Momentum Biosciences, LLC, a Culver City-based private biotechnology company, and Kolon Global Technologies, Inc a division of the Kolon (Korea Nylon) Group, manufacturer of a variety of finished polymer and textile products for the automotive, electronics, leisure and bulk materials industryare pleased to announce joint completion of $550,000 in seed funding for Fibron Technologies, Inc. in the form of a convertible note.
“Momentum is committed to accelerating the success of LA-area biotechnology and nanotechnology start-up companies and the development of the life science industry as a whole in Southern California. Our strategy is to build early industrial and manufacturing partnerships for our portfolio companies and we have found a strong technology and manufacturing partner in Kolon Glotech, a leader in polymer development and material science” said Dr. Christian Behrenbruch, of Momentum Biosciences, LLC.
“Our partnership with Momentum Biosciences to establish and seed fund Fibron is a new strategy for our organization, to build partnerships with world-class startup companies from universities and establish access to talent globally. By partnering with a local entrepreneurial firm like Momentum Biosciences, we have established a California-based R&D partnership that will generate new and innovative technologies for our company” said Ms. Soo-Young Lee, Executive VP for Business Development at Kolon. “At Kolon Glotech, we are committed to transforming the technology base of our company and nanotechnology and new material science is an important direction for our business”, said Dr. Dong Moon Park, CEO of Kolon Global Technologies.
Fibron’s licensed technology, jointly developed by University of California, Los Angeles (UCLA) scientists Richard B. Kaner, Jiaxing Huang and Yang Yang and The Aerospace Corporation scientists Bruce Weiller and Shabnam Virji, includes a variety of novel materials based on conducting polymer technology. Kolon’s expertise in material science, manufacturing (including GMP manufacturing) and large-scale production of polymer technologies brings a complementary strength to Fibron’s fundamental R&D capability.