ALACHUA, Fla., Oct. 30 /CNW/ -- Pasteuria Bioscience, Inc.
(www.pasteuriabio.com), a Florida biotech company developing biological
control products for agriculture's largest unmet pest problem, announced today
that David N. Duncan, Ph.D., has been named as the new Chief Executive
Officer. Dr. Duncan has also been elected to the Company's board of directors.
He succeeds Dr. Kelly Smith who will remain active with the Company as its
Chief Technology Officer.
Following his formal education at Indiana State and Michigan State
universities, Dr. Duncan joined Monsanto Company where he held positions in
product development, marketing, government and regulatory affairs; and as both
a commercial development and business unit executive. Notably, Duncan led
Monsanto's turf and ornamental business and the development of Dimension(R)
turf herbicide. Dimension is today one of the premier products used by
turfgrass professionals and homeowners.
After retirement from Monsanto, Duncan took on the CEO role at Chlorogen,
Inc. where he raised $10M from a syndicate of venture investors and proceeded
to build the company into a highly regarded start-up focused on human
therapeutic protein expression and production in tobacco. "I have been
involved with groundbreaking technologies and trend-setting companies my
entire career. Pasteuria, with its focus on a revolutionary approach to
nematode control, offers the same kind of challenge and exciting opportunity
to make a difference," said Duncan. "Along with our dedicated science team
and the support of committed investors, I am convinced we have the talent and
resources to take this technology through scale-up manufacturing, regulatory
approval and a successful commercial launch. The global agriculture industry
needs this technology-based solution and we intend to bring it to them."
Recent investor LSP through its BioVentures fund is also pleased to have
Duncan on board at Pasteuria. "Dave's combination of past experience in
product development and as a CEO for a start-up company will help Pasteuria
greatly as they transition from a research to a development and production
company," said Jorg Riesmeier, Partner at LSP BioVentures and Pasteuria board
Plant-parasitic nematodes are agriculture's largest unmet pest problem.
These microscopic worms attack plant roots, causing an estimated $100 billion
in worldwide crop damage annually. Pasteuria has developed a patented, cost-
effective commercial scale process for the production of Pasteuria bacteria, a
naturally occurring predator. These predatory microbes specifically target,
infect, and kill selected nematodes-without leaving toxic crop residues. Other
organisms remain unharmed, soil and water is left free of contaminants, and
there are no known human exposure risks. Additionally, Pasteuria's microbes
are highly durable and require no special handling or storage conditions. The
company is on pace to file a submission for registration to EPA by mid-2008.
Pasteuria's investment partners include LSP BioVentures (www.lspvc.com),
a $100 million fund focused on early to mid-staged companies in the areas of
agriculture, food and nutrition, health & wellness, biofuels and related
platform technologies; Advantage Capital (www.advantagecap.com), a venture
capital and private equity firm focused on early-stage companies and other
investments supporting state and local economic development; and Gordon River
Capital (www.gulfshorecap.com), an affiliate of Florida Gulfshore Capital, a
Naples, FL based private investment firm involved in the development and sale
of consumer, industrial, and medical products and services.
Pasteuria Bioscience, founded in 2003, is located at the University of
Florida's Sid Martin Biotechnology Incubator in Alachua, Florida, a nationally
recognized bio-business development program providing facilities, equipment,
and introductions to capital and business leadership in an entrepreneurial
For further information:
For further information: Dave Duncan, Chief Executive Officer,
+1-314-713-9448, or Kelly Smith, Chief Technology Officer, +1-386-462-0008,
both of Pasteuria Bioscience, Inc. Web Site: http://www.pasteuriabio.com