Phyture Biotech closes €1-million round of funding
<p>This capital increase comes after the company signed important distribution contracts covering more than 17 countries</p>
Catalan biotechnology firm Phyture Biotech, 21% of which is held by InKemia IUCT Group, has announced that a €1-million round of funding has been approved at a Extraordinary General Shareholders Meeting.
This increase, which has been covered by numerous investors, addresses the company’s business plan aimed at expanding technology, production capacity and internationalization to allow the company to go public on a quoted European market sometime in the coming 5 years.
The main aims of this increase include accelerating the process of generating the company’s own products —with the goal of launching two new products to market in 2015—, increasing its production capacity by acquiring new equipment, and accelerating its internationalization process by opening up new markets.
This has all come about after Phyture Biotech signed important distribution contracts covering more than 17 countries, after launching their own product based on Arabian Cotton stem cells, a natural product that acts as protection against the sun.
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