CRANBURY, N.J., Nov. 13 -- Linguagen Corp.
(www.linguagen.com), a leader in the development of ingredients used to
improve the taste of food, beverages, and pharmaceutical products, today
announced a commitment of $10.2 million in new equity financing. Participating
in the first round financing were NJTC Venture Fund SBIC, L.P, Cargill
Ventures, Danisco Venture A/S (Danisco A/S), DuPont Ventures, Aperture Venture
Partners LLC, and RK Ventures Group, LLC.The funding will be used to expand Linguagen's taste receptor research for
solving problems associated with bitterness, too much salt, and too much
sugar, and to commercialize products and systems that are developed. The
participation of three of the world's leading food ingredients companies in
Cargill, Danisco, and DuPont will bring not just financial resources to the
effort but also greater insight into trends and needs of the food industry.
"We are pleased at the high level of confidence our investors have shown
in Linguagen's research and strategic plan for applying our technology in the
emerging field of taste signaling," said Shawn M. Marcell, Linguagen's COO and
acting CEO. "The investor syndicate includes well-known players in the
venture capital, food, and pharmaceutical industries, and we are pleased to
have their collective experience as we move the company forward into its next
phase of growth. We plan to use this funding to aggressively develop our
research and to meet the needs of our expanding customer base."
Concurrent with this financing, Robert Chefitz, a General Partner of NJTC
Venture Fund, SBIC, L.P., David Patchen, a Managing Director of Cargill
Ventures, and Lars Dybkjfr, Investment Director with Danisco Venture A/S will
join Mr. Marcell as members of Linguagen's Board of Directors.
Linguagen uses innovative, proprietary biotechnology to discover natural
ingredients that improve the flavor of pharmaceuticals and the flavors and
health values of foods and beverages. Traditionally bitterness is masked by
adding large quantities of sugar, salt, flavorings, or coating agents.
Linguagen has developed technology to identify compounds that selectively
eliminate the perception of bitterness so that products would require less
sugar, salt, or flavorings, resulting in products that taste better and are
healthier. The Company's first product, AMP, has recently completed GRAS
(Generally Recognized as Safe) regulatory approval process in the U.S. for use
in coffee and tea beverages, artificial sweeteners, chewing gum, salty snack
foods, salt substitutes, and soup products and is currently being evaluated by
a number of companies for use in their products. Linguagen's science is also
being applied to discover superior natural sugar and salt substitutes and to
enhance the sweetness of natural sugar.
About Linguagen Corp.
Linguagen Corp. (www.linguagen.com) is a privately held company located in
Cranbury, N.J., and holds a variety of patents in the field of taste research.
The company researches, discovers, develops, and commercializes breakthrough
products that improve the palatability of oral medicines and enhance the
flavor and nutritional value of foods and beverages, including solutions to
the problems of bitterness, excess sugar, and excess salt.
About Cargill Ventures
Cargill Ventures (www.cargillventures.com) invests in emerging technology
companies that enable commerce, innovation and efficiencies and help Cargill
be a global leader in providing goods and services for life, health and
growth. Cargill Ventures maintains offices in San Mateo, CA, and Minneapolis,
MN. It is a business unit of Cargill, Incorporated (www.cargill.com), an
international marketer, processor and distributor of agricultural, food,
financial and industrial products and services with 98,000 employees in 61
countries. The company provides distinctive customer solutions in supply chain
management, food applications, and health and nutrition.
About NJTC Venture Fund
NJTC Venture Fund (www.njtcv.com) is an early stage venture capital fund
investing in promising New Jersey-based companies. Investments will span a
variety of industries, mirroring the state's indigenous strengths including
telecommunications, software, pharmaceutical, financial services and
electronics. NJTC Venture Fund will initially invest up to $1.5M with
sufficient capital reserved for follow-on investment.
About Danisco Venture
Danisco Venture www.danisco.com/venture.is a corporate venture unit within
Danisco A/S - one of the world4s largest producers of ingredients for the food
and feed industry. Danisco Venture focuses on creating significant value
growth by investing in total DKK 500 million (approx. EUR 67 million) in
ventures with high value-added products, services or technology platforms,
which are relevant to Danisco.
About DuPont Ventures
DuPont Ventures (www.ventures.dupont.com), based in Wilmington, Delaware,
creates new business options for DuPont by investing in and partnering with
entrepreneurial companies that have novel technologies. DuPont
(www.dupont.com) is a science company with a mission of sustainable growth.
Founded in 1802, DuPont puts science to work by solving problems and creating
solutions that make people's lives better, safer and easier. Operating in
more than 70 countries, the company offers a wide range of products and
services to markets including agriculture, nutrition, electronics,
communications, safety and protection, home and construction, transportation
and apparel.
