Local biotech firm gets $750,000 in investor funding
Summary
"Pasteurias product is a naturally-occurring soil bacteria that infects and controls harmful nematodes, she said, adding that the initial technology was owned by Entomos, a biotech company that also was based in Alachua but has since gone out of business. Pasteuria, a four-person operation that opened six months ago in the Sid Martin Biotechnology Development Incubator in Alachua, has advanced the technology to its current stage, Smith said. Pasteuria has two patents pending on the process.Tate Garrett, senior vice president of Advantage Capital, said his company is impressed with the potential size of the nematicide markets. "Nematodes do a great deal of damage to high value specialty crops including peanuts, bananas, tomatoes and citrus. "Pasteuria Biosciences technology can provide safe, effective and economical nematode control in all of these markets, and eventually reach sales of hundreds of millions of dollars each year.