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Friday, 11 May 2012 09:01

Vestaron raises $10.2 million in Series B financing

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KALAMAZOO — A life sciences company developing spider venom-based bio-pesticides tapped new and existing investors to raise $10.2 million in Series B preferred stock financing.

In a statement, Vestaron Corp. said it had secured new investors Pangaea Ventures, Michigan Accelerator Fund and two private investment organizations in the financing round. Those investors are in addition to Open Prairie Ventures and Southwest Michigan First and private investors that had already invested in the company.

The company stated the additional funds will used to continue commercial development of the bio-pesticide product, “accelerated research for synthetic mimics to these peptides,” and additional agricultural research and development.

Vestaron is positioning its product as an environmentally benign “biotech replacement.”

Pangaea Ventures’ Keith Gillard said Vestaron’s profile fits with the firm’s drive to support advanced materials for clean technology opportunities. Gillard also joined Vestaron’s board of directors.

“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,” said Steven Hartmeier, president and CEO of Vestaron. “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.”

Honigman Miller Schwartz and Cohn LLP served as legal adviser to Vestaron in the transaction.

Read 1493 times Last modified on Thursday, 02 August 2012 20:22
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