Kingston, Ontario
March 29, 2005
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.
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 |