Performance Plants Inc. Secures $1.5 Million in Financing
Release Date: March 23, 2005
KINGSTON, ON – Performance Plants Inc. (PPI), a Canadian agricultural biotechnology company, has secured $1.5 million CDN as part of a financing round to support commercialization of its Value Enhanced/Stress Tolerance Technology (VESTTM) products.
VESTTM technologies rely on precise metabolic engineering to regulate a plant’s own genes, thereby enhancing crop productivity and value. They offer farmers a significant yield increase.
Participating in this round of funding were Golden Opportunities Fund (Sask), Dynex Capital Partners (Kingston) and Venture Link Funds (Toronto). All investors are follow-on investors and current shareholders in Performance Plants Inc.
“This funding is a major indication of the strong support and confidence that our current investors have in Performance Plants and the Company’s novel VESTTM technologies,” says Dr. David Dennis FRSC, President and CEO of Performance Plants.
Performance Plants is seeking an additional $17.0 million CDN ($14.0 M US) to register and launch its VESTTM products in North America. The investment will be used to shorten the time to market for its products.
Performance Plants is private biotechnology company that uses its proprietary technologies to develop high value crop plants for commercial agriculture.
Dr. Dennis notes that, “Performance Plants’ technologies are at the forefront of new solutions for commercial farmers. Crops using VESTTM technologies have higher yields, greater resistance to environmental stresses and produce higher value products.”
Established in 1995, Performance Plants has 33 full-time employees and has established global product development agreements with strategic partners in the corn, soybean, cotton, turf and ornamentals markets. The Company’s head office and trait discovery centre are in Kingston, ON. Its product development and field trial facility is located at Innovation Place in Saskatoon, SK.
Dr. David Dennis, FRSC
Performance Plants Inc.
About Performance Plants’ product pipeline:
Performance Plants’ pipeline includes three complementary VESTTM technologies. They may be used individually or “stacked” together in a plant to create a significant boost in performance and value.
1. Yield Protection Technology (YPTTM)
The Yield Protection Technology (YPTTM) increases yields while protecting against the effects of inconsistent water supply.
2. Master Regulator Gene Technology (MRGTM)
The Master Regulator Gene Technology adjusts seed composition, such as the level of high value oil in seeds.
3. Heat Stress Technology (HST)
The Heat Stress Technology stabilizes yield under the extreme heat conditions that occur during the growing season