MediBeacon™ Meets with Missouri Legislators at The State Capital
(ST. LOUIS, January 16, 2013) – Technology Entrepreneur Day was held today at the state capital in Jefferson City. The objective of this event is to connect leading entrepreneurs with legislators. Dialog allows company representatives to share their individual stories and highlight how the state can impact and is positively impacting the landscape for developing business in Missouri.
MediBeacon Chief Executive Officer, Steve Hanley and Chief Scientific Officer, Dr. Rick Dorshow participated in discussions with members of both the Missouri State Senate and House of Representatives during the day at the Capital in Jefferson City. They shared the story of MediBeacon’s development as a stand-alone company and highlighted the role that funding and other support from various state and local entities played in launching The Company. In addition to local and county support MediBeacon benefited significantly from the active participation of The Missouri Technology Corporation (MTC).
MTC is a public-private partnership created by the Missouri General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech companies. MTC focuses on 21st Century bioscience industries. MTC collaborates often with BioGenerator on investment in bioscience companies, as was the case with MediBeacon. BioGenerator is a privately funded, non-profit 501(c)(3) organization created to facilitate the formation of successful, sustainable bioscience companies in the St. Louis region.
MTC made investments in MediBeacon during 2012 out of both the Missouri TechLaunch and Seed Capital Co-Investment Program. The investment from MTC totaled $295,000. During meetings with legislators Mr. Hanley and Dr. Dorshow expressed the critical nature of these investments, which provided both key early funding as well as an investment structure and due diligence package that facilitated follow-on participation by private investors.
When asked later about the significance of MTC participation in MediBeacon funding Terence Stern, Vice President Business Development for MediBeacon stated “MTC has been a catalyst for MediBeacon. MTC not only provided essential financial resources but set the investment terms for The Company. MTC’s convertible debt structure developed with BioGenerator and their collective due diligence is of tremendous value. To date MediBeacon has raised approximately six times the capital invested by MTC. As we close out the seed round leverage of MTC funding will increase substantially due to further private investment in The Company.“
The Company anticipates closing of the current financing in March 2013.
About MediBeacon, LLC:
MediBeacon LLC is a Medical Device company focused initially on kidney function monitoring in real-time. MediBeacon is housed within the Helix Center Biotech Incubator. Information regarding MediBeacon can be found at www.medibeacon.com.
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Office – 314-269-5808
Email – firstname.lastname@example.org
1100 Corporate Square Drive
Helix Center, Suite 229
St Louis MO 63132