Vanson HaloSource Closes $5 Million Series B Funding
Original Round Target Oversubscribed by 67 Percent
FOR IMMEDIATE RELEASE
Contact:
Vanson HaloSource, Inc.
Sean Manne
(425) 881-6464 smanne@vanson.com
Firmani & Associates
Mark Firmani
(206) 443-9357 mark@firmani.com
July 19, 2002
( Redmond, Washington ) — Vanson HaloSource,
developers of products using chitin/chitosan- and N-halamine-based
technologies, today announced that it has closed on a total of
$5 million in its series B round of equity financing, exceeding
the original offering cap of $3 million by 67 percent.
"Exceeding our targeted capital goal for the round is an
important milestone for Vanson HaloSource," said Jerry Wetherbee,
the company's president and CEO. "The overwhelming response
from the investment community is strong validation of the innovative
applications developed by our 63 scientists and employees."
Wetherbee said the funds will be used to expand the market-share
of the company's existing products, and accelerate the commercialization
of new products. Vanson HaloSource has pioneered sophisticated
chitin/chitosan- and N-halamine-based technologies to manufacture
a wide range of products and ingredients for the water treatment,
biomedical, home and personal care markets.
This is the first round of funding in the company since its
creation through the merger of Vanson and HaloSource Corporation
in May of this year. Wetherbee expects the new company to return
to profitability by the end of the year.
The round was led by Seattle venture capital fund Alexander
Hutton Venture Partners (AHVP), which invested $1.5 million.
Seattle-based venture fund Buerk Craig Victor LLC (BCV) and offshore-based
Britannia Holdings Ltd. each added $1 million. The balance of
the round came from a small group of individual investors.
Roger Victor from BCV will become a member of the Vanson HaloSource
board of directors, joining AHVP's Kent Johnson who came on board
at the time of the merger.
"The tremendous array of products and technologies makes
Vanson HaloSource a very compelling company," said Johnson,
managing director of AHVP. "One example is the company's
ability to deliver inexpensive water purification using its N-halamine
technology. A huge opportunity in itself, that is just one of
many applications."
Andy Dale, BCV's managing partner, said his company also sees
great potential in the company's management team. "We believe
in Jerry Wetherbee - he is an excellent leader and a very effective
CEO," Dale said. "Jerry and the entire management team
are the catalysts for this company to flourish."
Vanson HaloSource's N-halamine technology harnesses the power
of chlorine - one of the most broadly used and effective antimicrobials
- to kill all known bacteria, viruses, fungi and most parasites
on solid surfaces and textile fibers. The technology enhances
and prolongs the antimicrobial effectiveness of chlorine while
significantly reducing toxic, carcinogenic and corrosive by-products
in ways that existing products cannot.
The company's Sea-Klear® product line for pools and spas
and Storm-Klear™ products for storm water management use
chitosan's natural clarifying properties in the water treatment
industry. In addition, many domestic and international dietary
supplement manufacturers use the company's patented LipoSan Ultra®,
a chitosan-based ingredient for weight management products.
In addition to Vanson Halosource's offices and laboratories
in Redmond, it has manufacturing facilities in Raymond, Wash.
The company's product lines include: Sea-Klear®, Storm-Klear™,
Klarify™, LipoSan Ultra®, Haloshield®, Halopure® and
Halofresh®.
About Alexander Hutton Venture Partners
Alexander Hutton Venture
Partners, LP is a Seattle-based $95 million venture capital company,
inaugurated in December 1999. Committed to delivering the highest
level of service as investors, directors and strategic advisors,
AHVP focuses on nurturing early-stage technology companies located
in the Pacific Northwest. AHVP's team of professionals has served
in leadership roles in some of the most innovative and successful
technology companies in the region, including Microsoft, RealNetworks,
and F5 Networks. Alexander Hutton Venture Partners can be found
on the Web at www.alexanderhutton.com
About Buerk Craig Victor LLC
Buerk Craig Victor LLC, a Seattle,
Washington-based company with a $15 million private equity growth
fund launched in 2002, focuses on investments in diverse business
sectors. BCV is also an investor in Door to Door Storage, now
rated as the 54th fastest growing private company in America.
BCV's five partners have extensive investment experience with
a long history of successful ventures, including investments
in Costco Wholesale, Primus Knowledge Solutions, and Eden Bioscience,
among others. Buerk Craig Victor can be found on the Web at www.bcvllc.com
About Vanson HaloSource
Vanson HaloSource is a bioscience company
that employs chitin/chitosan- and N-halamine-based technologies
to create innovative solutions for a wide range of customer applications.
With facilities in Redmond and Raymond, Wash., the company combines
expertise from chemists, biochemists and microbiologists to manufacture
products and ingredients to serve the water treatment, biomedical,
home and personal care markets. It leverages cutting-edge processes
to refine chitin and chitosan for water-clarification and various
consumer products. With N-halamine technology, the company is
developing antimicrobial and antiviral filters, coatings and
textiles to purify water and improve sanitation in homes, healthcare
settings and a multitude of environments. The company investors
include Alexander Hutton Venture Partners, Buerk Craig Victor
LLC, and Britannia Holdings as well as other institutional and
private investors.
