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Less VC, more SBIR

Cancer play Altor stays majority-owned by individuals to pursue SBIRs

Altor BioScience Corp. and its investors have structured a financing strategy that keeps the company eligible for Small Business Innovation Research grants, thus reducing dilutive equity funding. Investors hope last week's $10.3 million series D round will be the last the company needs.

Altor has raised $32 million through the sale of equity and about $10 million in grants, with another $4 million in pending awards, since spinning off from Sunol Molecular Corp. in 2002. The company has purposely remained majority-owned by individual investors, rather than VCs, in order to remain eligible for SBIRs.

Sanderling, which has put $5 million in total into Altor, was

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