Monday, May 7, 2007

Emergent Raises $27M for Biotech Spinoffs

Emergent Technologies Inc. announced Monday that it has closed its Fund IV, raising some $27 million to commercialize as many as 30 technology applications within the University of Texas system. The company stated that Fund IV is comprised of several large investors from the Lone Star State, including San Antonio businessman Red McCombs and two other Texas billionaires. ETI said that Fund IV has already helped two biotechnology companies to form in the past six months, with several more expected to launch later this year. Founded in 1989, Emergent Technologies Inc. is a life sciences venture firm headquartered in Austin, Texas.