Investment Will Enable Expansion of Rapidly Growing Biologics Testing Business
MALVERN, Pa.--(BUSINESS WIRE)-- Benten BioServices, Inc., (www.BentenBio.com), a privately-held Contract Services Organization headquartered in Malvern, PA, today announced the completion last month of $1.1 million in new convertible debt financing. In August, Benten raised $2.94 million in a Series A Preferred Stock funding, bringing the total amount Benten has raised in 2012 to $4.0 million. Investors in the Series A round included the Life Sciences Greenhouse of Central Pennsylvania (LSGPA), Penn Venture Partners, and private qualified investors led by Capgenic Advisors.
The Company’s core business focuses on testing and optimization of regulated biologics, the fastest growing segment within the pharmaceutical market. In keeping with the Company's goal of becoming the market leader in this niche, Benten developed a robust menu of services and hired a strong experienced commercial team following the construction of its 35,000 square-foot, cGMP validated state-of-the art facility in late Q1.
“We are pleased by the continuing confidence that our investors are showing in the Company,” said Paula MacDonald, Benten’s President and CEO. Thomas A. Penn, Partner at Penn Venture Partners, added, “The team at Benten has been highly successful in this contract services ecosystem before and we have great confidence in their ability to grow this business in the expanding marketplace.”
Benten BioServices, Inc., is a contract services organization (CSO) focused on biological safety testing and biomanufacturing services for the biotechnology and pharmaceutical industries. By leveraging the diverse experience of its team, the Company delivers a different kind of CSO experience, one that offers a more advanced service model for providing regulatory compliant, flexible, high quality solutions for its clients. For more information on Benten BioServices, visit www.BentenBio.com.
Benten BioServices, Inc.
Paula Z. MacDonald, President & CEO
Source: Benten BioServices, Inc.