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Febit Rises from the Ashes with New VC Cash; Geniom to Re-enter Market

NEW YORK, May 20 (GenomeWeb News) - Nineteen months after going out of business, microarray manufacturer Febit has re-emerged as a new company with fresh venture capital backing.

 

The new company, called Febit Biotech, was established in April. It is based in Heidelberg, Germany. Febit had been based in Mannheim. It rose from the ashes after two original Febit investors, Dietmar and Oliver Hopp, re-invested an undisclosed sum into the new firm.

 

Febit Biotech will "take over the Febit assets required to continue marketing" the Geniom One DNA analysis instrument, Febit's first product, the firm said in statement yesterday. "The newly founded company will also take care of existing Geniom customers."

 

Febit Biotech said it expects to begin manufacturing Geniom systems this summer.

 

As GenomeWeb News reported in October 2004, Febit had gone out of business just months after launching the Geniom instrument. The company filed for insolvency earlier in 2004 and proceedings had opened in July of that year.

 

Febit, founded in 1998, raised €30 million ($37 million in 2002 dollars) in a third round of private financing in late 2002. Among its investors were the EMBL Technology Fund and Infineon Ventures.

Geniom One was launched in late 2003. According to the firm, it could synthesize custom oligo arrays, perform experiments, and scan arrays all within the confines of the instrument. Febit had promised to launch the product by the end of 2002, but efforts to work out the bugs delayed the product's introduction by a year.

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