Adagene Inc., which is developing consumer market applications for recombinant lactoferrin, was to announce this week that it has completed a $3 million first round financing from a single private investor, Gordon Cain, of Houston.

Roger Wyatt, president and CEO, told BioCentury that he avoided the venture capital route because VCs demanded more of the company than he wanted to give away. "We have a company we think will be cash flow positive in two to three years and they wanted to value it in