InDevR Spins Off ViroCyt, Raises Growth Capital
Jan. 15, 2013, 11:01 a.m. EST
DENVER, CO, Jan 15, 2013 (MARKETWIRE via COMTEX) -- ViroCyt, LLC, a privately-held life science company, announced today that it had begun operations after spinning off from InDevR, Inc. Concurrent with the formation of ViroCyt, funding was secured from a group of investors led by High Country Venture, a Colorado Venture Capital Fund. ViroCyt will be responsible for expanding the commercial market for the Virus Counter technology developed by InDevR. The Virus Counter provides rapid quantification of viruses, resulting in faster, more accurate decision-making in settings that utilize viruses to create lifesaving products, such as viral vaccine production, protein expression, antiviral drug development, and viral diagnostics.
"Within the life science research, pharmaceutical and vaccine markets, there is a large and growing need for rapid quantification of viruses, so I am excited to be part of the formation of ViroCyt," stated Robert Kline, President and CEO. "The Virus Counter represents breakthrough technology in this important field and the early customer acceptance has exceeded all expectations." Examples of organizations currently utilizing the Virus Counter include top global vaccine companies, biotechnologies, domestic and foreign government research institutes and universities.
According to Mark Lupa, Managing Director at High Country Venture, "We have been monitoring the innovative developments at InDevR for several years. The opportunity to form a company around commercialization of their first product represents a unique investment opportunity." The recently raised growth capital will be used primarily to build out the North American direct sales force and expand its international network of distributors in order to recognize the growing global demand for rapid virus quantification technology.
"We are tremendously enthusiastic about transitioning the Virus Counter technology to ViroCyt, LLC," said Dr. Kathy Rowlen, co-founder and CEO at InDevR. "With Robert Kline's demonstrated success in building companies focused on customer satisfaction and meeting market demands, I am confident that the Virus Counter can significantly improve vaccine production as well as positively impact a number of other virus-related industries."
About ViroCyt, LLC ViroCyt, LLC was created in late 2012 to focus on the commercialization of novel technologies that enable rapid quantification of viruses, such as the Virus Counter 2100. The Company's mission is to provide the tools that deliver meaningful improvements to critical biotechnology processes such as vaccine manufacturing, protein expression, antiviral development and other settings where viruses play a significant role. To learn more about ViroCyt, go to http://www.virocyt.com .
About InDevR, Incorporated InDevR develops innovative life science instrumentation and assays for analysis of viruses and other microorganisms. InDevR's goal is to revolutionize microbiological analysis and deliver results in significantly less time and at lower cost than traditional methods.
About High Country Venture, LLC High Country Venture manages Colorado Funds I & II, venture capital funds that invest in seed and early stage businesses in Colorado. The Fund focuses on the life sciences, information technology, retail and consumer goods sectors. High Country Venture is located in Boulder, Colorado.
SOURCE: ViroCyt, LLC