Archer Daniels Midland (ADM), Aventis CropScience (Aventis), SKW Trostberg AG (SKW) and Burrill & Company announced today the formation of a new $30-million venture capital fund, the Burrill Nutraceuticals Capital Fund, with an initial closing investment of $10 million each.

"We are very pleased to have three companies of the stature of ADM, Aventis, and SKG join us in this venture,'' said G. Steven Burrill, CEO of Burrill & Company, a San Francisco-based private merchant bank. "This sector provides significant opportunities for investment to develop science-based products, as well as the increasing consumer demand for safe, healthy, more nutritious foods.''

"Our association with the Burrill Nutraceuticals Capital Fund compliments our ever-growing nutraceuticals business. It is evident that technology is the key to expanding in nutraceuticals and this venture provides us with a window to the latest developing technologies,'' said Tony DeLio, President ADM Protein Specialties and Nutraceutical Divisions.

The Burrill Nutraceuticals Capital Fund provides innovative nutraceutical technology companies with the necessary funds to fully exploit the application of novel, bio-based technologies and provides growth capital to product-based companies.

"Small companies continue to be the place where the large agricultural, food, ingredient, and pharmaceutical companies go to find new and innovative products,'' continued Burrill. "We believe that the current challenge faced by this sector to develop science-based products, as well as the increasing consumer demand for safe, healthy, more nutritious foods, provide significant opportunities for investment.''

The Burrill Nutraceuticals Capital Fund is part of a family of life science-focused venture capital funds managed by Burrill & Company, including the recently announced Burrill Biotechnology Capital Fund (currently capitalized at $110+ million), the Burrill Agbio Capital Fund (currently capitalized at $85 million), the Burrill Animal Health Capital Fund (currently capitalized at $25 million), and the Burrill Biomaterials/Bioprocesses Capital Fund. Each fund has a focus within life sciences determined, in part, by its individual Limited Partners. Burrill & Company expects that investments in portfolio companies may be made simultaneously by more than one of its family of
funds, especially in companies with enabling technology that is broadly applicable across the life sciences. With $250 million available for investment in life science companies, Burrill & Company has emerged as one of the world's largest life science-focused group of venture funds.

Limited Partners of the Burrill Nutraceuticals Capital Fund

Archer Daniels Midland

ADM, based in Decatur, Illinois, is engaged in the business of procuring, transporting, storing, processing and merchandising agricultural commodities and products. It is one of the world's largest processors of oilseeds, corn and wheat with over 23,000 employees worldwide and net sales in excess of $14 billion.

Aventis CropScience

Aventis CropScience is a major crop protection and crop production company also involved in top-ranking environmental and public health activities. Committed to developing sustainable agriculture worldwide, Aventis CropScience focuses on researching, developing and marketing innovative solutions that meet the needs of today's farming -- increased yields, improved crop and food quality -- whilst constantly striving to meet the needs of the environment. With 1999 pro-forma sales of 4,061 million euro, Aventis CropScience devotes over 10% of its turnover to the Research and Development of new chemicals, biotechnology and plant varieties. It employs about
16,000 people in more than 120 countries worldwide. Aventis CropScience is part of the agricultural sector of Aventis, a world leader in Life Sciences.

SKW Trostberg

Founded in 1908, SKW Trostberg AG is a multinational chemical company committed to the application of chemistry to every day life in the form of environmentally responsible, customer-specific, application-oriented systems. SKW Trostberg AG, is the parent company of an extensive specialty chemicals corporation with almost 200 investments in subsidiaries and affiliated companies in more than 40 countries, and in 1999, employed more than 18,000 people worldwide, achieving sales of approximately US$3.2 billion.

General Partner of the Burrill Nutraceuticals Capital Fund

Burrill & Company

Burrill & Company is a private merchant bank, focused exclusively on life science companies (biotechnology, pharmaceuticals, medical devices, agriculture, animal health and nutrition, nutraceuticals, and related biobased technologies). Burrill & Company's business revolves around three core activities: strategic partnering, spin-outs and venture capital investment. In each of these activities, Burrill & Company seeks to create value and to participate in this value creation through significant equity stakes in its portfolio companies.

Burrill & Company's venture capital activity is currently focused on the Burrill Biotechnology Capital Fund ($110+ million), the Burrill Agbio Capital Fund ($85 million), the Burrill Animal Health Fund ($25 million) and the Burrill Nutraceuticals Capital Fund ($30 million). These funds are part of the Burrill & Company family of venture capital funds dedicated to investing in life science companies. For further information about Burrill & Company, visit www.burrillandco.com.  

Company news release
N2885