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Pathsensors, Spun Off from Rockville Co., Plans Offering - cbl
Posted November 30, 2010
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By citybizlist Staff
ROCKVILLE -- According to an SEC filing, Pathsensors, Inc., an environmental testing company housed at the University of Maryland in Baltimore, is preparing a $2.75 million equity offering.
The company, whose website is under construction, is evidently a spinoff of Rockville-based Innovative Biosensors Inc. (IBI). IBI, which was founded as a University of
Maryland incubator company in 2003, has been developing tests to detect pathogens for the biodefense and infectious disease markets. The company received about $17 million in venture backing from Harbert Venture Partners, New Markets Growth Fund, Maryland Venture Fund, Chart Venture Partners and CNF Investments LLC, an affiliate of Clark Enterprises Inc.
Theodore J. Olsen, identified in the filing as President and CEO of Pathsensors, served as the chief operating officer of Innovative Biosensors since 2004. In August of 2009, he also assumed the role of president of the company's environmental division when founder and CEO Joe Hernandez resigned.
Olsen began his career at Corning, Inc. and worked there for 21 years. He also held senior positions at M Cubed Technologies, Corvis Corporation and Carr Lowrey Glass Company, before joining Innovative Biosensors.
According to the filing, Pathsensors is issuing $1,250,000 worth of securities in connection with an acquisition. No further details are provided.
SEC filing: http://tinyurl.com/25eymep
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