Mycotech parent Emeralg BioAG secures $6.2MM in Series B financing.

Since VC is so rare in Montana, I thought you might be interested in the following VentureWire Alert posted yesterday.
Note that Emerald BioAg, although headquartered in Michigan, was formed by the merger of Mycotech with Auxein.

Mycotech has been in Butte for a while, and has won 4 SBIR awards since 1992, including Phase I and Phase II awards from the Navy, and two USDA Phase I SBIR awards.

(Many thanks to Ray Friesenhahn for passing this excellent news along.- Russ)

The SBIR program is one of the best ways for small and start-up companies to obtain non-equity/non-debt financing for new technology development, and statistics show that companies that have won SBIR awards are five times more likely to be able to obtain Venture Capital.

LANSING, MICH. — Emerald BioAgriculture, a developer of biological and biochemical agents, announced that it has secured $6.2 million in Series B financing.

(http://www.emeraldbio.com/press_release/burrill_pappas.html)

Home

From their web page:

February 2001: Emerald BioAgriculture Corporation formed by the merger of Auxein Corporation and Mycotech Corporation. Product line expanded to include bioinsecticides

Emerald BioAgriculture Corporation is a leader in the emerging field of bio-agriculture — the use of biological and biochemical agents and plant genetics to improve crop yields, enhance quality, combat disease and fight pests. Emerald Bio is devoted to the development of natural, environmentally responsible alternatives to chemical-based agricultural practices. Emerald Bio’s products are extensively field tested to insure they are cost-effective, perform consistently in wide-scale agricultural applications and bring significant value (return on investment) to growers who use them.

Emerald Bio was formed by the merger of Auxein Corporation and Mycotech Corporation. The merger brought together a critical mass of bioagricultural products and two technology platforms. Emerald Bio’s plan for growth includes internal product development, acquisitions and in-licensing and strategic partnerships. Emerald Bio’s partnerships include product development and testing collaborations, domestic and international distribution agreements and domestic sales alliances for areas outside of the company’s primary agricultural market focus.

CORE TECHNOLOGIES

Emerald Bio’s core technologies include the use of a naturally occurring amino acid — GABA (gamma aminobutyric acid) — to enhance crop productivity and the selection, formulation and manufacture of fungal-based biological pesticides. The company’s technology also includes expertise in the biological control of mites. This technology base is the cornerstone of the company’s ongoing efforts to develop new, effective, and environmentally responsible biological and biochemical products to increase crop productivity.

Corporate
3125 Sovereign Dr.
Suite B
Lansing, MI 48911-4240
Phone: (517) 882-7370
Fax: (517) 882-7560

Manufacturing
117 South Parkmont
P.O. Box 4109
Butte, MT 59702
Phone: (406) 782-2386
Fax: (406) 782-9912

Best regards,

Ray

Ray Friesenhahn
Coordinator, MSU SBIR Assistance Programs
Technology Manager, Photonics & Sensors
MSU TechLink
900 Technology Blvd., Ste. A
Bozeman, MT 59718
Ph.: (406) 994-7726
Fax: (406) 994-7701
[email protected]
http://www.montana.edu/techlink

***TechLink has been recognized by the US Department of Commerce as one of twelve exemplary models nationwide of federal technology transfer.