Pasteuria Bioscience has received an additional $2.8 million in funding to help commercialize its first product based on Pasteuria spp., natural bacteria present in soil known to effectively control nematodes.
Pasteuria Bioscience gets $2.8 million for nematode product
Pasteuria Bioscience (http://www.pasteuriabio.com) has received an additional $2.8 million in funding to help commercialize its first product based on Pasteuria spp., natural bacteria present in soil known to effectively control nematodes. Funding was secured from existing investors that included Advantage Capital Florida Partners, Florida Gulfshore Capital and Life Science Partners (LSP).
"It's exciting to be involved with this new technology," said Dave Duncan, chief executive officer for Pasteuria Bioscience. "We're moving forward on all fronts to introduce our first product for sting nematode control in the golf, sports turf and landscape markets."
Sting nematodes represent a major threat for golf courses throughout Florida and the Southeast. Additionally, the Society of Nematology and other organizations estimate global crop losses due to nematodes at $100 billion annually making it agriculture's largest unmet pest control need. Pasteuria spp. was first discovered over 50 years ago and identified as an effective agent for nematode control, but until recently, no one was able to cost-effectively manufacture it on a commercial scale. Pasteuria Bioscience has developed a revolutionary new technology that allows the rapid and cost-effective growth of multiple strains of Pasteuria manufactured through traditional fermentation methods.
"It's rewarding to have existing investor support ," said Duncan, "Now we have the funding necessary for sales and marketing efforts as well as product manufacturing."
Pasteuria Bioscience has a robust product pipeline targeting the most damaging nematode species in a wide variety of agricultural crops. Products for nematode control in agronomic crops such as soybean and cotton, and in specialty crops such as strawberry and banana will be introduced as new brands or be commercialized through joint product development efforts with other agricultural companies.