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St. Louis, Missouri (April 5, 2001) - Divergence Inc.
the nematode genomics company, announced today it has completed a successful
financing round, raising $1.4 million. The company identifies target parasitic
nematode genes in order to develop effective and ecologically sound methods
for agricultural pest control.
"Divergence's technical team has made great strides
in the past 18 months, and the potential for the company as a leading
provider of nematode-control technology to crop protection and animal
health companies is tremendous," said John W. McCarter Jr., Chairman
of the Board of Divergence. "We are very pleased investors appreciate
the exciting prospects for Divergence, evidenced especially by the fact
that the offering was over-subscribed."
"These funds will allow Divergence to grow its team
of scientists, thus increasing the likelihood of success for the company,"
continued McCarter. "Divergence is well positioned to expand greatly
its intellectual property portfolio of identified and validated gene targets
this year."
Separately, Divergence announced it has appointed Derek
Rapp as its Chief Executive Officer. He also becomes a member of Divergence's
Board of Directors. Mr. Rapp joins Divergence after twelve years at Monsanto
in several positions, including Director, Mergers and Acquisitions; Director,
Commercial Partnerships and Alliances; and Director, Investor Relations.
His experience includes six years focused on agriculture and plant biotechnology.
Previously, Mr. Rapp worked in mergers and acquisitions with Lazard Freres
& Co. in New York. He has a B.A. degree from Brown University with
concentrations in Economics and German and an M.B.A. from The Wharton
School, University of Pennsylvania with concentrations in Finance and
Corporate Management.
"Divergence is fortunate to have Derek heading our
business operations," said McCarter. "He brings considerable
experience in strategic planning and negotiations, including the negotiation
of acquisitions and licensing deals in plant biotechnology, and he understands
many of the agricultural markets that Divergence is targeting. Already,
we have seen him make our team more effective."
Divergence Inc. is a St. Louis Missouri-based biotechnology
company dedicated to the discovery of highly effective and ecologically
sound strategies for agricultural pest control. The company's initial
focus is on parasitic nematodes, one of the world's major agricultural
pest groups, which cause billions of dollars in damage annually to numerous
crops, such as soybeans, cotton, strawberries, and bananas. Nematodes
also cause widespread disease in animals, including infections such as
hookworm and heartworm, commonly found in dogs and cats. Nematode-induced
human diseases include elephantiasis and African river blindness.
Divergence was founded by James McCarter, M.D., Ph.D.,
President and Chief Scientific Officer of Divergence and Group Leader
for Parasitic Nematode Genome Projects at Washington University's Genome
Sequencing Center. The chairman of the company's Scientific Advisory Board
is Sean Eddy, Ph.D., the Alvin Goldfarb Distinguished Professor of Computational
Biology at Washington University School of Medicine. Divergence uses genomic
and bioinformatic strategies to target unique or divergent aspects of
nematode physiology that can lead to the development of nematode control
methods, which are non-toxic to plant, animal, or human hosts, as well
as to the environment. Divergence is discovering and patenting the use
of select target genes.
For more information on Divergence Inc. visit our Web site at:
www.divergence.com.
RELEASE: ©2001 LocalBusiness.com. By: Paul Riat. All rights reserved.
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