BioSavita has doubled its staff to four people in the last year by adding two executives to its leadership team, including a new CEO.
The Plymouth-based firm, formerly ApoLife, is an early stage bio-tech company. It made a name for itself developing technology from yeast strains, which it has licensed to major pharmaceutical companies. The company is now looking at raising a round of seed capital to develop more technology.
"We're trying to make the decision on whether to raise equity capital or continue to do licensing," says James Kuo, chairman & CEO of
BioSavita. "We'd like to make it as soon as possible."
Kuo adds that BioSavita has recently taken on Roger Newton, the driving force behind Esperion Therapeutics, as an advisor. BioSavita made the semifinals of the
Accelerate Michigan Innovation Competition in downtown Detroit last month. It also took the top prize, worth $100,000, at the
Great Lakes Entrepreneur's Quest business plan competition last summer.
"Many, many things validate what we’re doing," Kuo says. "I think these awards are part of it."
Source: James Kuo, chairman & CEO of BioSavita and Nalini Motwani, president & CTO of BioSavita
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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