BioSystem Development secures angel funding

Madison, Wis. - A Middleton developer of pharmaceutical research tools will receive at least $715,000 in angel funding from two Wisconsin sources, Silicon Pastures and Marshfield Investment Partners.

BioSystem Development, LLC, which was founded in 2002, will receive $465,000 from Silicon Pastures, a Milwaukee-based network of angel investors, and a minimum of $250,000 from Marshfield Investment Partners, a group of angel investors established to support early-stage companies in the Marshfield region and statewide.

BioSystem has developed a protein analysis device to help pharmaceutical and life-science researchers conduct immune system tests faster, and it is close to commercializing its product. Teresa Esser, managing director of Silicon Pastures, said a lack of monetary capital was preventing BioSystem from building and delivering the biomedical device to customers.

The company, a co-winner of the 2004 Governor's Business Plan Contest, has been designated as a qualified business venture under Wisconsin Act 255, which provides state tax credits to angel and venture investment funds that invest in designated companies.

Related stories • Business plan finalists offer peek into entrepreneurial future

• Winners of past business plan contests secure funding, credibility

• Madison biotechs get Commerce grants

• Five more companies eligible for angel tax credits

• Governor’s business-plan contest has a surprise ending