Jun. 30, 2011
UK Intelligent Pest Management Company, Exosect announced the completion of its latest round of funding. The investment comes from its existing investor base and will enable Exosect to introduce the second phase of its commercial strategy based on its patented platform technology, Entostat powder.
The strategy will follow the open innovation model by focusing on the co-development of a range of pipeline solutions based upon Entostat* electrostatic wax powder formulations together with out-licensing specific product applications and product registrations. This follows on from the successful divestment of a bee health product for the control of Varroa mite on honey bees, to Bayer CropScience in November 2010, and a number of commercial collaborative projects which are in the research and development pipeline.
Martin Brown, Managing Director at Exosect comments, “This investment is a further testament to the potential of our platform technology, Entostat. When the company was spun out of Southampton University ten years ago, we were focussed on developing pheromone products in agriculture. Throughout this period, our research has revealed the wider potential of Entostat powder as a targeted delivery platform for a broad range of active ingredients across numerous sectors. Implementing this strategy will ensure that we can capitalise on these new and exciting opportunities”.
Geoff Randall, Non-Executive Director at Exosect comments, “The agrochemical and animal health sectors have experienced a monumental shift in the last 20 years. Consumer and regulatory pressure has initiated a move towards ensuring safe and sustainable food production. The major R&D companies are actively looking for unique and proven solutions to add to their portfolios and innovators like Exosect are providing these solutions”.
Martin Brown confirmed that the current sales base and distribution network will continue to be supported in parallel to this strategy. Brown continues, “We have developed significant relationships with distributors across Europe and in Japan. We value these relationships greatly and will continue to work with and support this network”.