Mirexus Biotechnologies Inc, a Guelph, Ontario biomaterials provider, has raised $12 million in funding. The round was led by the Canadian affiliate of Barbados’ Goddard Enterprises Ltd (GEL) and joined by angel members of GreenSky President’s Club, all existing backers of the company. Founded in 2008, Mirexus is commercializing a novel nanotechnology that can be used in markets ranging from cosmetics to nutraceuticals to biomedical applications in animal and human health. Led by President and CEO Phil Whiting, the company will use the funds raised to develop a factory and support operations over the next three years.
Mirexus Biotechnologies Inc. raises $12 million to finance factory, fund business development, and deepen R&D
Guelph, ON – June 29, 2017
Mirexus Biotechnologies Inc. (Mirexus) is excited to announce that it has closed an investment round of $12 million. Mirexus is a safe and natural nanomaterials company based in Guelph, Ontario that is commercializing PhytoSpherix™, a novel technology based on polysaccharide nanoparticles that can be used in a wide variety of markets ranging from cosmetics to nutraceuticals to applications in human health. The funds will be used to finance a factory to produce PhytoSpherix™, and to fund at least three years of operations as the company grows.
GEL Tech (Canada), Inc., a subsidiary of Barbados-based Goddard Enterprises Ltd. (Goddard), is leading the investment round, which is in the form of a convertible note. The investment syndicate includes members of the GreenSky President’s Club, an Ontario-based network of high-net worth active angel investors.
Said Mirexus President and CEO, Dr. Phil Whiting, “As revenue grows, we believe the best path forward is to produce PhytoSpherix™ in our own factory here in Ontario – for sale around the world. This will allow us to produce high quality material under exacting manufacturing standards as we meet the needs of our growing customer base. We will build a first-of-a-kind plant using our own proprietary process that only uses water and energy to extract this natural nanomaterial from Ontario sweet corn. This facility keeps us right here in Guelph – close to abundant agricultural lands and the University of Guelph – where this technology was first developed. ”
The facility will be built on land that the company has committed to purchase from the City of Guelph. In addition to the factory, the proceeds of the capital will be used to boost business development, particularly in the Personal Care market, and increase R&D to develop new personal care, nutraceutical, and biomedical applications.
Said Goddard President and CEO, Anthony Ali, “We are extremely excited about our involvement in a ground-breaking technology. We have watched the progress made by the Mirexus team over the past two and a half years, and we believe that the factory is the next logical step to support the growth of the organization”.
GreenSky Capital Inc., a registered Ontario exempt market dealer that is affiliated with the GreenSky President’s Club, brokered the transaction, as it has previous Mirexus fundraising.
About Mirexus Biotechnologies Inc.
Mirexus Inc. is a safe and natural biomaterials company based in Guelph, Ontario that is commercializing a novel nanotechnology based on polysaccharide nanoparticles that can be used in a wide variety of markets ranging from cosmetics to nutraceuticals to biomedical applications in animal and human health. This technology was originally developed at the University of Guelph in the laboratories of Professor John Dutcher. www.mirexusbiotech.com
About Goddard Enterprises Inc.
Goddard Enterprises Limited (GEL) is a publicly traded Barbadian company, listed on the Barbados Stock Exchange, with a varied business portfolio that encompasses interests in the Caribbean as well as Central and South America.
GEL’s subsidiary companies are found in: airline catering, industrial and restaurant catering, meat processing, bakery operations, automobile retail and automotive parts, real estate, the manufacture of aerosols and liquid detergents, investments, rum distilling, general trading, packaging, fish and shrimp processing, property rentals, general insurance, financing as well as shipping agents and stevedoring.
The Group includes both subsidiaries, that are wholly owned or in which GEL has a majority shareholding, and associated companies. GEL has not less than a 51% stake in those firms in which it has a majority share, while it holds 20 % to 50% of the associated companies.
The main divisions of business in which GEL is involved are catering, manufacturing, services, finance as well as import distribution. www.goddardenterprisesltd.com
About GreenSky Capital:
GreenSky Capital is an award winning corporate finance advisory firm based in Toronto, delivering customized financial solutions to small and medium sized technology firms. GreenSky looks for long-term partnerships with high growth potential companies and dedicated entrepreneurs. GreenSky principals bring together a unique combination of experience in technology, law and finance who bring extensive business, finance and entrepreneurial experience into a real-world context. www.greenskycapital.com
Photo courtesy of Mirexus Biotechnologies Inc