Allied BioScience, the Dallas-based leading biotech firm behind a revolutionary residual antiviral surface coating, has received an early stage investment in its Series C Preferred Stock from Capital7 LLC, a Midwestern private equity firm.
The amount of the funding is undisclosed. The Series C closed at $5/share in February, with a total of $5,725,000 raised. It brings Allied BioScience’s total to more than $80 million, the team told Dallas Innovates.
The investment comes at a significant time of growth for Allied BioScience. The local company has been on the cutting edge of innovation throughout the pandemic: Last April, it was among Lydia Partners’ initial round of multimillion-dollar investments, then in May, its antimicrobial coating was said to improve patient outcomes and reduce environmental contamination.
That antimicrobial coating is Allied BioScience’s flagship product, SurfaceWise2.
Essentially, SurfaceWise2 is creating a “protective invisible layer” that can physically break down and kill virus cells. The non-toxic active surface coating has properties that continuously destroy 99.9 percent of viruses on surfaces. It’s applied with an electrostatic spray meant to provide always-on protection.
Last August, the U.S. Environmental Protection Agency (EPA) approved SurfaceWise2 as the first and only surface coating for continuous protection against COVID-19 with a single application. The EPA approved Allied BioScience’s public health emergency exemption waiver, which was submitted by the Texas Department of Agriculture. It allowed for Texas-based customers to use SurfaceWise2 against SARS-CoV-2 (the virus that caused the COVID-19 healthcare outbreak).
According to a previous statement, the exemption the Texas Department of Agriculture received from the EPA means Texas is “the first state in which a Section 18 emergency waiver for SurfaceWise2 has been approved.” But, Allied BioScience kept pursuing the same emergency waiver across all 50 states.
The Series C investment will enable that. The team told us that the money will be used for SurfaceWise2’s global expansion and regulatory approval, SurfaceWise2 innovation and the accelerated development of more next generation products outside of surface coatings, and the expansion of marketing support to drive brand awareness and revenues.
Currently, there’s global demand in markets such as Canada, Germany, Australia, India, and the United Arab Emirates.
Capital7 is a believer in the patented chemical technology. According to Executive Director Jared Sprole, the firm did substantial due diligence before deciding to use its venture capital arm to invest. It will bring extensive operating experience to assist Allied BioScience with strategic planning, capital, management, and technology.
“Allied Bioscience represents a huge growth opportunity to provide consumers and industries such as mass transportation, sports, gaming and concert venues, healthcare, education services, military, government and other industries with an effective residual antiviral surface coating to combat the spread of bacteria and viruses including Covid-19,” he said. “We believe that the strong leadership team led by Michael Ruley and his team will enable the company to execute on its expansion domestically and internationally.”
With Capital7’s investment, Allied BioScience told us it also wants to supply surface coatings to struggling countries. And, continue growing its employee base in North Texas to support back-end functions and operations.
Overall, the goal is to save lives through revolutionary science, while developing solutions that can create cleaner environments through long-lasting antimicrobial coatings.
“This is an exciting time for Allied BioScience and we’re thrilled to have the support of the Capital7 team during this period of growth,” Michael Ruley, CEO of Allied BioScience, said in a statement. “The investment firm seeks true partnerships, and we look forward to having their collaboration as we move forward with national approval of SurfaceWise2 and add additional products to our portfolio to help reduce the global burden of infectious disease.”
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