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Evonik invests in US biotech firm Algal Scientific

10:21 AM MDT | April 28, 2014 | Deepti Ramesh

Evonik says it is investing in the technology start-up Algal Scientific (Northville, MI). Evonik is part of an investors’ consortium that is investing more than $3 million in a series-A financing round. Algal, under the trade name Algamune, markets 1,3-β-glucan, a polysaccharide that strengthens immune response. The polysaccharide is used as an additive in animal feeds, as a nutritional supplement, and in pharmaceutical formulations, Evonik says. In addition to Evonik, US venture capital firms Formation 8, Independence Equity, and Envy...

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