Economy hampers growth at biotechnology company

HUBBARD — A tiny biotechnology company has struggled to obtain the financing necessary to meet its growth goals.

NanoLogix needs $500,000 to begin production of test kits that the company says can replace petri dishes in laboratory testing.

Bret Barnhizer, company chief executive, said in October that he planned to begin producing at least 8,000 kits a week in December.

He said today, however, that he was unable to arrange all of the financing needed because of the collapse of the economy and credit markets. He added that he has three potential private investors who are considering an investment in the company and also is hoping for federal loans or grants.

Barnhizer said he expects to make a major announcement in coming weeks.

For more information, see Tuesday’s Vindicator or www.vindy.com.