Using proprietary new monomer chemistry, Bioformix, has carved out a based of sustainable products using natural raw materials, such as plant products.
Based in Blue Ash, Bioformix' new class of "benign monomers," resins and polymers could be used in a range of plastics and adhesives.
Unlike other competitive product initiatives that are limited to a single chemical structure or require tens to hundreds of millions of dollars in new technology investment for each product, the Bioformix platform uses existing capital infrastructure and know-how, thus radically reducing the costs to initiate and grow the business, says Adam Malofsky, president and CEO.
Initial markets include high value-added adhesives, coatings and sealants and Bioformix has already initiated several retail partnerships for sale of their products. These adhesives would be aimed at the consumer marketplace for use in ordinary home applications, says Malofsky.
Bioformix was founded by Malofsky, Bernard Malofsky, CTO and chief scientist, and Steve Levin of Acara Global, who now serves on Bioformix's board of directors and was the initial seed investor.
The company has raised $1.05 million in venture capital funding from the Queen City Angels and CincyTech.
Malofsky says he expects to be producing and selling products in the next 24 to 36 months. By the end of 2011 he says he plans to hire eight to 10 employees. In the next five years, he expects to have added 30 to 45 professional jobs in the Greater Cincinnati area, and within 20 years he predicts the company could be producing 10 to 30 million metric tons of product, essentially a multi-billion dollar venture.
Source: Adam Malosfsky, Bioformix
Writer: Val Prevish