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.
This press release contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Information in this press release, which is not historical, is forward looking and involves a number of risks and uncertainties. Investors are cautioned not to put any undue reliance on any forward-looking statement. Vestaron's actual results may differ materially from Vestaron's historical results of operations and those discussed in the forward-looking statements for various reasons, including, but not limited to Vestaron's ability to carry out its business plan, successful development and commercial acceptance of its products, ability to fund development necessary for existing products and for the pursuit of new product opportunities, ability to hire required personnel, the risk of whether products result from development activities, protection of Vestaron's intellectual property portfolio, the risk associated with obtaining the necessary regulatory approvals, the ability to obtain foreign regulatory approvals for products and to establish marketing arrangements in countries where approval is obtained, and other potential factors.