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Contacts:
Pamela G. Marrone, Ph.D., Founder and President, (530) 750-0150, ext. 15
Julie Versman, Marketing Director, 530-750-0150 ext 13
Mike Miille, Ph.D., CEO, (530) 750-0150, ext. 29
10-year Anniversary Marks Milestone for AgBio Pioneer, AgraQuest
AgraQuest Celebrates a Decade of Scientific Innovation, Commercial Success
DAVIS, Calif. (September 27, 2005) – "It's not a sprint: it's a marathon," is a common phrase at AgraQuest. It's a reminder that while so many start-ups have burst onto the scene and quickly burned out, AgraQuest steadily grows in products, people and revenue. In 1995, the company was founded with the concept of scouring the natural world for microorganisms that produce natural compounds that could compete with chemical pesticides on performance, cost and ease of use. Ten years later, AgraQuest has just released its fifth biopesticide product, Sonata® Biofungicide, to the U.S. marketplace, and just recently received EPA approval for its biofumigant based on the new microorganism, Muscodor albus. With AgraQuest products increasing their reach from commercial tomato fields to premium vineyards, and from banana plantations to Wal-Mart shelves, this is a company that is not only still running, but a company that shows no sign of slowing down.
In 10 years' time, AgraQuest has grown to a company of 70 people, raising over $60 million in investment capital, acquiring its own manufacturing facility in Mexico, launching 5 products into agricultural, greenhouse and home & garden markets in the U.S., selling products in 16 international markets and possessing an extensive pipeline of new product candidates.
Pesticide regulations are becoming more and more stringent and consumers continue to demand food that is produced sustainably. Chemical residues create problems in global export of fruits and vegetables and the incidence of pest resistance development to chemical pesticides continues to increase. As such, biopesticides, with no chemical residues, low chance for resistance development and high human and environmental safety, provide unique value through benefits not generally realized by conventional pesticides. In addition, biopesticides can improve yield and quality of conventional programs when incorporated as tank mixes or rotations.
"I have spent my entire career working to see the day when effective and safe biopesticides are having a real impact in the marketplace to the benefit of farmers, homeowners, and the environment. This is the most exciting time to be at the forefront of the juggernaut of sustainable food production," said Pam Marrone, AgraQuest's President and Founder. "In the first ten years we have built the base of products for the company to really explode. Our top team of people and foundation on rock-solid science will grow AgraQuest to new heights," added Mike Miille, CEO-COO.
While most human drugs come from nature's chemistry, only 7% of pesticides are from natural sources. AgraQuest leads the way in proving that nature's chemistry holds the key to the future of sustainable pest management.
About AgraQuest
AgraQuest is a biotechnology company that focuses on discovering, developing, manufacturing and marketing effective, safe and environmentally friendly natural pest management products for agricultural, institutional and home markets The company sells Serenade®, Rhapsody® and Sonata® Biofungicides and recently received registration of a biofumigant based on the fungus, Muscodor albus. A bioinsecticide is pending at the EPA. AgraQuest received the Presidential Green Chemistry Award from the EPA for the discovery and commercialization of Serenade Biofungicide. In 2004, AgraQuest received a Red Herring Top 100 Private Company Award and the World Technology Award for the Environment.
Certain matters contained in the press release concerning AgraQuest, Inc. are forward-looking statements which are subject to known and unknown risks and uncertainties which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Such risks and uncertainties include, among others, the receipt of EPA and other regulatory approval of the Company’s products, the success of the Company’s products in field trials and the timely development, manufacture and marketing and acceptance of the Company’s products in the marketplace.