Biotech Firm Divergence Gets $1.4 Million First Round

4/10/2001 ST. LOUIS - Divergence, a company utilizing genomics technology to identify genes for controlling parasitic nematodes or roundworms, said it has raised a $1.4 million first round from individual investors located primarily in the Midwest. Divergence also recently appointed Derek Rapp, formally an executive at Monsanto, as the company's CEO. Divergence said the financing would be used for product development in the lab, hiring additional scientists, and as working capital. The company said it could begin licensing or selling its technology within a year. Divergence also said it would seek an additional $5 million in second-round financing sometime in the second quarter.

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Suganya Mahendran
Reporter, VentureWire

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