iGlobe Treasury Fund Invests in Meracol Corp Ltd
iGlobe Treasury Fund Invests in Meracol Corporation Limited
Auckland, New Zealand— ( 18 May 2005) —iGlobe Treasury, a New Zealand Venture Investment Fund Manager has provided Series A financing to Meracol Corporation Limited. Started in 1999, Meracol is a nutraceutical Company that has successfully patented a natural and unique concentrated compound to ease the symptoms of Irritable Bowel Syndrome (IBS). Official statistics show that the IBS syndrome affects between 10% and 20% of the world’s population. This presents a potential annual market size in excess of $15.3 billion.
Meracol has undertaken preliminary efficacy trials with positive outcomes. Managing Partner of iGlobe Treasury, Tony Bishop explains: “Meracol ’s product uniqueness, the dedication of its founder and management team attracted our attention.”
iGlobe Treasury has been working closely with Meracol over the last several months. The company is working with Singapore Hospitals who are experienced in managing internationally accepted clinical trials. Joining the Meracol Board will be Tony Bishop and Lynette Lee, a former Asia Marketing Director from Johnson & Johnson.
“We have covered a lot of ground over a short time span,” said CEO Anthony Lawler. “Since achieving the attention of iGlobe Treasury, we have had a fantastic exposure to international markets interested in working with us; far exceeding our previous capabilities. iGlobe Treasury is also continuing to help us shape our business vision and value propositions, and is opening its extensive offshore business network in the Asia-Pacific region for our benefit.”
Meracol will use the financial support from iGlobe Treasury to accelerate further clinical trials and secure expanded patents.
This investment into Meracol received strong support from Venture Investment Fund, CEO Franceska Banga commented “iGlobe Treasury’s investment in Meracol is exciting because it demonstrates how venture capital skills and market intelligence can add value at the seed stage of a company’s development, to enhance its chance of global success. “This is yet another example of what was envisaged when the VIF Programme was established,” she said. To date there have been 21 investments made through the VIF Programme.
About iGlobe Treasury ( www.iGlobetreasury.com)
Based in Auckland and founded in 2002, iGlobe Treasury is one of the four fund managers selected and partially funded under the New Zealand Government’s Venture Investment Fund (VIF) Programme. iGlobe Treasury is also backed by the Singapore Government and institutional investors. The independent venture capital fund specializes in early stage investments in technology companies; its investment sector focus includes info-comm technology, biotechnology, creative media and environmental industry.
iGlobe Treasury provides assistance to promising young New Zealand high-tech companies to grow in the global marketplace by leveraging on iGlobe Partners (www.iglobepartners.com) international networks, which extend from Asia (Shanghai, Singapore) to United States (Santa Clara) and Europe (Zurich and Paris)
About Meracol Corporation Limited
Meracol Corporation Limited started business trading in 1999 and has been selling its product which relieves the symptoms of irritable bowel syndrome through Internet site www.ibsacol.com. Meracol is headquartered in Auckland, New Zealand.