Advanced Liquid Logic Receives NCBC Loan
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The NC Biotechnology Center (NCBC) has given Advanced Liquid Logic, a microfluidics "lab-on-a-chip" technology transfer company from Duke University's Pratt School of Engineering, a $160,000 Biotechnology Center Strategic Growth Loan (SGL).
Launched earlier in 2006, the SGL was created to assist promising biotech startups in the first stages of development. An SGL may provide as much as $250,000, but the loan must be matched by an equal angel network or venture capital loan or investment.
"We're glad the Biotechnology Center is there to help meet a critical need," said Richard West, Advanced Liquid Logic president and CEO.
"The challenge we face is that there is just not enough early stage capital in this region to fund even the most promising companies."
"Over the last few years venture capital financing has moved downstream to later-stage companies, where products under development are closer to providing market return for investors."
He said a network of angel investors provided the required SGL match for his firm.
Advanced Liquid Logic has acquired over $5M in loans and grants since it began operations in 2004.
It recently received $34,782 for a NASA-sponsored project to develop its "lab-on-a-chip" to perform diagnostic tests.
