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June 5, 2007

State-finance agency invests in a biotech company

PROVIDENCE -- The Slater Technology Fund, a state-financed agency that supports start-up companies, announced today that it was investing $250,000 in Vitrimark Inc., a biotechnology company launched by University of Rhode Island Professor Arijit Bose.

The company is developing new biomarkers for use in the drug development process, according to a statement from the Slater Technology Fund. The funding will help pay for the company's first employee, Bose's URI colleague, Riyaz B. Mahamma.

"A key issue for us is to have someone committed to the company and its activities," Richard G. Horan, the Slater Technology Fund's senior managing director, said in an interview.

-- Journal staff writer Benjamin N. Gedan

Posted by Mike McKinney  at 3:59 PM | Permalink

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