Biomax Investors Say Company to Pursue Buy and Build Strategy

NEW YORK, May 30 (GenomeWeb News) - Biomax Informatics expects to pursue an acquisition strategy within the European bioinformatics sector, according to two of the Munich-based company's institutional investors.

In October, Biomax raised €2.25 million ($2.75 million) in a round of venture capital funding that included investors Ecos Venture Capital Beteiligungs and S-UBG Bayern Gesellschaft f r Unternehmensbeteiligungen.

"Presently, the provider side of the European bioinformatics market is characterized by a few large companies such as Biomax, as well as a multitude of smaller providers and university spin-offs which employ up to 20 people and have an annual revenue of less than €1 million," Frank Zimmermann, manager at S-UBG, said in a statement.

"The current development in the bioinformatics market opens new synergies and opportunities for Biomax within the frame of a 'buy and build' strategy," Hans-Juergen Schmitz, director of Ecos, added in the statement. "Thus, we will enable Biomax to play a leading role in the necessary consolidation of the bioinformatics industry in Europe."