June 14th, 2010
DURHAM, NC – Kryosphere, a company providing cold storage of biomaterials and management of clinical trial samples, is closing a debt and equity financing of more than $750,000 from new and existing angel investors and KeySource Commercial Bank of Durham.
“The financing came together quickly and we were thrilled at the level of interest. In the end we were over-subscribed.” says Eric Hallman, CEO of Kryosphere. “Now we turn our focus to piloting this rocket ship. This financing also addresses the infrastructure requirements for a major biotech client which just signed a five year biomaterials management contract. And we’ll use these funds to tackle our growing customer pipeline.”
The company says it is seeing rapid growth in all three sectors of its business.
The biostorage component allows companies to shed the cost of maintaining infrastructure in-house and achieve the assurance that their samples are in the hands of biomaterials experts.
The moving of samples or entire sample collections requires specialized cold-chain logistical operations, a Kryosphere service unique in this region. Finally, the cold-chain management of clinical samples is now recognized as a critical aspect in optimizing clinical trials.
“It’s the Achilles heel of the entire process,” says Neil Jones, Vice President of Scientific Operations. “Kryosphere gets involved at the clinical sites to assure these valuable samples are handled properly and produce better clinical data.”