19 Dec DaneVest completes round of stock financing for Stemina Biomarker
Madison, Wis. – DaneVest Tech Fund I has announced its first investment in the Madison-based Stemina Biomarker Discovery.
This $212,500 investment, along with a recent $125,000 investment by Phenomenelle Angels, closes a common stock financing round of $1.5 million for Stemina. The fund also announced its certification by the Wisconsin Department of Commerce as an Early Stage Venture Capital Fund qualified to receive Wisconsin Act 255 tax credits.
Stemina Biomarker Discovery is commercializing its proprietary metabolomics technology developed at the University of Wisconsin-Madison under its scientific co-founder, Dr. Gabriela G. Cezar. Her partner in the venture is Beth Donley, former general counsel for the Wisconsin Alumni Reserach Foundation and former executive director of the WiCell Research Institute.
Stemina’s cell-based assays are developed with two groundbreaking technologies – metabolomics and human embryonic stem cells. Stemina plans to use its technology to discover and validate small molecules as biomarkers for high throughput drug screening and drug development, and to enable drug safety and personalized medicine.
Joe Hildebrandt, managing director of the DaneVest Tech Fund and co-manager of the Phenomenelle Angels Fund, said the success of Stemina’s capital raising is due in part to the Wisconsin Tax Act 255 Venture Capital Tax Credit program. The law permits certified early stage funds to invest in qualified new business ventures and obtain 25 percent tax credits for its investors. The tax credits offset some of the risks when investing in promising science and technology companies.
DaneVest Tech Fund, which was organized to invest in early-stage, life-science businesses, has the availability for additional follow-on investments in Stemina of up to $250,000, pending current shareholder approval and company need.
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