AgraQuest Acquires Codena Inc., Specialist in
Biopesticides Derived from Plant Extracts.
MONTREAL (Quebec),
January 27, 2006 – AgraQuest, Inc. a
leading provider of natural and innovative pest management products, announced
on January 25 that it has acquired Codena Inc., a Quebec-based company that
specializes in the research and development of bioinsecticides derived from
plant extracts.
“The acquisition of
Codena by AgraQuest is a testimony of the quality of research conducted in Quebec and the value proposition
that a specialized Funds such as Foragen can bring to start up companies,”
explains Roger Laurent Bernier, Ph.D., P.Ag., formerly CEO and Chairman of the
Board of Codena. “Codena was Foragen’s first investment in Quebec and is a good example of what scientific,
financing and business mentoring as provided by Foragen and its extended
worldwide network of ag-bio experts can bring to a small entrepreneurial team”.
“This acquisition
reaffirms AgraQuest’s leading position in the large and fast-growing natural
pest management market. Codena’s unique insecticide provides an excellent
complement to AgraQuest’s existing line of fungicides and fits perfectly with
our product development and commercialization strategy,” explain Mike Miille,
Ph.D., CEO of AgraQuest. “With this acquisition, we are now positioned to enter
the insecticide market with a product that meets our criteria of being
effective, safe and natural.”
Hélène Chiasson, Ph.D., co-founder of Codena, served
as the principal investigator at Groupe Conseil UDA, an agriculture, forestry,
and environmental consulting group based in St-Charles-sur-Richelieu, where she
discovered the botanical extract. Chiasson left UDA and helped found Codena in
2001 with the financial and managerial support from Foragen to further develop
the extract for commercial use. “It is highly satisfying to see the project I
have pursued with UDA and Foragen for so many years be adopted by a company
with the vision, resources and ingenuity required to bring it to market,” said
Chiasson. “In my view, AgraQuest is the
preeminent partner in the biopesticides market.” Following the acquisition,
Chiasson will continue her work in the development of botanical-based
insecticides as Director of Plant Extract Formulation and Chemistry for
AgraQuest.
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