A second round of financing - $1.75 million from investment company AVAC Ltd. - makes TEC Edmonton portfolio company Radient Technologies Inc. very, very happy.
“It means that AVAC has confidence in our company and its products,” says incoming CEO (and former TEC Edmonton Executive-In-Residence) Denis Taschuk. “They expect to see a nice return on their investment, and we’re excited to do just that.”
One of Edmonton’s up-and-coming bio-manufacturing companies, Radient’s core asset is a patented technology – MAP or Microwave Assisted Process – that extracts targeted natural compounds and ingredients from plants or any natural “biomass” in a safe, cost-effective way.
Such compounds, extracted, isolated and purified, are crucial and command a top dollar from speciality manufacturers in the cosmetic, food and pharmaceutical industries.
Radient is not yet in commercial production – a number of different compounds are expected to be coming on the market by late 2012. But the company’s potential, its market-proven products and the expected demand for those products has attracted the interest of the investment community.
AVAC’s decision, for instance, to add to its initial investment of $2.9 million, is based on a hard-headed business analysis by its investment team. The second round of financing for Radient would have been chosen over scores of other investment opportunities.
“The financing is part of the bigger puzzle,” says CEO Taschuk. “Our new facility (in Edmonton) is under construction and should be ready for occupancy by the early summer. There’s more product development to be done, support for the technology platform and ultimately on marketing and sales.”
Currently rated by 0 people