Breaking News

Evonik Invests in Algal Scientific

May 7, 2014

Plans further investments in promising start-ups

Evonik is investing in the startup company Algal Scientific based in Northville, MI, as part of a consortium investing more than $3 million. Algal markets 1,3-β-glucan, a polysaccharide that strengthens immune response that’s used as an additive in pharmaceutical formulations, nutritional supplements, and animal feeds.
 
The product can now be obtained from algae on an industrial scale. Algal has developed a new technology for starting up the first commercial production plant in Northville. Algal’s new bioprocess requires fewer production steps and generates significantly higher yields.
 
“We are very pleased that Evonik is joining us as a strategic partner,” said Geoff Horst, chief executive officer of Algal. “We have been able to attract a strong group of investors; this allows us to advance commercial production and our business.”
 
The consortium includes Evonik, the U.S. venture capital firms Formation 8, Independence Equity, and Envy Capital, as well as regional funds and business development companies promoting drug development in Michigan. Evonik plans to invest a total of €100 million in promising start-ups with break-through technologies and leading specialist venture capital funds, focusing on Europe, the U.S. and Asia. 

blog comments powered by Disqus
  • CMC Biologics: Growing Through Innovation

    Tim Wright, Editor||January 28, 2016
    The new chief exec talks about industry trends and growth plans.

  • Cold-Chain Logistics & The Central Lab

    Kristin Brooks, Associate Editor||January 28, 2016
    Eric Hayashi of LabConnect discusses safety measures to ensure sample integrity

  • A Look at DCAT Week ‘16

    Tim Wright, Editor||January 28, 2016
    On the pulse of the pharmaceutical manufacturing value chain, DCAT Week ‘16 will deliver top-flight education programs and networking events.