Bellbrook Labs | Biology at Work

For immediate release
April 5, 2005

Contact: Bob Lowery
President & CEO
BellBrook Labs
525 Science Drive
Madison WI 53719
608-441-2966

Private Equity Offering by BellBrook Labs Oversubscribed

BellBrook Labs (BBL), an early stage biotechnology company located in Madison’s University Research Park, has completed a $1.5 million private equity financing. The bulk of the equity funding was provided by a small number of accredited individual investors from Wisconsin and California. The company’s rapid timeline in launching their first product and its early acceptance by several large pharmaceutical companies contributed to intense investor interest. The Act 255 tax credit program recently enacted by the Wisconsin Department of Commerce provided an additional incentive to Wisconsin investors. Foley & Lardner LLP served as securities counsel, Haus, Roman and Banks LLP provided corporate counsel, and Lauren Flanagan of SCIO corp. served as Financial Consultant for the offering.

“Things could not have gone better,” said Dr. Robert Lowery, BBL’s president and CEO. “We were fully subscribed two weeks after we sent out the first offering memoranda, and I was in the position of having to turn down interested individuals. This funding will allow us to rapidly build a first class sales and marketing infrastructure for our Transcreener™ products.”

BellBrook Labs was founded in August of 2002 to take advantage of the rapidly growing need for high throughput screening assays in drug discovery laboratories. Start up capital was secured through federal R&D grants and a Technology Development Loan from the Department of Commerce. High throughput screening assays are the test systems used by pharmaceutical companies to identify and optimize potential drug molecules. BBL’s proprietary Transcreener™ HTS assay technology eliminates much of the costly R&D required to bring new drug targets into HTS. It will enable pharmaceutical companies to accelerate development of new drugs with fewer side effects for cancer and other diseases. The company launched the first Transcreener™ product in January of 2005 and has made sales to several large pharmaceutical companies; the second Transcreener™ product is expected to be ready for sale in the fall of 2005

Biology at Work