KALAMAZOO, MI, Vestaron is developing a new generation of insecticides using natural peptides from spiders. New investors include Pangaea Ventures, Michigan Accelerator Fund, and two private investment organizations. Existing investors include Open Prairie Ventures and Southwest Michigan First.
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Vestaron Corporation is pleased to announce that it has completed a Series B Preferred Stock financing, totaling approximately $10.2 million, with participation by major new investors and existing investors.
New investors in the Series B financing include Pangaea Ventures, Michigan Accelerator Fund, and two private investment organizations. Existing investors include Open Prairie Ventures and Southwest Michigan First, in addition to private investors. Keith Gillard of Pangaea Ventures has joined the Board of Directors. Mr. Gillard commented, "Pangaea is very impressed with Vestaron's team, technology and sharp focus on the enormous market opportunity. Vestaron is an excellent fit for our investment thesis that advanced materials drive superior cleantech opportunities."
Proceeds from the Series B financing are being used for continued commercial development of Vestaron's biopesticide peptide based product, accelerated research for synthetic mimics to these peptides, and expanded agricultural biotechnology research and development of the use of Vestaron's peptide as a Bt replacement in GMO portfolios.
"We are very pleased with the confidence demonstrated by investment from new investors and existing investors, especially with over half of the round funded from new investors. Their size and prominence as well as the amount funded recognize our rapid progress toward introducing products to the marketplace, unsurpassed pipeline, and unique long term proprietary opportunities," said Steven Hartmeier, Vestaron's President and CEO.
Honigman Miller Schwartz and Cohn LLP served as legal advisor to Vestaron in the transaction.
About Vestaron Corporation
Vestaron is developing a new generation of insecticides using natural peptides from spiders. Products under development have a unique mode of action, are highly effective against insects and related pests and are harmless to non-target species, including humans. Target markets include agriculture, animal health and specialty non-crop uses such as household insects. Vestaron cleantech products will be ideally suited for the environmentally conscious twenty-first century. For more information visit www.vestaron.com
About Pangaea Ventures Ltd.
Pangaea is a venture capital company investing in early-stage cleantech companies with world-class advanced materials technology. Established in 2001, Pangaea is now investing out of its third fund. Pangaea has offices in Vancouver BC and Hillsborough NJ. Pangaea's Limited Partners include some of the world's most successful materials companies: Asahi Glass, Asahi Kasei, BASF, Bekaert, CoorsTek, JSR, Mitsubishi Chemical Holdings Corporation, Murata, Nitto Denko, SABIC, Solvay, Toyota Tsusho and Umicore.