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NanoBio Raises $10 Million Funding Round, Changes Name

Sunday, May 6, 2018   (0 Comments)
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SOURCE via Crain's Detroit Business

 

  • Ann Arbor-based company pivots in search of profitable market for its molecular technology
  • Renaming itself as a new corporate entity, BlueWillow Biologics Inc.
 

Ann Arbor-based NanoBio Corp., considered by many as perhaps the most successful fundraiser in the history of state tech startups, has raised another funding round as it makes a pivot in search of a profitable market for its molecular technology.

The pivot is drastic enough that it includes renaming itself as a new corporate entity, BlueWillow Biologics Inc.

The company, which was founded in 2000 by James Baker, a physician and researcher at the University of Michigan who was then director of the school's Center for Biologic Nanotechnology, has closed on a funding round of $10 million to focus its technology on administering a wide variety of vaccines through administration by nasal spray instead of through shots.

NanoBio, which previously had raised more than $150 million in funding, nearly half of that in equity funding from angel investors, venture capitalists and private-equity firms and the rest through large grants from federal and nonprofit institutions, had tried to commercialize antimicrobial ointments for the topical treatment of such things as coldsores and fungal infections.

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