiegel earned a B.A. from Stanford University and an M.B.A. from Harvard Business School.
Both Dr. Milne and Mr. Spiegel will leverage their relationships in the national and global marketplaces to connect BST with potential partners, customers and business opportunities.
About Radius Ventures
Formed in 1997 and based in New York City, Radius Ventures is a venture capital firm focused primarily on early- to mid-stage opportunities in the health and life sciences industry. Led by Managing Partners Jordan S. Davis and Daniel C. Lubin, Radius currently manages two funds with total committed capital of approximately $100 million. For more information about Radius Ventures, please visit http://www.radiusventures.com.
About Twilight Venture Partners
Twilight Venture Partners (TVP) is an Indianapolis-based venture capital fund, founded in 2002. The fund invests exclusively in early-stage life science companies. Most of the fund’s partners are former executives of Eli Lilly and Company and Guidant, who have worked together for decades. James M. Cornelius, TVP’s Senior Managing Partner, is currently the Chairman Emeritus of Guidant Corporation, and Ronald D. Henriksen, Chief Investment Officer, serves as the CEO of Indianapolis life science companies Semafore Pharmaceuticals and EndGenitor Technologies. For more information about Twilight Venture Partners, please visit http://www.twivp.com.
About BioStorage Technologies
BioStorage Technologies, Inc. (BST) is a premier provider of advanced biomaterials storage, inventory management and worldwide cold chain logistics. The company offers expert storage and management of a wide range of specimens and sample types including fixed tissue preparations, donor materials, stem cells, plasma, serum and body fluids. BST serves global pharmaceutical and biotech developers and manufacturers; research facilities; donor organizations; tissue, bone and blood banks; forensic laboratories; universities; zoological and veterinarian treatment/research facilities; and healthcare and life sciences firms.
The company’s competitive advantages include an industry-experienced leadership team; a custom-built biorepository facility; advanced, validated storage processes and technologies; compliance with Good Laboratory Practice (GLP), Good Manufacturing Practice (GMP) and Good Tissue Practice (GTP); and a proprietary, Title 21 CFR Part 11 sample inventory management system (ISISS(R)) designed specifically for compliant biomaterial storage, tracking and reporting.
BST has representatives and clients throughout the U.S. in markets such as Boston, Mass.; Chicago, Ill.; Indianapolis, Ind.; Madison, Wis.; New York, N.Y.; San Diego, Calif.; and San Francisco, Calif. The company is privately- held and headquartered in Indianapolis, Ind. For more information about BST, please visit http://www.biostoragetech.com or call +1 (866) 697-2675.
(This press release does not constitute an offer to sell, or solicitation of an offer to buy any security or other interest in the enterprise described herein. It is provided for informational purposes only, and is not a solicitation of any investment, monetary or otherwise.)
MEDIA CONTACTS: Denise McFadden Synergy Marketing Group, Inc. (317) 205-9690 ext. 5 denise@synergy-mg.com Amy Zucker Synergy Marketing Group, Inc. (317) 205-9690 ext. 2 amy@synergy-mg.com
BioStorage Technologies, Inc.
CONTACT: Denise McFadden, +1-317-205-9690 ext. 5, denise@synergy-mg.com ,or Amy Zucker, +1-317-205-9690 ext. 2, amy@synergy-mg.com , both of SynergyMarketing Group, Inc., for BioStorage Technologies, Inc.
