Vestaron Corporation is developing the next generation of environmentally safe yet powerful insecticides using peptides isolated from spiders. It recently submitted a regulatory package to the EPA for the product and hopes to begin selling the insecticide as early as this year.
“We are just on the cusp of commercialization, and we’re very excited about that,” said Robert Kennedy, Vestaron Chief Science Officer. Based in Kalamazoo, Michigan, Vestaron’s target markets include agriculture, animal health, and household and commercial pest control.
As a presenter at the Michigan Growth Capital Symposium for the past three years, Vestaron has reaped many benefits from its participation. The company has gained investments from Open Prairies Venture Fund, SWMP Life Science Venture Fund, Michigan Strategic Fund, angel funds and corporate partners.
“It was useful and important to be visible at what is arguably the Midwest’s most significant venture capital symposium,” said Kennedy. “Subsequent to the symposium, we were able to close a $10 million Series B round of financing. The overall effort was successful and the MGCS was a part of it.”
Kennedy noted another beneficial part of the MGCS is the practice sessions where presenters receive feedback from first-time listeners. “It is an important part of going out and refining your presentation for investors that can be neglected,” he said.
Looking ahead, Vestaron plans to strengthen connections with certain strategic companies, connections made through past Michigan Growth Capital Symposium events. Vestaron is also planning to present in a Series C round to support their expected commercialization of their first product launch.
“There are certainly milestones we have accomplished, including commission of a regulatory package and recently receiving a patent that will support an additional product that Vestaron hopes to introduce in the near future,” Kennedy said. Vestaron is initiating a Series B raise of $10 million with the commitment of their existing investors.