Nanyang invests $2.5m in Genetic Solutions
Thursday, 17 March, 2005
Sydney venture capital company Nanyang Ventures has injected $2.5 million into Genetic Solutions to help accelerate the Brisbane genetic information-technology company's product development and international marketing initiatives.
Genetic Solutions applies DNA marker technology for the improvement of livestock and aquaculture species.
Its GeneSTAR diagnostic tests for meat tenderness are widely used by beef cattle breeders in Australia and North America, and its SureTRAK system currently allows about 15 per cent of Australia's beef production to be traced from supermarket shelves back through the production chain.
Genetic Solutions managing director Gerard Davis said the investment, from Nanyang's Innovation Funds, would allow his company to move into new markets in Europe and Asia.
It will also allow the company to diversify its DNA-marker products into other livestock, and accelerate product development for a more rapid rollout of new diagnostic tests.
Genetic Solutions chairman Mel Bridges said the injection of funds cleared the path for a rapid growth trajectory.
Nanyang Ventures invests with the aim of building listable companies. Company spokesman John Mulquiney said the Genetic Solutions management team had been successful at commercialising the company's technology.
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