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Hammer Falls on CII Portfolio
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Business New Haven
11/12/2001
By: BNH
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ROCKY HILL - Connecticut Innovations Inc. (CII), the state's technology investment arm, saw net income from its investments plunge 92 percent in fiscal 2001. For the 12-month period ended June 30, CII income plunged from $53,924,552 in 2000 to $4,431,948. During the same period, CII's return on fund equity fell from 39.7 percent to 2.5 percent.
“This year's changes in the market cycle presented challenges to technology companies and investors nationwide,” said CII President Victor R. Budnick. “Connecticut was not immune.” Many tech companies in CII's portfolio were unable during the year to attract the additional investment they needed, and others were impacted when customers or prospects deferred purchase decisions.
New Haven technology companies in which CII invested more than $1 million in 2001 include Cellular Genomics ($1.5 million), Freshnex Inc. ($1 million) and PhytoCeutica Inc. ($1.25 million).
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