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Kingston, Ontario
December 2001
Performance Plants Inc. has
announced the completion of $4.28 million in additional
financing to support its plant biotechnology program for the
development of genetically enhanced crop plants.
Supporting partners are the VentureLink Fund of Toronto, Dynex
Capital of Kingston, the Saskatchewan Opportunities Corporation,
and Queen's University's PARTEQ Innovations.
The funding will be used to support Performance Plants&Mac226;
research operations. The focus of the company is to increase the
yields of significant agricultural crop plants and to develop
drought-tolerant corn, soybeans, canola, cotton and other crops.
The company supports the Performance Plants/NSERC Industrial
Research Chair of Plant Biotechnology at the University of
Toronto, established in July 2000.
"Performance Plants has made great progress over the past two
years," says David Dennis, President and CEO of Performance
Plants. "It now has a first-rate gene discovery program, both in
its own laboratories, and in collaboration with the University
of Toronto."
The company also has the capacity to evaluate the agronomic
potential of new genes, Dr. Dennis says. "With our partners we
can now take exciting technologies developed from these genes
through field trials to market." Performance Plants is one of
only a few plant biotechnology companies, worldwide, with this
capacity, he notes.
"Performance Plants & Mac226; two advanced technologies show
enormous promise," says John Molloy, President and CEO of PARTEQ
Innovations. "This new funding will allow the company to advance
its technologies while enhancing its value to both investors and
the agricultural industry."
Performance Plants was founded in collaboration with PARTEQ
Innovations in 1995. The company focuses on the modification of
plant metabolism to produce new and improved plant varieties.
Its technologies include genetic enhancement for crop protection
against environmental stresses such as drought and heat, and for
increased productivity, particularly in soybeans, corn, canola,
cotton and other crops.
Performance Plants currently employs 25 people, and has offices
and laboratories in Kingston and Saskatoon.
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