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Michigan Strategic Fund Invests in Venomix
Written by Administrator
Thursday, 16 July 2009 14:20
KALAMAZOO, Mich, July 14 – The Michigan Strategic Fund (MSF) board, based on a Michigan Economic Development Corporation (MEDC) recommendation, has completed a $1.8 million convertible Series B investment in Venomix, Inc., the company announced today. MSF, located in Lansing, Mich., is charged with promoting economic development in the state. Venomix, based in Kalamazoo, Mich., is developing a new generation of insecticides based on the peptides spiders use to kill insects.
“We are extremely pleased to have the support of the MEDC and the state of Michigan, and have the MSF as an investor in Venomix,” said John L. McIntyre, president and chief executive officer. “This investment recognizes the business- and job-creating potential of our insecticide technology.”
“Strong public-private partnerships are critical to helping high-tech companies commercialize their technology, gain market share and grow new jobs,” MEDC President and CEO Greg Main said. “Venomix is on the cutting edge and we are proud to partner with them to ensure their long-term growth and success in Michigan.”
Venomix is developing a new generation of insecticides using peptides from spiders. The company’s technology is based on ground-breaking research conducted at the University of Connecticut. Over 50 unique, insecticidal spider peptides have been identified. This patented technology is exclusively licensed to Venomix. 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. Venomix products will be ideally suited for the environmentally conscious twenty-first century. www.Venomix.net
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC’s initiatives and programs, visit the Web site at www.TheMEDC.org.
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