NovaMin Announces $4.0 Million Financing
Oral biomaterials company closes first institutional round
ALACHUA, FL – April 12, 2005 – NovaMin Technology, Inc.,("NTI") a company focused on proprietary oral health active ingredients, announced today that it has closed a $4.4 million financing round.
Durham, North Carolina-based Intersouth Partners led the Series B round. The financing, which will be used to continue product development, is the company's first institutional financing. Garheng Kong and Chris Hegele, both of Intersouth Partners, will join the company's Board of Directors.
NTI is commercializing its proprietary material, called NovaMin®, as a new generation of active ingredient for dental and oral care products ranging from products used in the dental office, to consumer products like toothpaste and chewing gum. The Company is working with many of the leading marketers in these fields and expects NovaMin to become the industry standard over the next several years.
The patent-protected technology is based on the same bioactive material used in a leading advanced bone regeneration material available to surgeons. The company's first products feature the material adapted for use in daily oral care products for the treatment of tooth sensitivity, with future products also addressing tooth decay and gum health. NovaMin was created with technology developed at and transferred from USBiomaterials Corp. and the University of Maryland.
"NovaMin is an exciting investment opportunity, said Chris Hegele of Intersouth Partners. "The management team has developed products together from concept to market and the technology has been proven over years of testing. The company has reached an inflection point and is poised for real growth as it identifies new opportunities over the next 18 months."
"This financing will support rapid product development while allowing us to capitalize on new partnerships as they develop," said Randy Scott, President and CEO of NovaMin. "With our strong product pipeline and our clear understanding of market needs, this financing equips us with the ability to aggressively tackle new markets as we work to meet the needs of our partners."
About NovaMin Technology, Inc.
NovaMin Technology, Inc. is an oral biomaterials company focused on providing superior tooth remineralization technology products. This technology represents a breakthrough in oral healthcare, nourishing teeth with essential minerals in their rare ionic form and supercharging the natural tooth remineralization that keeps teeth healthy. Through the commercialization of its technology, the Company believes that it can reduce the tens of billions of dollars spent every year on filling cavities and on other oral health conditions that could be prevented with improved technology. The Company is based in Alachua, Florida, outside of Gainesville.
Contact:
Randy Scott, CEO
NovaMin Technology Inc.
+1-386-418-1551
rscott@novamin.com
Suzanne Cantando
Intersouth Partners
919.493.6640, ext. 108
suzanne@intersouth.com
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