Rich May News: 2006
March 3, 2006
Rich May Client, Hamilton Thorne, Raises Bridge Financing with Brook Venture Partners
Rich May Client Hamilton Thorne Biosciences, a Beverly-based producer of medical instruments, has completed a first and second closing of an undisclosed amount in a bridge financing with Brook Venture Partners, a Wakefield, Massachusetts venture capital firm. Rich May represented Hamilton Thorne Biosciences in the investment transaction. Meg Hamilton, President, said, “We are pleased to have Brook’s involvement as an investor and as an advisor. Their bridge funds will enable us to accelerate the growth of established products and complete the introduction of our new mold instruments line.”
Currently the Company is the world leader in automated laser devices used in transgenics and stem cell research with its XYClone™ device, which reduces key procedures from an hour to seconds, cuts the time to produce 100% pure cell lines from 6 months to less than 6 weeks and permits a 75% cost reduction for laboratories.
The Company recently introduced a line of mold testing devices using the technology developed by a research team at Tufts University School of Medicine. Scentaur™ is currently the only hand device capable of instant on-site detection of toxigenic molds, even behind walls. Sufficiently simple to be operated by any building custodian, the device can monitor the condition of the building over time and is ideal to monitor grain silos, ships holds, schools or hospitals.
Hamilton Thorne was founded in the early 1990’s by Meg Hamilton as a manufacturer of toxicology instruments. The Company still manufactures and sells one of its earlier devices called Ivos™, which has become the gold standard in the field of toxicology.
The Company is seeking equity financing and is in conversation with various institutional investors, and expects to close on a financing by mid-2006. “Hamilton Thorne is the ideal candidate for a bridge financing because it has growing revenue and an attractive product line that will attract a lead investor for such a venture capital round,” said Andrew Clapp, a Partner at Brook Venture Partners. “The bridge financing allows the company an opportunity to build up sales and its value while providing an attractive return to investors in the bridge financing”.
About Hamilton Thorne Biosciences, Inc.
Hamilton Thorne Biosciences is a privately held automated instrumentation and DNA-technology company.
For more information www.hamiltonthorne.com
About Brook Venture Partners and Brook Co-Investment, LP
Brook Venture Partners provides expansion stage capital through Brook Venture Fund I & II, to information technology and medical technology companies based in the Northeastern United States. Brook Co-Investment, LP provides bridge financing and venture financing to companies that may be slightly earlier in their stage of life. Brook is headquartered outside Boston in Wakefield, Massachusetts and has an office in Albany, NY. For more information, call 781-295-4000 or visit www.brookventure.com.
About Rich May
Rich May’s diverse practice embraces the organization and operation of business ventures, venture capital, private placements, hedge funds, public offerings, technology licensing, mergers and acquisitions, contracts, joint ventures, internet and e-commerce law, employee relations, intellectual property, litigation and dispute resolution, energy, telecommunications, public utilities, wealth planning and real estate. Rich May provides superior legal and strategic counsel through its extraordinary commitment to clients’ success, outstanding professional competence and straightforward ability to communicate. Rich May embraces an entrepreneurial spirit and maintains a mission execution culture that distinguishes Rich May from other law firms.
Rich May combines the stability and experience of one of Boston’s oldest preeminent law firms with the innovative spirit and energy of a venture catalyst intensely focused on serving high-tech entrepreneurs, emerging companies and investors in New England and throughout the United States.
For more information, visit www.richmaylaw.com.
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