So as to develop the equine cloning technique dedicated to breeding, Eric Palmer constituted in 2001 a Public Limited Company subsidized thanks to private capital and mostly selling of his achievements, since public capital couldn’t fund this technique.
CRYOZOOTECH is a Public Limited Company set up on 01/10/2001 by Eric Palmer together with 15 private shareholders (researchers, veterinarians, breeders and stud farm administrators acting on a private level) with a 45 000 € seed money shared in 100 shares.
- and provided a 40 290 € financing complement and brought the capital to 47 700 €
- and especially brought Cryozootech on board of its business incubator.
ENFER TECHNOLOGY, an Irish biotechnology company, provided Cryozootech S.A. with a friendly and financial support by allocating a 100 000 € long-term loan. They renewed their support by acquiring shares of cloned stallions.
Cryozootech then could carry on with its activity by selling its services as a genetic bank and producing clones of champions : PIERAZ, QUIDAM DE REVEL in 2005 and E.T. in 2006. Selling cloning as a service or breeders investment in ET and Calvaro 5 syndication shares are Cryozootech’s main funds.
In order to ensure its development in spite of limited means, Cryozootech largely worked in partnership with foreign laboratories : CIZ in Italy, TAMU and VIAGEN in the U.S.A. Nevertheless and strengthened thanks to its technical and commercial accomplishments ; Cryozootech has decided to develop its research and producing activity in France.
In this perspective, founder shareholders entrusted again their confidence to Cryozootech and contributed to the capital growth (143 100 € vs 47 700 €) thanks to the extra 95 000 € they brought. As a company which invests a lot in research , Cryozootech hopes to obtain in 2007 a Research Tax Credit and to be viewed as a young and innovative company together with the support of Yvelines county.
Despite difficulties encountered by who wants to create his company in France, Cryozootech promoters are proud for having kept faith in technical progress dedicated to breeding and they hope their adventure/experience to be crowned with success.