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Posted: June 30, 2009
Innovation Partnership to Advance Nanotechnology Jointly Developed at UCLA and The Aerospace Corporation
(Nanowerk News) Momentum Biosciences, LLC and Kolon Global Technologies, Inc a division of the Kolon (Korea Nylon) Group are pleased to announce joint completion of $550,000 in seed funding for Fibron Technologies, Inc. in the form of a convertible note.
“Momentum is committed to accelerating the success of LA-area biotechnology and nanotechnology start-up companies and the development of the life science industry as a whole in Southern California. Our strategy is to build early industrial and manufacturing partnerships for our portfolio companies and we have found a strong technology and manufacturing partner in Kolon Glotech, a leader in polymer development and material science” said Dr. Christian Behrenbruch, of Momentum Biosciences, LLC.
“Our partnership with Momentum Biosciences to establish and seed fund Fibron is a new strategy for our organization, to build partnerships with world-class startup companies from universities and establish access to talent globally. By partnering with a local entrepreneurial firm like Momentum Biosciences, we have established a California-based R&D partnership that will generate new and innovative technologies for our company” said Ms. Soo-Young Lee, Executive VP for Business Development at Kolon. “At Kolon Glotech, we are committed to transforming the technology base of our company and nanotechnology and new material science is an important direction for our business”, said Dr. Dong Moon Park, CEO of Kolon Global Technologies.
Fibron’s licensed technology, jointly developed by University of California, Los Angeles (UCLA) scientists Richard B. Kaner, Jiaxing Huang and Yang Yang and The Aerospace Corporation scientists Bruce Weiller and Shabnam Virji, includes a variety of novel materials based on conducting polymer technology. Kolon’s expertise in material science, manufacturing (including GMP manufacturing) and large-scale production of polymer technologies brings a complementary strength to Fibron’s fundamental R&D capability.
About Kolon Glotech
Kolon Glotech (KGI), established in 1987, is a leading portfolio company in the Kolon Group. KGI manufactures a variety of finished polymer and textile products for the automotive, electronics, leisure and bulk materials industry. KGI has a leading market share in Korea and is internationally recognized for its innovative products.
In 2005, KGI established a new innovation center. The vision of this initiative is to identify and develop the future growth engines of the company, while leveraging the Group’s core competencies in polymer and textile science. In particular, KGI is focused on developing conducting polymer solutions for a variety of innovative applications. This R&D has led to the development of new products such as “smart textiles” (the HeaTex® product range) and the realization of the world’s first printed electronics on fabric (PrinTronix®). The Glotech team is in pursuit of global excellence through sustainable growth, technological competitiveness, and the creation of environmentally-friendly products. Visit: www.kolonglotech.co.kr.
About Momentum Biosciences
Founded in 2006, Momentum Biosciences, LLC is a Culver City-based private biotechnology company. Momentum Biosciences was founded by a group of faculty from the University of California, Los Angeles (UCLA) and California Institute of Technology (Caltech) who are committed to taking an operational and hands-on role in facilitating the transfer of new healthcare technologies from the laboratory to the clinical and commercial environment. With members who have a track record of both academic and commercial success, Momentum Biosciences is well equipped to meet the scientific and business challenges of new healthcare technology ventures. For additional information about Momentum Biosciences, please visit http://www.momentum-biosciences.com.