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NanoHorizons Secures $2.2 Million in Additional Funding
Current, New Investors Show Confidence in Company's Success, Innovations and Strategy
STATE COLLEGE, PA (December 5, 2005) :
NanoHorizons, Inc. announces the close of its final A round of funding, including significant investments by both existing and new investors. This new round was initiated in March 2005 as a Series A1 preferred round and closed on October 31, having raised approximately, $2.2 million of additional equity capital. This significantly exceeds the level originally intended, driven by strongly increased investor interest in the company's capabilities and accelerating market demand for NanoHorizons's products.
"We are particularly proud to have our initial investors enthusiastically increasing their investments in NanoHorizons," said Robert F. Burlinson, president and CEO, NanoHorizons. "We attribute this level of interest in part to the dramatic success of our line of SmartSilver additives, which are already being used in fiber and fabric applications and have great potential in other areas."
In addition to a new group of sophisticated private investors, returning investors included members of Pulsar Ventures, which had provided the Company with its initial funding at its inception in 2002 -- as well as Life Sciences Greenhouse of Central Pennsylvania and Ben Franklin Technology Partners.
"NanoHorizons has been impressive in both its product development and its business strategies," said Dr. Edward M. Frymoyer, Managing Director of Pulsar Ventures "The company has shown great market and product focus, while investing aggressively in revenue-generating technology and activities. The investments produced an impressive breadth and quality of market-driven products. The effective management and execution of the excellent technical and business team have exceeded our expectations. Since 2002 NanoHorizons has moved nanotechnology to NOW technology."
"The completion of our new manufacturing facilities, and the accelerating adoption of our products in the textile industry bear witness to our capabilities in delivering innovative nanotechnology solutions to real-world problems," said Dr. Stephen Fonash, Chairman and CTO, NanoHorizons. "The future will see an expansion of our SmartSilver product line and development of other custom specialty additives for materials improvement."
In addition to its most recent round of funding, NanoHorizons has also secured low-cost capital loan commitments from the Department of Commerce and Economic Development of the State of Pennsylvania and the Centre County (PA) Industrial Corporation.
About NanoHorizons, Inc.
NanoHorizons, Inc. focuses on nanotechnology applications in the fiber and textile, healthcare and microelectronics industries. The company's research and development team addresses real-world problems with applied nanoscale engineering.
NanoHorizons's products and application introductions include: SmartSilver and other commercially available nanoparticle-based additives and antimicrobial fibers; QuickMass, which addresses the need for more cost-effective pharmaceutical research and increased drug discovery capacity; the Postflex process for flexible displays, circuits and sensors on plastic; and, nano-materials for sensors for environmental control and medical applications and solar cell technology. To learn more about NanoHorizons, please visit nanohorizons.com.
Contacts:
Nicolas A. Boillot
Hart-Boillot, LLC
Dennis I. Schneider
NanoHorizons, Inc.
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