Angel groups invest $2 million in company
By KATHLEEN GALLAGHER
Posted: Feb. 20, 2007
Madison-based GenTel BioSciences Inc. said Tuesday it has raised more than $2 million, the majority from two state-based investment groups.
The privately held maker of chips that test for proteins is using the money to hire two key employees for a small, new lab in Research Triangle Park in North Carolina, said Alex D. Vodenlich, the company's president and chief executive officer.
GenTel is also using the money to move to a new facility in Fitchburg and acquire rights to a key patent, Vodenlich said.
The two new North Carolina employees previously worked in GlaxoSmithKline's protein chip group. They will add pharmaceutical and biotech industry experience and know-how to GenTel, Vodenlich said.