Trivirix Colses On $13.5m In Funding

BT Catalyst,  Sept, 2001  

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TriVirix International of Chapel Hill, a contract manufacturer of electronic and electromechanical medical devices and other biotechnology equipment, has closed on $13.5 million from several investment firms.

The Aurora Funds of Durham was the largest investor, and has previously invested in the company. Other lead investors included Frontier Capital of Charlotte and Envest Ventures of Virginia Beach, Va. Many other investors were involved as well.

In addition to the equity financing, TriVirix received subordinated debt financing from Gardiner Capital Partners of Raleigh and Venture Capital Solutions of Winston-Salem. Smith Anderson of Raleigh represented the company and McGuireWoods of Charlotte represented the lead investors.

"We will use the funding to get us to profitability in a few quarters and to continue to build a strong revenue base and realize our ambitious growth plans," said Richard M. West, TriVirix's president and CEO. "Already this calendar year we have received over $18 million in purchase orders."

In addition to acquiring financing and adding several new customers, TriVirix also expanded its board of directors. Non-investor directors now include Rachel Selisker, former CFO of Quintiles Transnational of Research Triangle Park; Robert Timmins, past president of Organon Teknika' s Durham facilities; and W. L. Douglas Townsend Jr. of Townsend Frew & Co. of Durham.

"TriVirix has made terrific progress toward its goal of becoming a large company," said Jeff Clark of the Aurora Funds. "In just three years they have built a great team that is getting significant traction in a relatively new market serving the manufacturing needs of medical device and biotechnology companies."

COPYRIGHT 2001 North Carolina Biotechnology Center
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