CLEVELAND, OHIO, January 1, 2012: AlgiSys is a biotechnology company focused on producing omega-3 fatty acids from algae for the supplement, food & beverage, animal feed, and pharmaceutical industries.
AlgiSys has developed a unique manufacturing process to grow, harvest, and process algae for the production of EPA omega-3 fatty acids and high protein biomass. AlgiSys CEO, Michael LoPresti commented, “Our recent round of initial investment will enable us to focus our attention on the commercialization of our technology and take advantage of the tremendous opportunities in the Omega-3 markets. We are pleased to have found a Series A investment group with the level of sophistication and commitment needed to fund a venture of this nature.” AlgiSys, whose current headquarters is located in Cleveland, Ohio, is currently considering manufacturing in Northeast, Ohio and other surrounding areas.
AlgiSys previously received early stage private investments through the principals of Tower Wealth Management located in Beachwood, Ohio. In 2010, AlgiSys was also awarded a Small Business Innovation Research (SBIR) grant from the United States National Science Foundation (NSF) to fund the initial development and commercialization of its technology. According to Dr. Charles Roe, Chief Technology Officer at AlgiSys, “Seed funding from early stage investors and the NSF grant provided our company with the capital needed to conduct initial laboratory and pilot plant development work on our technology. This additional investment should allow AlgiSys to begin the commercial scale-up and optimization of our unique process to manufacture omega-3 nutritional oils and biomass from algae.”
Michael Finn (VP of Business Development), who assisted in leading negotiations on recent funding, commented, “We are very pleased to have identified investment partners in Northeast, Ohio and Michigan who share our vision of building a world class Omega-3 company. We continue to be very excited about the market opportunities and look forward to meeting the challenges ahead as we enter this multi-billion dollar marketplace.” Mr. Finn has over 30 years of experience in raising venture capital and coaching early stage companies. AlgiSys has received additional coaching and support from Barry Rosenbaum and Gordon Schorr of the Akron ARCHAngels, Dr. Glen Gaughan and Meg Groh of BioEnterprise, and Anthony Margida of the Akron Global Business Accelerator.
Since receiving initial funding, AlgiSys has made significant progress in the commercial scale up of its technology. Mr. LoPresti remarked, “Our funding partners have enable us to accelerate our entry into the market and establish AlgiSys as a player in the vegetarian Omega-3 space. To help ensure our success, we have developed state-of-the-art algal technology, assembled a world-class management team, and established customer relationships in a market that is experiencing double digit annual growth.”
AlgiSys was founded in 2009 by Mr. LoPresti and Dr. Roe to commercialize 12 years worth of algae research.
Contact: Michael LoPresti, CEO, at firstname.lastname@example.org.