SCRA's Stage 2 affiliate recently invested in KIYATECH, a cancer diagnostics center in Greenville, South Carolina.
KIYATECH is part of Greenville Health Systems' Institute for Translational Oncology Research. The facility's focus is on cell-based drug response profiling services for pharmaceutical and biotechnology companies.
“This strategic investment will enable KIYATEC to accelerate the growth of the company’s pre-clinical services business and further develop its future clinical services offering,” Martin Ettlemyer, SCRA vice president of strategic investments and Stage 2 portfolio manager, said.
SCRA CEO Bill Mahoney explained that the Stage 2 program uses retained earnings from SCRA’s core research and development operations to fulfill its mission to grow South Carolina’s high-tech industry.
“We have a long history with KIYATEC, first making an investment through our SC Launch program in 2008 and making several subsequent investments since," he said. "We are pleased to provide this additional capital, which will enable the company to continue its growth in South Carolina.”
Stage 2 deals in $1 million to $5 milion investments in more established technology companies in South Carolina.