DURHAM – Plant technology firm Plant Response, a Spanish agricultural biologicals company with North American headquarters in Durham, has raised $1 million in debt, according to a recent securities filing.
It comes less than a year after the firm, under the business name Delta PRB, raised a whopping $75.9 million in equity and debt.
Four investors contributed to the current round, which kicked off on Sept. 15 and accepted a minimum $250,000 from any outside investor.
The company is still seeking to raise an additional $1.5 million, the filing noted.
The round is capped at $88.189 million with $11,289,300 remaining to be sold.
The firm disclosed that funds would go towards the payments of salary “in the ordinary course of business.”
Plant Response is a plant biotechnology company specializing in plant innate immunity, drought and stress tolerance, and nutrient use efficiency. It has developed several product candidates, which are approaching commercial launch status in the areas of drought tolerance and plant health.
It launched in March 2008 as a Universidad Politécnica de Madrid (UPM) spin-off.
Back in 2017, the firm picked RTP for its North American headquarters.
In late 2019, the firm announced that Response Biotech and Koch Biological Solutions, LLC. combined operations to form Plant Response Biotech, Inc.
Earlier this year, the newly merged company acquired Pathway BioLogic of Plant City, Fla., to broaden its portfolio of biological products for agriculture.
