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June 5, 2008—NanoHorizons Inc., a manufacturer of advanced nanoparticles for environmentally friendly antimicrobial applications, has raised approximately $6.7 million in a second round of funding from Penn Venture Partners, L.P., Life Sciences Greenhouse of Central Pennsylvania, and a number of private investors. One-half of the investments have been funded, with the remainder to be funded, subject to attaining certain milestones, within one year.
NanoHorizons markets its antimicrobial solution under the SmartSilver brand. The funding will be used to solidify and expand NanoHorizons' business in the medical and textile markets where the demand for proven, certified antimicrobial solutions is rapidly increasing.
NanoHorizons also announced the appointment of David A. Woodle as chairman and CEO of the company. Prior to joining NanoHorizons, Mr. Woodle was chairman and CEO of NASDAQ-listed C-COR Incorporated, a top-tier global provider of communications equipment and management systems to the cable industry. Mr. Woodle also spent 21 years at executive and technical management positions within Raytheon Corporation, addressing Department of Defense markets for real-time information systems.
In addition, Dr. Daniel Hayes, one of the founders of NanoHorizons and an inventor of its technology, has been appointed president, COO, and member of the board of directors of the company. Dr. Hayes brings an extensive experience in molecular biology, developmental neuroscience, and the development and characterization of nanomaterials. He has authored numerous journal articles and holds several U.S. patents.
"With this latest round of funding, NanoHorizons is in a solid position to grow and become a leading antimicrobial brand provider," states Woodle. "The company brings key strengths to the marketplace. We have a proven, patent-protected product that is EPA-registered. We back our product with an experienced team of scientists, nanotechnologists, and managers. We have our own in-house research and development laboratory and manufacturing facility to foster on-going innovations. And we have allied ourselves with key strategic partners in the medical and textile markets where there is upward demand for high-performance antimicrobial solutions. Our goal is to successfully leverage these strengths with an effective and focused go-to-market strategy."
"We are enthusiastic about the leadership and experience that Dave Woodle brings to NanoHorizons," adds Daniel Hayes. "His success in developing businesses through astute strategic planning, strong customer relationships, and effective internal and external communications will accelerate our growth and help us make NanoHorizons' SmartSilver the market's antimicrobial brand of choice."
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