AUBURN – HaloSource Inc., the clean water and antimicrobial technology company with origins based on a revolutionary biocidal technology developed at Auburn University, has completed an initial public offering on London’s AIM stock exchange.
The company raised approximately $80 million before expenses, $50 million of which was put toward the company’s business expansion efforts and $30 million for select selling shareholders.
HaloSource was formed in 1997 by microbiologist Jeff Williams in collaboration with Auburn Professor Dave Worley of the Department of Chemistry and Biochemistry in the College of Sciences and Mathematics. Worley developed the core biocidal technology that Seattle-based HaloSource has commercialized.
The company markets the technology in a disinfecting cartridge to drinking water device manufacturers around the world, most notably in China, India and Brazil. The technology was granted U.S. Environmental Protection Agency registration in early 2009.
The core technology was licensed to HaloSource in 1997. The company chose to go public in London because of the strong support of science-based companies operating in emerging markets, according to Jan Thornton, director of the Auburn’s Office of Technology Transfer, who negotiated the agreement for Auburn.
Worley, an Auburn faculty member for 35 years, won the university’s Creative Research and Scholarship Award in 2006 for his development of the technology. He has received 30 patents in the course of discovering the disinfection process.
“The technology involves attaching biocidal bromine onto polystyrene porous beads for use in inexpensive disinfecting cartridges that can be incorporated into water purification and filtration devices,” he said. “Bacteria and viruses are killed on contact at the point-of-use. Chlorine also can be used, but bromine is more effective at killing germs.”
The HaloSource initial public offering marks the second time that a start-up company based on Auburn technology has gone public.
“We congratulate HaloSource in its continued success in commercializing this important technology that has the potential to save lives, particularly in countries where potable water is not readily available,” said John Weete, Auburn University assistant vice president for technology transfer and commercialization.
John Kaestle, CEO of HaloSource, said, “We are delighted that the admission of the company to trading on London’s AIM market has been completed successfully. The funds raised through the placing enable us to invest in additional staff, programs, manufacturing facilities and working capital to meet the needs of a rapidly expanding internationally oriented growth business.”
More information about HaloSource is available at www.halosource.com.