DAVIS, Calif., June 1, 2011 /PR Newswire/ -- Marrone Bio Innovations, Inc. (MBI) is pleased to announce the closing of a $25.4 million private round of financing with three new investors and re-investment of existing investors.
New investors investing in this Series C preferred financing are Syngenta Ventures, Mitsui Global Investment, and a family investment trust. Existing investors include Stuart Mill Venture Partners, Contrarian Group, Saffron Hill Ventures, One Earth Capital, Clean Pacific Ventures, and Calvert Social Ventures, in addition to several individuals. Contrarian Group's CFO, Tim Fogarty has joined the Board.
The financing is being used for expanding global sales of Regalia® Biofungicide, launch of Zequanox™ and other pipeline products upon EPA approval and for development of new nematicides, herbicides, and fungicides from the discovery screen.
'We are very pleased to receive investment from new investors and to have the support of our existing investors. Their size and prominence as well as the amount funded recognize our rapid progress in the marketplace, unsurpassed product pipeline, and unique discovery capability,' said Dr. Pam Marrone, MBI's Founder and CEO.
Marrone Bio Innovations (MBI) discovers, develops and markets effective and environmentally responsible natural products that fill unmet needs for weed, plant disease and pest management. MBI's effective and safe products come from a combination of in-licensed technology and its own discovery. The company's own R&D finds naturally occurring microorganisms from unique habitats and develops them into pest management products. MBI has an impressive pipeline of new products waiting approval at the EPA, including two insecticides, two herbicides and Zequanox™ a product for controlling invasive zebra and quagga mussels in fresh waterways. MBI has several new nematicide, insecticide, fungicide and herbicide candidates from its discovery screen. In addition to its award-winning Regalia® Biofungicide, MBI currently markets GreenMatch® Burndown Herbicide for weed control in organic crop production. For more information about Marrone Bio Innovations, please go to www.marronebioinnovations.com
SOURCE Marrone Bio Innovations, Inc.