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Former Algaeventure Systems moving HQ to San Diego

January 1, 2016
AlgaeIndustryMagazine.com

Algaeventure Systems

Ross Youngs, CEO of Biosortia Pharmaceuticals Inc., formerly Algaeventure Systems, is moving the company’s headquarters from Ohio to San Diego. Photo: Dan Trittschuh

Carrie Ghose writes in Columbus Business First about a Dublin, Ohio startup emerging from the former Algaeventure Systems Inc. that is seeking potential new drugs from within blooms of algae. Biosortia Pharmaceuticals Inc. has raised $500,000 and has recently announced that it is moving its headquarters to San Diego to take part in a business accelerator run by pharmaceutical giant Johnson & Johnson.

The company will keep its operations facility on the west side of Columbus, Ohio, where it maintains and improves the field equipment for harvesting algae.

CEO Ross Youngs said that he’s considering bringing the research in-house to isolate chemicals from the processed mats of algae, which have been outsourced to contract laboratories. He’s searching the Midwest for a potential multimillion-dollar lab expansion.

The company disclosed raising the $500,000 toward a potential $3.5 million round in a Form D filing with the Securities and Exchange Commission. Mr. Youngs said he could not comment on the fundraising.

As part of the move, Biosortia legally changed its name from Algaeventure Systems Inc., the biofuels company started in 2008 to develop proprietary solid liquid separation technologies for recovery of valuable solids from water.

Biosortia’s technology can search for minuscule amounts of chemicals produced by the thousands of single-celled organisms in a lake or river’s algae bloom that may lead to a new antibiotic or chemotherapy drug. The company recently started a research partnership with the James Cancer Hospital and Solove Research Institute within Ohio State University Wexner Medical Center.

The J&J incubator, called JLABS, provides laboratory space and support for biotech startups. That operation will lead the clinical and regulatory work for Biosortia toward U.S. Food and Drug Administration approval of a new drug.

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