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!”