SPRIN, a leading company focused on “sustainable chemistry and industrial biotechnology, is pleased to announce that AlAdInn Ventures has completed a EUR 750.000 initial investment in the framework of a total EUR 1,5 Million Series A round of financing. AlAdInn Ventures committed to invest additional EUR 750.000 alone or with possible co-investors within February 2011, upon achievement in 2010 of specific financial targets by the company.

SPRIN was founded in December 2007 as a spin off of University of Trieste (Italy). The company operates in the research, development, production and commercialization of advanced products for implementing sustainable chemical processes mainly in the pharma, fine chemistry, food and the emerging bio-fuels sectors. SPRIN is a recognised leader in biocatalysis (from enzyme selection to industrialization and scale up of biocatalyzed processes), solid phase synthesis and development of novel technologies for affinity and chiral chromatography.

SPRIN’s industrial partner Resindion Srl (part of Mitsubishi Chemical Corporation) is a shareholder of SPRIN since its inception. Resindion is a recognized leader in the production of polymers for enzymes immobilisation and chromatography, and it continues to support the company in the R&D, production and commercialisation thanks to its assessed worldwide distribution network.

“We believe that SPRIN has great chances to position as a global leader in the large and growing market of industrial biotech and green chemistry ”, commented Sergio Buonanno, managing director of AlAdInn Ventures, “SPRIN team’s 100+ years of combined experience in cutting edge research in biocatalysis for the pharma, food and fine chemistry industries and the large number of products and technologies already developed by the company are going to transform soon many traditional chemical processes.”

“We are really pleased to be backed by a leading VC investor like AlAdInn Ventures,” said Alessandra Basso, President and CEO of SPRIN. “Leveraging on AlAdInn Ventures resources and support, as well as on our proven multidisciplinary approach based on chemistry, biotechnology and engineering, we willl continue to develop new industrial biocatalystss, sustainable biocatalysed processes and innovative solutions. Our commitment is to assist leading companies with products and services for the implementation of more sustainable and efficient chemical processes, while achieving tremendous cost savings and higher environmental standards.”

According to a recent McKinsey’s study (February 2009), the market related to green chemistry” and industrial biotechnology (also called “white biotechnology”) in 2007 was worth EUR 99 billion and represented 6% of the global chemical industry sales. It is expected to grow by 55% in the coming years, reaching EUR 153 billion in 2012, thus representing 9% of total market sales in the chemistry industry.

SPRIN is an Italian high tech company that researches, develops, manufactures and sells advanced products for sustainable chemistry, functionalized polymers for the synthesis of drugs and technologies for affinity and chiral chromatography. In particular, the company is focused on the production of immobilized enzymes and the supply of services for the development of bio-catalysed processes. These technologically and economically efficient solutions enable industry to lower energy and chemicals consumption while boosting the sustainable utilization of renewable resources, in line with the growing trend of the so called “sustainable chemistry”.

AlAdInn Ventures is a venture capital fund with offices in Trieste, investing in high tech companies located in North Eastern Italy, Southern Austria and Slovenia or having relevant assets or activities in such area. The fund raised about EUR 30 mn by Friulia S.p.A. (the sponsor) and other local institutional investors and it is managed by Friulia SGR, which hired a dedicated and experienced team to manage the fund. So far, AlAdInn Ventures’ portfolio includes VivaBioCell (biotech), Adriacell (biotech), Surgica Robotica (medtech) and Sprin (cleantech).