Biotechnology start-up Enzymotec Ltd. has raised $11 million from current investors, including Ofer Hi Tech Ltd., Millennium Material Technologies Fund, and Galam Ltd. of Kibbutz Ma'anit, as well as new investor, Mexican food additives manufacturer Arancia Industrial SA de CV. The company also obtained a $7 million credit line from an Israeli bank, of which $3 million has already been used.
Enzymotec, founded at Ofer Hi Tech's Naiot Venture Accelerator, makes food and nutrition additives. The company will use the proceeds to build a new plant in Migdal Ha'Emek and to improve its R&D capacity. The company earlier said that it would invest $15 million in the new plant and seek a US partner.
Enzymotec was founded by CTO Dr. Sobhi Basheer, who developed an innovative method for manipulating lipids. The company has several international marketing and cooperation agreements, including agreements last year with Danish Alsiano A/S, India's Elder Pharmaceuticals Ltd. (BSE: 532322), South Korea's Il Dong Pharmaceutical Co. Ltd. (KSX: 0230), Lifeguard Health LLC of the US, and Russia's Protein Plus.
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009