UPT COMPLETES TRANSACTIONUniversity Patents Inc. of Westport, Conn., has assumed fullmanagerial control of a technology transfer businesspurchased last August from Macmillan Inc. by a limitedpartnership of which UPT was a member.
The business, University Science, Engineering and TechnologyInc., seeks to commercialize technologies shelved by industryand selected technologies coming out of universities. UPT(AMEX:UPT) will continue to service already licensedinventions and is seeking licensees for technology to which italready holds rights.
The limited partnership had been managed by UPT and TRTFVenture Inc. through VenTex venture partnership. VenTex willbe dissolved now that UPT is assuming management. TRTF ofSan Antonio, Texas, will take over a $2.6 million seed capitalfund to develop start-up companies based primarily in SanAntonio.
ALPHA-BETA TECH RAISES $3 MILLION PRIVATELY
Alpha-Beta Technology Inc. has completed a $3 million privatefinancing from Concord Partners and Advent International Corp.to fund continued development of its carbohydrate-basedproducts. The Worcester, Mass., company hopes to begin Phase Iclinical trials this year of its Betafectin anti-infective.Alpha-Beta has three drugs in preclinical studies: Cholestran,a cholesterol-lowering therapeutic; Fibercel, a fat substitute;and Adjuvax, a vaccine adjuvant. The company has raised $3.5million in previous financing rounds since its founding inMarch 1988.
(c) 1997 American Health Consultants. All rights reserved.