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KBI Biopharma grabs $9.6M financing
DURHAM, NC – KBI Biopharma, a biopharmaceutical contract services company, has raised $9.6 million of a targeted $10 million in new funding, according to a regulatory filing.
The company revealed the funding in a filing with the U.S. Securities and Exchange Commission. Ballast Point Ventures invested $7.4 million in the company in February.
At that time, Richard J. Brandewie, managing partner of Ballast Point Ventures, said that “After a number of years of closely following the biopharmaceutical services marketplace and extensive KBI-specific due diligence, we found that KBI consistently achieved extremely high levels of customer satisfaction, along with an industry-leading rate of growth.”
KBI, which spunout of Kinetic Biosystems of Atlanta in 1996, makes protein products and clinical trial compounds. It sells its products globally.
The company says it helps its clients accelerate and optimize their drug development programs by applying extensive protein characterization, process development and clinical biomanufacturing capabilities, enabling clients to bring drugs to market faster and more efficiently.
The company received a $1 million startup loan from the North Carolina Biotechnology Center in 2003 and early funding from angel investors who include Greensboro real estate developer Frank Auman.