A Medical Device Daily
BioStorage Technologies (BST; Indianapolis), a provider of biomaterial storage, inventory management and cold chain logistics for the biopharmaceutical market, reported securing a $5 million Series A financing led by Radius Ventures (New York) and joined by returning investor Twilight Venture Partners (Indianapolis).
In connection with the investment, Dr. George Milne and Arthur Spiegel III, board members of Radius, have joined the BST board.
F. John Mills, MD, PhD, chairman/CEO of BST, said, “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.”
Spiegel said, “As the scientific value of biological samples continues to increase, BioStorage Technologies will be a major force [with] their high-integrity storage and management.”
BST offers storage and management of a range of specimen and sample types, including fixed tissue preparations, donor materials, stem cells, plasma, serum and body fluids. It says its competitive advantages include a custom-built biorepository facility; validated storage processes and technologies; compliance with Good Laboratory Practices, Good Manufacturing Practices and Good Tissue Practices; and a proprietary, Title 21 CFR Part 11 sample inventory management system designed for compliant biomaterial storage, tracking and reporting.
Radius is focused primarily on early- to mid-stage opportunities in the health and life sciences industries. Radius currently manages two funds with total capital of about $100 million.
In other financing activity, Dynatronics (Salt Lake City) reported that its $500,000 stock buyback program, previously reported, is “well under way.”
The company said it is actively purchasing its common shares on the open market. Since announcing the program in 2003, Dynatronics said it has purchased 134,000 shares. “Reactivating our stock repurchase program highlights the current undervaluation of our stock,” said Kelvyn Cullimore Jr., president/CEO of the company.
Dynatronics makes products for treatment of chronic pain, rehabilitation and aesthetics.