DiNapoli Announces $6 Million Investment in
Ithaca-Based Life Sciences Firm
Ithaca-based Advion BioSciences, Inc. will be able to expand its global reach thanks to a $6 million investment from the New York State Common Retirement Fund (CRF) through private equity manager Credit-Suisse Customized Fund Investment Group, New York State Comptroller Thomas P. DiNapoli announced today.
“New York State is becoming a leader in the rapidly expanding life sciences industry,” DiNapoli said. “Our In-State Investment Program gives us an opportunity to strengthen that position by investing in a company that has been a pioneer in offering bioanalytical contract services.
Advion is on the leading edge of an exciting growth industry. The company has a reputation as one of the best in its field. Our investment will provide a strong return for the Common Retirement Fund and help create new jobs in Ithaca. The goal is always to generate great returns for the members of the CRF. This investment does that and has the added bonus of helping strengthen New York’s economy.”
The $6 million investment represents a commitment by both the CRF and Credit Suisse. The Fund made the investment as part of its In-State Private Equity Investment Program which was created in 1999 to help small New York-based businesses find the capital they need to grow. Under the program, the CRF has invested in more than 100 different companies through 16 different private equity managers.
The investment in Advion allows the CRF to diversify its portfolio into both of Advion’s business segments: bioanalytical contract services and life science micro-chemistry related systems.
The company began offering bioanalytical contract services in response to the growing demand for independent analysis of pharmaceutical clinical trial samples. Using its liquid chromatography and mass spectrometry capabilities, Advion is able to provide industry-standard evaluations of samples. Advion’s micro-chemistry related systems segment is in its fourth year of operations and provides products that are used to conduct research in Proteomics and Biomarkers as well as in preclinical and clinical diagnostic imaging.
Advion BioSciences, Inc. was founded in Ithaca in 1993. The company has 150 employees and maintains sales and support offices in North America and Europe.
About the Common Retirement Fund
The $154.5 billion New York State Common Retirement Fund is the third largest public pension plan in the U.S. with more than one million members, retirees and beneficiaries from state and local governments. Comptroller DiNapoli is the sole trustee of the fund and manages a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments.