KALAMAZOO, MI–(Marketwired – Feb 6, 2014) – Vestaron Corporation announced today that the U.S. Environmental Protection Agency (EPA) has approved the active ingredient in the company’s breakthrough bioinsecticide for commercial sale. The insecticide, a naturally occurring peptide isolated from spiders, is approved for use on a wide variety of crops and has shown no toxicity to fish, birds or mammals, including humans.
“This is a game-changer for agriculture,” said Dr. John Sorenson, Chief Executive Officer of Vestaron. “Our bioinsecticide is safe for humans, safe for non-target animals and plants, and better for the environment.”
“For years, scientists have argued that the most effective way to manage the development of resistance in insect pests is to combine separate active ingredients into a single insecticide,” said Dr. Robert Kennedy, Chief Scientific Officer of Vestaron. “Our peptide uniquely provides novel and complex modes of action in one molecule — a real breakthrough.”
“EPA registration marks a key milestone in bringing Vestaron’s technology to the market, following the successful scaling of production and the development of an effective oral formulation. The insecticide will be in pre-commercial demonstration trials in 2014, with a full commercial launch in early 2015,” Sorenson said.
“This biopesticide is one of a vast number of similar compounds that exist in nature, from which we intend to source many new, unique insect control products,” said Sorenson. “In addition, Vestaron is incorporating the gene for this peptide into a new generation of insect-resistant plants. We’re also synthesizing compounds that mimic the peptide’s action.”
“I couldn’t be more excited about Vestaron’s potential or more proud of our outstanding team,” Sorenson added. “With three strong technology platforms and countless peptides to choose from, Vestaron has a very robust product pipeline for many years to come.”
Founded in 2005, Vestaron is a venture-funded start-up based in Kalamazoo, Mich. For more information visit www.vestaron.com.
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.
Chief Financial Officer
Ablative Solutions, Inc., a privately-held clinical stage company headquartered inKalamazoo, MI, with offices in Menlo Park, CA, announced today that it has completed a Series B Preferred Stock financing, totaling approximately $9.5 million (including the conversion of the bridge financing completed in 2013), to fund its unique technology platform for renal denervation. The round was led by BioStar Ventures and Michigan Accelerator Fund, and included participation by the founders and multiple angel investors. “The Company has made tremendous progress in the two years since its inception with a unique approach to renal denervation, and has done so with great capital efficiency,” affirmed Dale Grogan of Michigan Accelerator Fund, who was elected to the Company’s Board of Directors upon closing of the financing.
Ablative Solutions (ASI) has developed a unique device, the Peregrine System™, which delivers a chemical treatment to the outer layer of the renal artery, where the sympathetic nerves reside, with great precision. This streamlined procedure, which ASI calls PeriVascular Renal Denervation (PVRD™), has demonstrated highly effective denervation in pre-clinical studies, with no collateral damage to the artery. The Company is now engaged in early clinical evaluations.
The ASI team believes strongly that there is value in interrupting signals from overactive sympathetic nerves, based on extensive favorable clinical data from open surgical denervation as well as from early endovascular renal denervation experience. The Company is confident that by combining the right nerve pathway interruption with a selection of carefully targeted patients, renal denervation will deliver clinical value to patients with drug-refractory hypertension.
“ASI’s technology is unique and we believe will overcome some of the shortcomings that have been seen recently in RF-based renal denervation devices,” said Steven Almany, MD, Medical Director at BioStar Ventures and an Interventional Cardiologist at Beaumont Health Systems.
“We are pleased with the strong vote of confidence from our investors supporting our pursuit of this novel non-energy approach to denervation,” remarked Tim Fischell, MD, the Company’s CEO. “We believe that the lessons from clinical experience to date will advance the field, deepening the understanding of the science behind neuromodulation, and, in the end, patients will benefit from improvements in technology and technique.”
SOURCE Ablative Solutions, Inc.
TROUT CREEK VENTURes
A regional co-investment fund specializing in angel and early stage private equity.