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Local Tech Wire

DURHAM, N.C. – , a contract services provider for the biopharmaceutical industry, is on a financial roll.

The company has closed on $9.6 million in new financing, according to a

KBI is looking to raise $10 million.

The company, which established its manufacturing facilities in Durham in 2003 and launched in 1996, raised $7.4 million from Ballast Point Ventures in February.

KBI produces a variety of materials, including clinical trial compounds, at its manufacturing campus. It utilizes bioreactor technology, is a standard term for the cell culture tanks used to produce proteins. KBI’s technology is based on work done by Heath Herman, a professor at Georgia Tech.

The firm chose to locate its plant in North Carolina following the commitment of recruiting incentives from the state of North Carolina and a $1 million loan from the N.C. Biotechnology Center.