KALAMAZOO, MI--(Marketwired - August 03, 2016) - Vestaron Corporation today announced completion of an oversubscribed Series D round of financing totaling $18 million dollars. The Round was completely funded by existing investors in the Company.
The biological insecticide company will introduce its first product, SPEAR™-T, before the 1st quarter selling season next year. SPEAR™ is believed to be the first biological insecticide that performs with efficacy comparable to that of synthetic insecticides, but with the benign effects of a biological insecticide. Two additional products utilizing the same active ingredient are slated for introduction later in 2017.
"We're proud of our progress in making SPEAR™ a commercial reality and this funding should get Vestaron to positive net cash flow," commented Dr. John Sorenson, President and CEO of Vestaron. "We intend to use this additional investment to expand our research and development of new bioinsecticides, new synthetic molecules derived from them, and new plant incorporated insecticides. We are continually surprised at the expanding number of significant market problems that can be addressed by our product platforms. These are exciting times indeed for Vestaron!"
"Vestaron's recent traction with growers, academics, and major agri-chem companies has driven an intense level of investor enthusiasm," said Keith Gillard, General Partner of Pangaea Ventures and Chairman of Vestaron. "We had multiple competing term sheets, which resulted in a very strong insider-only round. We expect extraordinary things from Vestaron, and they are delivering!"
About Vestaron Corporation
Vestaron Corporation exploits the natural insecticidal properties of a class of peptides which have potent insect killing potential, but which are safe to humans, birds, fish, and the environment. These peptides utilize new modes of action that have never before been used for insect control, and therefore do not suffer from insect resistance. In addition to the bioinsecticides, the Company is also leveraging its peptide technology with the development of traits and synthetics that also have a favorable safety spectrum.
More information at www.vestaron.com
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. The Company's actual results may differ materially from the Company's historical results of operations and those discussed in the forward-looking statements for various reasons, including, but not limited to the Company'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 the Company'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. As a result, you are cautioned not to put any undue reliance on any forward-looking statement. Except as required by law, the Company assumes no obligation to update the forward-looking statements, which are made as of the date hereof, even if new information becomes available in the future.