PHILADELPHIA, July 26, 2004 (PRIMEZONE) -- Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) today announced that Beacon Bioscience, one of its Biotechnology and Life Sciences portfolio companies, has raised $9.9 million in cash from Icon, PLC. The use of funds from this investment includes the acquisition of a significant equity position in Beacon Bioscience by Icon, funds for continued growth for Beacon Bioscience, and the pay off of BFTP/SEP's original investment.
Beacon Bioscience, is a provider of medical imaging-based informatics for the pharmaceutical, biotechnology, and medical device industries and was co-founded by Ted and Richard Gastineau in December 2000. The brothers previously co-founded Intelligent Imaging, which was sold to Quintiles in 1997.
In 2001, BFTP/SEP invested $250,000 in seed capital in Beacon Bioscience, which assisted the company to further develop its flagship Alerion Software, a clinical imaging and information management system.
"I'm very happy for Beacon Bioscience. The company has experienced phenomenal growth and has performed exceptionally in difficult market conditions, over the last few years. At the time of BFTP/SEP's investment, Beacon Bioscience employed 12 people, and now the company employees over 50 people and is still hiring. This is a great life sciences startup story in Southeastern PA," stated Jimmy Lee, Director of Investments and Entrepreneurial Services in Biotechnology and Life Sciences.
"Ben Franklin was a valued and key partner in the very early developments of Beacon Bioscience. We were grateful for their assistance and involvement at a critical time of the life of our company," stated Richard Gastineau, President, Beacon Bioscience.
Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has helped grow the region through science, technology and entrepreneurship. BFTP/SEP provides entrepreneurs and established businesses the capital, talent, and expertise they need to compete in the global marketplace. Like its namesake, Ben Franklin invests in, builds upon and delivers solutions that grow communities and create wealth by supporting today's technological ideas and tomorrow's scientific discovery.