SOURCE: AgraQuest, Inc.
December 03, 2007 14:40 ET
AgraQuest, Inc. Secures $20 Million in Financing
Selective International Investor Funds U.S.-Based Biopesticide Leader
DAVIS, CA--(Marketwire - December 3, 2007) - AgraQuest, Inc. announced today the completion of
a $20 million round of mezzanine financing with Loudwater Trust Limited of
the United Kingdom and its existing investors including TPG Ventures. The
deal will provide AgraQuest, a biopesticide leader, with the financial
resources to capitalize on growing market opportunities and help fund new
"The ability to attract the support of a discerning investor such as
Loudwater Trust exemplifies AgraQuest's status within the biopesticide
industry," said CEO/COO of AgraQuest, Dr. Mike Miille. "Global demand for
biopesticides in general, and AgraQuest's products specifically, is
accelerating. As a result, the investment community is enthusiastic about
In part, the new funds will provide AgraQuest with the capital needed to
develop its product line and expand its international footprint. Over the
next two years the company anticipates bringing five new products to the
U.S. market, including an insecticide, a novel biofungicide, and a
fumigant. Additionally, AgraQuest will continue to aggressively expand its
international offerings in Europe, Central America and Asia.
"AgraQuest has just begun to scratch the surface of the vast global
opportunities for growth," said Edward Forwood, Managing Director for
Loudwater Investment Partners Limited. "The European market in particular
is moving rapidly in support of cleaner, more environmentally sensitive,
and safer food inputs that deliver efficacy. AgraQuest's existing products
and the products in development meet or exceed the efficacy of traditional
chemicals and are, therefore, very exciting."
According to a recent report from BCC Research, the global biopesticide
market is expected to nearly double between 2005 and 2010 to more than $1
billion. As demand increases for effective pesticides that address growing
concerns about resistance, residue and worker safety, AgraQuest has
positioned itself as the recognized innovation leader in the industry with
both broad-spectrum and targeted products that are safe, effective, and
approved for use on a wide range of crops.
Also participating in the deal with Loudwater Trust Limited and TPG
Ventures are current AgraQuest investors Otter Capital, Halcyon Capital,
Foragen Technologies Management Inc., Swiss Re, Emerald Technologies, and
SPG Private Investment Inc. Based in London, Loudwater Trust Limited is a
close-ended investment company typically aimed at providing late-stage
funding for private companies preparing for initial public offerings.
About AgraQuest, Inc.
AgraQuest is a biotechnology company that focuses on developing,
manufacturing and marketing effective, safe and environmentally friendly
natural pest management products for agricultural, institutional and home
markets. The company sells SERENADE®, SERENADE® Garden, RHAPSODY®,
SONATA® and BALLAD® fungicides. AgraQuest received the Presidential
Green Chemistry Award from the EPA for the discovery and commercialization
of SERENADE Biofungicide. In 2004, AgraQuest received a Red Herring Top
100 Private Company Award and the World Technology Award for the
Environment. The company's headquarters are located in Davis, California.