Abstract
This case illustrates the commercialisation of scientific research by Australian entrepreneurial scientists. The products were developed as a result of market needs identified as a result of a water contamination crisis in Sydney in 1998. From a venture capital point of view it shows that the biotech sector provides opportunities without major investments. It also reveals that a trade sale is a good exit alternative because a strategic price can be achieved and most of the cash is paid up front and not vulnerable to the vicissitudes of the public markets. The case also illustrates that a sale of a company by a VC is a difficult process that needs comprehensive management time as there are many stakeholders involved. And, of course, if his needs are not met the founder can be deal breaking.