Malvern’s Deltagen BioServices Launches $2.3M Offering – cbl

By Richard Rabicoff

MALVERN, Pa. – Deltagen BioServices, Inc. has launched an offering of $2.3 million, raising $1.3 million from 12 investors.

According to a company statement, the funding is a secured bridge loan, led by Life Sciences Green House of Central Pennsylvania. Proceeds will be used to fund operations.

Named in the related SEC filing were President Paula MacDonald, and directors Warren Bogard, Hemispherx Biopharma; Kevin Harter, Life Sciences Greenhouse; David McLachlan, Skyworks Solutions, Inc.; and Thomas Penn, Meridian Venture Partners.

Deltagen BioServices is a wholly-owned subsidiary of Deltagen, Inc. (Pink Sheets:DGEN), a provider of drug discovery tools to the biopharmaceutical industry.

Deltagen BioServices recently completed facility commissioning and validation of equipment, systems and assays, but due to repair issues its commercial operations have been delayed and the company faces rent payment issues at the Malvern, Pa. facility.

SEC filing: http://tinyurl.com/7ryk3q4

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