Sep 26, 2018Firms invest in Virosoft owner BioTEPP
Filaction, a Quebec development fund, and Natural Products Canada (NPC), a national not-for-profit focussed on natural products companies, recently announced an investment in BioTEPP, a Canadian biotechnology company with an innovative product for controlling codling moth.
Financial details of the deal were not disclosed.
The investment reflects the growing global demand for innovation and natural approaches to agri-tech and other sectors. BioTEPP’s Virosoft CP4 biopesticide leverages a naturally occurring microorganism for the reduction of codling moth damage on apple, pear, plum, prune and walnut trees. Virosoft is registered and marketed in Canada and the United States.
“Companies like BioTEPP that have capitalized on this advanced technology to create a natural solution show great potential for investors,” Christophe Roubinet, Investment Director of Filaction, said in a press release. “We are pleased to invest in their future growth.”
The investment represents the first partnership between Filaction and NPC, and fully utilized each organization’s capacity to assess, develop, and de-risk the opportunity.
“Investments such as those of NPC and Filaction, will help BioTEPP grow further and develop new insecticides in the highly efficient sector of entomopathogenic viruses,” said Claude Gagnon, president of BioTEPP. “We’re privileged to have such experienced partners to accompany us.”
BioTEPP will use the capital to accelerate its expansion and increase commercialization of its flagship product Virosoft CP4 into promising new markets.
The BioTEPP investment is the fifth addition to the NPC investment portfolio, which was started in 2017 to help innovative Canadian natural product companies attain the capital necessary to achieve growth milestones.
“NPC is proud to invest in BioTEPP and their innovative biopesticide technology,” said Shelley King, CEO, NPC. “The quality of their product is a direct reflection of the passion of the entrepreneurs and the depth of experience in the innovation ecosystem that surrounds them.”
Above: An Nguyen, researcher at BioTEPP, examines codling moth eggs at BioTEPP’s lab in Lévis (Quebec) Photos: BioTEPP
Below: From the left are Claude Gagnon, President, BioTEPP; Shelley King, CEO, Natural Products Canada, and Christophe Roubinet, Investment Director of Filaction. The photo was taken the day the deal was announced, Sept. 11.