Allergy Startup Hangs Shingle Along 405 Freeway
By VITA REED
Maybe you’ve seen the new sign.
BioGentec Inc., a developer of a vitamin-based allergy treatment, has moved from Costa Mesa to a high-profile Irvine building alongside the San Diego Freeway (I-405) near John Wayne Airport.
“I knew I wanted to be close to the freeway,I really didn’t anticipate that I would get such a key location,” said Chas Radovich, BioGentec’s executive vice president. “There’s a lot of traffic on the 405, so it’s a good way to build a corporate identity.”
BioGentec leased nearly 3,000 square feet on Business Center Drive. Until recently, the building sported a sign from 1network.com, a commission-based Internet marketing company that billed itself an online community and “online business opportunity,” according to its Web site.
1network.com’s site still lists the BioGentec building as its address. But a call to the company resulted in a “no longer in service” recording.
As for BioGentec, the company bills its Alleratin product as “the world’s first pre-histamine.” Alleratin, which is based on cyanocobalamin, or vitamin B-12, is designed to relieve symptoms of atopic allergies, including rhinitis and asthma.
BioGentec is about two weeks from bringing Alleratin to market, according to Radovich. BioGentec plans to market Alleratin to consumers by taking out billboard space and 90-second TV spots, Radovich said.
BioGentec plans to begin phase III testing of Alleratin later this year with the intent of having the Food and Drug Administration approve it as an over-the-counter allergy treatment by year’s end.
BioGentec has a heavy family flavor.
Radovich, who was born in Yugoslavia, handles the company’s day-to-day operations. Other officers include his father, Radhu, who is chairman and interim chief executive, and his mother, Dragica, who is corporate secretary. Sister Radmilla Radovich-Tise is treasurer.
The company so far has received funding through private sources, Chas Radovich said.
That could change. BioGentec is gearing up to raise up to $1 million via a private placement, Radovich said. An offering should be completed within 90 days, he said.
According to a prospectus, BioGentec is planning to offer up to 500,000 shares of its stock at $2.
BioGentec said it plans to generate working capital from the proceeds. Plans also include starting a marketing and branding program and hiring management personnel.
BioGentec, still considered a development-stage company, counts only $479 in revenue since its inception in November 2000. BioGentec posted a net loss of $423,420 from inception to September, according to the prospectus.
As for Alleratin’s market potential, BioGentec has estimated that around $18 billion a year is spent in the U.S. on allergy care, both for prescription and over-the-counter drugs.
