BTF boosted by VC funding

A young biotech company founded by two Macquarie University scientists has attracted $2 million in funding from venture capital firm Nanyang Ventures.

Biotechnology Frontiers (BTF), which has developed microbiological measuring technology, captured investors' attention in a difficult market partly because it is already generating sales.

Its EasySeed technology generated overseas sales of more than $750,000 last year, making it "one of the few bioscience-based companies that are generating revenues," according to Michael Hirshorn, CEO of Nanyang Venture fund manager St George Innovation Fund.

BTF has developed microbiological reference standards with important implications in providing precision in quantitative microbiology and DNA analysis.

It will use the $2 million injection to complete product development for the food-testing market and for international market expansion.

The independent, institutionally-backed St George Innovation Fund also manages bioscience investments in Dynamic Hearing and Genetrak.

BTF was launched when its founders and CEOs, Mark Gauci and Dr Graham Vesey, saw the opportunity to provide a regulatory standard in the Sydney Water contamination crisis.

The EasySeed technology delivers precise numbers of microorganisms in a usable form, representing a clear advantage over methods currently used to measure the accuracy and reliability of tests to identify microorganisms.

The demand for this water testing technology is strengthened by authorities in the UK and the US recently approving the EasySeed Quality Control as an industry standard for regulatory approval, according to the company.

It is currently working with Japanese authorities for the same level of approval.