 Announcements |
||
 |
Venomix Changes Name to VestaronKALAMAZOO, Mich., August 11 – Vestaron Corporation today announced that it has completed a corporate name change from Venomix, Inc. to Vestaron Corporation. Vestaron, a privately held biotechnology company, is developing a new generation of insecticides based on the peptides spiders use to kill insects. “Venomix spoke to our roots; Vestaron speaks to our future,” said company President and CEO John L. McIntyre, Ph.D. “Our goal is to be a leader in the drive to find new insecticides that are highly effective and environmentally benign. We believe Vestaron better communicates that message.” Vestaron is developing a new generation of insecticides using peptides from spiders. The company’s technology is based on ground-breaking research conducted at the University of Connecticut. Over 50 unique, insecticidal spider peptides have been identified. This patented technology is exclusively licensed to Vestaron. Products under development have a unique mode of action, are highly effective against insects and related pests and are harmless to non-target species, including humans. Target markets include agriculture, animal health and specialty non-crop uses such as household insects. Vestaron products will be ideally suited for the environmentally conscious twenty-first century. IVCA Q&A: Open Prairie Ventures Managing Partner Jim SchultzCHICAGO, IL, June 15: In addition to being a founder and managing partner at Open Prairie Ventures, Jim Schultz is also a 20-year veteran of early stage investing. IVCA: In 2006, you and three others made a deal in essence to buy out the license of Open Prairie as a small business investment company (SBIC). How important was that move? Jim Schultz: While the SBA Participating Security Program was most helpful in launching Open Prairie Ventures in 1999, it became apparent to the Open Prairie Ventures team that we had a limited partner in our fund with significant issues. Hence, we elected to proactively approach the SBA with an offer to return their capital along with a portion of their accrued “profit participation”. This turned out to be a true win-win outcome that resulted in both parties achieving a successful exit. The SBA got a 2006 return of capital and the partners in Open Prairie got a 2007 IPO liquidity event. IVCA: As an early stage venture capital firm investing in technology companies, what criteria do you use to evaluate management teams in potential portfolio companies? JS: In selecting technology companies in which to invest, Open Prairie Ventures considers the team dynamics and reviews the prior history together. Newly organized management teams have to present a strong case on their ability to collaborate in a new venture to warrant our investment. At the same time, a group who has been together in the trenches provides for a more compelling consideration for investment. A significant portion of our due diligence process is dedicated to in-depth discussions with management in an effort to observe the cohesive nature of the team as well as their capacity to guide the company through future stages of growth. Through our interactions with management, we look for attributes such as integrity, honesty and a sense of vision and ability to execute. We also look for self-confidence and a willingness to take risks, the ability to adapt to situations and solve problems and their efficient and effective use of resources. IVCA: You have been an active investor in a diverse portfolio of companies. Which type of technology industry category do you see having the greatest growth potential in the next five years? Why? JS: Open Prairie Ventures believes the greatest opportunities exist in the agriculture technology field with particular emphasis in the input side of the segment. Current projections and experts contend that the food supply will need to double over the next 30 years to feed the ever-increasing demands from the global population. It’s expected that this production of food will be completed with a 70 percent increase in technology and will be accomplished on 1/32nd of the land mass (as compared to 1/20th of the land mass today). The input side of the business is most compelling as we contemplate how to drive better outputs. In other words, we are interested in improving crop yields. We are agnostic as to how the crop is eventually used in the supply chain. Being a Midwest-based early stage venture fund, Open Prairie Ventures is perfectly positioned to build a solid portfolio of investment that focuses on this powerful global dynamic. IVCA: Given the problematic economic circumstances in the last two quarters, what signs of optimism do you see in the VC marketplace? JS: In the past few weeks, we have seen a handful of IPOs sponsored by venture funds achieve some noteworthy results. Further, we are seeing signs of life on the M&A side with a few inbound inquiries that may prove to be promising. In short, however, patience for 2009 will be the hallmark attitude that will be necessary to achieve the long-term returns that investors aspire to once again achieve. IVCA: Your educational background includes a law degree and an M.B.A. What elements of that background have been most advantageous in the type of venture capital work that you do? JS: The graduate degrees provide for a nice framing opportunity. However, the true elements of a successful education are not necessarily from the academic experiences. Both degrees from law school and business school have provided immeasurable benefits in my career. At the same time, I am convinced that the businesses I started and operated have made me more agile and provided great perspective toward successful venture capital investing. Walking in the shoes of the entrepreneur and having empathy for their issues provides an engaging and dynamic attribute that’s much more useful in driving successful relationships and investment outcomes. IVCA: In your experience, what business models have been most efficient in the development of technology industries? Is there a specific example you can cite? JS: Technologies that are developed in conjunction with accelerator funds or angel funds seem to provide the most fertile ground for investment consideration for Open Prairie Ventures. When we started our fund in 1999, there were virtually no such entities in existence in our region. Over the past five years, we have seen an explosion of angel groups and accelerator funds develop that now provide the initial seed capital to launch an idea and to mitigate early risks that are present with start-up companies. IVCA: Open Prairie’s portfolio includes medical, scientific and IT companies. Is there a common thread through these different types of companies that made them attractive to your capital fund? JS: The common thread between our strategic investment focus on agriculture technologies and medical devices is “convergence”. We are seeing cross-development opportunities that provide for broader channel expansion as we consider technologies that may be used for human, animal and crop purposes. A perfect example of this is our investment in Champaign, Ill.-based iCyt Mission Technologies, which has developed a flow-cytometry application for human cell sorting that also has an animal husbandry application. The ability to find multiple applications from a technology with a laser-focus development strategy is a perspective that provides for a broader market reach and potentially reduces some of the risk of early stage investing. IVCA: How does membership in the IVCA expand your reach in the venture capital community? JS: The ability to collaborate with other early stage members through networking opportunities is an important consideration for our involvement with IVCA. IVCA: With offices in Illinois and Kansas City, Open Prairie is firmly entrenched in the Midwest. What advantages do these locations have for your business? JS: The Open Prairie Ventures strategy encompasses an active role with the entrepreneur. Hence, we aspire to invest in companies within a 250-mile radius of our offices. With office in Illinois and Kansas City, we expand our reach and have opportunity to explore investments that tie to our eco-center strategies of focusing on medical devices and agriculture technologies that are prolific in this region.
Venomix Named Michigan Top 50 Company to WatchKALAMAZOO, Mich., April 27 /PRNewswire/ -- Venomix, Inc. has been selected as a "Michigan 50 Companies to Watch" award recipient for 2009. The award will be presented to Venomix President and CEO John L. McIntyre, Ph.D., at the 2009 Michigan Celebrates Small Business awards ceremony on April 30 at the Lansing Center in Lansing, Mich. Venomix is developing a new generation of insecticides based on the peptides spiders use to kill insects. "We are extremely pleased to be recognized as one of Michigan's top 50, second-stage companies," said McIntyre. "This award is acknowledgement that our technology and business plan set us apart from the crowd of startups trying to build a business. We are truly honored." Venomix was incorporated in 2005 and has raised over $4.5 million through private placements. The company employs 8 people at its corporate headquarters and research facilities located in the Southwest Michigan Innovation Center in Kalamazoo. The "Michigan 50 Companies to Watch" award program recognizes second-stage startup companies that distinguish themselves by their "innovative products" and "unique processes." The competition was created by the Edward Lowe Foundation in Cassopolis, Mich. Companies are judged for their "special strengths" which "revolve around a company's innovative products and business practices, special use of technology, work within their community and more," according to the foundation's website. (http://edwardlowe.org) Venomix is developing a new generation of insecticides using peptides from spiders. The company's technology is based on ground-breaking research conducted at the University of Connecticut. Over 50 unique, insecticidal spider peptides have been identified. This patented technology is exclusively licensed to Venomix. Products under development have a unique mode of action, are highly effective against insects and related pests and are harmless to non-target species, including humans. Target markets include agriculture, animal health and specialty non-crop uses such as household insects. Venomix products will be ideally suited for the environmentally conscious twenty-first century. Open Prairie Ventures and KC BioMediX Annouce Series A InvestmentOctober 7, 2008: KC BioMediX, a rapidly advancing medical device company developing technologies to solve feeding issues in premature infants, and Open Prairie Ventures, an early-stage venture capital firm specializing in medical, agricultural and IT technologies, announced today the firm has made an investment in KC BioMediX’s Series A financing. Along with the investment, Michael Peck, Partner at Open Prairie Ventures, a 10 year early-stage investment and entrepreneurial veteran, will join the Board of Directors for KC BioMediX. Open Prairie Ventures II, LP invests in CPAC
Open Prairie Ventures I, LP Announces Sale Of MedVentureBill Lomicka, MedVenture’s Chairman of the Board said, “Open Prairie Ventures was a key investor in MedVenture Technology and played a vital role in our ultimate success. Truly, Open Prairie was a perfect investor, bringing balance and wisdom to every meeting and at each critical juncture. The Company faced many challenges over the course of its history and at every crucial point, we were fortunate to have Jim Schultz on our Board of Directors. Both a team player and a leader, he brought a wealth of experience and knowledge to our Board, ultimately helping the Company reach its full potential for growth and success.” “The exit of MedVenture from the Open Prairie portfolio is in line with our strategy and a win-win for the Company and our Limited Partners. The success of MedVenture is yet another example illustrating that great companies with strong venture capital backing can flourish here in the Midwest,” said James “Jim” Schultz, Founder and Managing Partner of Open Prairie Ventures. Open Prairie Ventures II, LP Invests in iCytSept. 5, 2008:
Open Prairie Ventures is pleased to announce an investment in iCyt, a developer of state-of-the-art cytometry instrumentation and consumables that enable their clients to create breakthrough advances in healthcare and agricultural technologies. This is the second investment for Open Prairie Ventures II, LP. Open Prairie’s investment will allow iCyt to advance its current technology and accelerate its global distribution strategy. “We believe that iCyt’s combination of experienced leadership and superior technology enable the company to position itself on a path to rapid growth,” said Dennis Beard, General Partner with Open Prairie Ventures and recently appointed board member to iCyt. Venomix-Open Prairie Ventures II First nvestment
TomoTherapy Prices HighTomoTherapy Has Filed For $201.25 Million IPO
Open Prairie Ventures adds HarbourVest as Limited PartnerJuly 19, 2006: Open Prairie Ventures announced that HarbourVest Partners, LLC became a limited partner in its Open Prairie Ventures Fund I through the purchase of the stake previously held by the Small Business Administration (SBA) under the license of the SBIC program.
|
CONTACT MEDIA RELATIONSOpen Prairie Ventures
400 East Jefferson Effingham, Illinois 62401 T: 217-347-1000 |