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.
