May 1, 2002 - For Immediate Release

(Research Triangle Park, NC)
Cropsolution, Inc. has closed its first financing round, totaling $6.4 million. The round was led by The Aurora Funds, with additional investments from ATP Capital, Research Triangle Ventures, Charlotte Angel Partners, The Atlantis Group, and other individual investors.

“We are delighted to have attracted a strong group of investors that understand the value creation potential offered by Cropsolution,” said CEO Eric Ward. “This financing round gives us ample resources to accomplish important milestones for building the value of the company.” Jeff Clark, General Partner for The Aurora Funds, the lead investor in the round, added “Cropsolution has one of the best teams we have seen for a company at this stage. The unique combination of experience, leadership skills, and business prowess bodes well for the company’s future success.”

Cropsolution discovers and develops novel agrochemicals for protecting crops from diseases, insect pests, and weeds. Crop protection chemicals are a $30 billion market worldwide, and constitute an essential part of global food and fiber production. Cropsolution discovers proprietary compounds, demonstrates their efficacy in the field, and then seeks development partners among the first tier multinational agrochemical manufacturers.

Jonathan Malkin, General Partner for ATP Capital and an early investor in Cropsolution comments, "Cropsolution is a unique opportunity in agricultural biotechnology as it combines enormous addressable markets in need of innovation, robust technology and seasoned managers. We are pleased to be part of the effort to build an extraordinary agrochemical company. Scott Uknes, President, added, “Our business model and technology fit together to create a unique opportunity. The Agrochemical industry is in need of new, safe, effective chemicals to help produce the food and farm products we all use everyday.

Cropsolution uses a proprietary technology called Evolutionary ChemistryTM that permits the synthesis and selection of thousands of times more molecules than can be achieved with any other technology. Cropsolution was spun-out from Invenux, Inc., a pharmaceutical biotechnology company based in Denver, CO, and has the exclusive license for Evolutionary ChemistryTM in agriculture. “Evolutionary ChemistryTM will cut at least two years off the time needed to discover and develop an agrochemical, while increasing the cost effectiveness of the process,” said Michelle Hunt, Cropsolution’s Director of Strategic Marketing.

Cropsolution has 15 employees and laboratory facilities in Research Triangle Park, NC and Silicon Valley, CA.

For additional information please contact:
Cropsolution, Inc. (919) 654-0399
Eric Ward, x235
Scott Uknes, x234
Michelle Hunt, Director of Strategic Marketing, x221

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