Coventor spins off biotech unit

Sept. 3, 2002 — Coventor Inc. said it’s spinning off its biotech business into a new company.

Teragenics Inc. combines Coventor’s microfluidics and biotech intellectual property, consulting services and development team. John Gilbert, Coventor’s chief technical officer and co-founder, will be the new firm’s president and chief executive, according to a company news release.

Teragenics will deliver products through partnerships with companies that have instrument systems or biotech applications and need microfluidics technology to meet market requirements. The firm will serve existing Coventor customers in microfluidics and biotech development services, according to the release.

The spinoff has received initial funding from outside investors. Coventor retains an equity position in the new firm, and Gilbert continues to serve Coventor as a technology adviser and member of its board of directors.

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