LOUISVILLE, KY (November 21, 2003) – Chrysalis Ventures, a leading source of equity
capital for young growth companies in the Southeast and Midwest, announced today
that it has invested in Detroit-based Asterand, Inc. as part of a Series C Equity financing. Chrysalis’ co-investors in the financing include Oxford Bioscience Partners of Boston, an original investor which led both the company’s Series A and Series B rounds, and Fort Washington Capital Partners of Cincinnati, also an original investor. New investors joining Chrysalis include Arboretum Ventures of Ann Arbor, Michigan and Apjohn Ventures of Kalamazoo, Michigan.
Asterand is a specialized distribution company serving the growing drug discovery market. The company was founded in 2000 by Randal Charlton, CEO, and Alan Walton, a general partner at Oxford Bioscience Partners, to address the urgent need for high quality biological information and materials by genomics and proteomics researchers. Today, Asterand operates one of the world’s largest human tissue banks for genomic and proteomic research which provides the materials and information needed to conduct research on common disease targets. The company collects material from a worldwide network of donor sites and has an extensive collection of material and data covering over 150 major disease targets, including many types of cancer, cardiovascular disease, diabetes, rheumatoid arthritis and neurological conditions such as Alzheimer’s, schizophrenia and bipolar disease.
Asterand’s customers include researchers at some of the world’s foremost and oldest genomics, pharmaceutical and biotech companies. The company also has established partnerships with a diverse group of hospitals and medical institutions around the world to provide human tissue samples with specific disease states for research purposes.
According to Randal Charlton, founder and CEO of Asterand, “Chrysalis brings valuable business expertise as well as financial strength to the table. The infusion of capital will help us reach our goal of becoming the most important tissue bank for genomic and proteomic research in the world. The funds will be used to further develop our network of hospital collaborators and to enhance the research services we are able of offer drug discovery companies throughout the world. One immediate target, for example, is to increase our bank of material and data for research into the genetic basis on diabetes and osteoarthritis.”
“Asterand is an exciting investment,” says David Jones, Jr., Chrysalis Ventures chairman and managing director, who has joined Asterand’s board of directors. “The company’s progress to date, both in sales and in building its biorepository, illustrates not only the market demand but the company’s ability to serve it. We find the company’s strategy compelling and a strong fit with our service oriented investment criteria.”
Mr. Jones also serves as non-executive Vice Chairman of Humana Inc. (NYSE: HUM).
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for young growth companies in the Southeast and Midwest. Chrysalis invests primarily in early-stage and expansion-stage companies in technology-enabled business services, healthcare information technology and services, telecommunications, and media and entertainment. Based in Louisville, Kentucky, Chrysalis has more than $200 million under management and has made investments in 40+ companies. For more information, please visit www.chrysalisventures.com
Founded in early 2000, Asterand operates one of the world’s largest tissue banks for genomic and proteomic research. The company collects material from a worldwide network of donor sites and has an extensive collection of material and data covering over 150 major disease targets. This includes many types of cancer, cardiovascular disease, rheumatoid arthritis and CNS targets such as Alzheimer’s and bipolar disease. For more information, please visit www.asterand.com or call 313-966-9122. Randal Charlton can be reached at email@example.com.