Funds to be Used for Product Development and to Accelerate Market Expansion
WAKEFIELD, MA – Brook Venture Partners announces today it has closed a $1.5 million investment in Bioscan, Inc., a Washington, D.C. based provider of equipment used principally in life science and pharmaceutical research. As part of a $6 million round led by Ironwood Capital, and joined by Fletcher Spaght Ventures, two Boston based funds, the new funding will be directed toward development of new imaging products and to expand sales and marketing efforts.
“We’re pleased to have Brook as part of the investing group,” says Ted Kleinman, President and CEO of Bioscan, Inc. “This investment follows Brook’s earlier investment of $1.6 million through Brook Co-Investment, LP, another fund managed by Brook.”
“We’re pleased with Bioscan’s growth to date, as the Company’s revenues have more than doubled since our original investment in 2005,” says Andrew Clapp, partner with Brook Venture Partners. “The investments made by Ironwood Capital and Fletcher Spaght confirm Bioscan’s progress and will bring to the Company superb industry expertise and advisory skills. We’re confident Bioscan will benefit from the broadened investor base.”
In the fourth quarter of 2006 Bioscan concluded an important marketing agreement with Philips N.V. (Netherlands) in which Philips will sell Bioscan’s line of molecular imaging equipment in much of the world outside North America.
About Bioscan, Inc.
Bioscan develops and provides molecular imaging equipment, radiochromatography detection equipment, and equipment for PET and nuclear medicine, as well as reagents required for specific research modalities. Founded in the 1980’s as a nuclear medicine instrument manufacturer, the Company has expanded into new areas during the last five years that constitute a majority of the Company’s sales today. For more information call 202-338-0974 or visit www.bioscan.com.
About Brook Venture Partners
Brook Venture Partners provides expansion stage capital through Brook Venture Fund II to information technology and medical technology companies located in the northeastern United States. The firm focuses on initial investments of $2–5 million. Brook is headquartered outside Boston in Wakefield, MA. For information call 781-295-4000 or visit www.brookventure.com.