Diagnostic Hybrids Inc. (DHI) was founded in 1983 by biomedical entrepreneur Wilfred Konneker to commercialize the molecular biology research being developed at his alma mater, Ohio University. Soon after, David Scholl, also a graduate of Ohio University and a post-doctoral research scientist, joined DHI to lead research and product development and ultimately run the company. DHI’s revenues took off as demand increased for its diagnostic cell culture and virus detection kit systems. By 2003, DHI was growing 40% per year, with revenues reaching $20 million in 2004.
Challenges: In 2004, the company’s rapid growth earned DHI a place on the Inc. 500 list of the fastest-growing privately held businesses in North America. DHI was expanding its R&D group, identifying partners to license new products and technologies, and launching key initiatives. The management team sought equity capital to strengthen its balance sheet for managing this growth, but also wanted a partner that would support the company’s expansion and growing relationships within the local community, as well as with Ohio University and the state of Ohio. For more information click here
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