KALAMAZOO - A Kalamazoo company working to develop a new generation of insecticides based on the venom of spiders was expected to receive an investment of $1.8 million from the state this morning.
The directors of the Michigan Strategic Fund were expected to announce this morning in Lansing that it has made that investment in convertible Series B shares in Venomix Inc.
Venomix is one of a cluster of bio-tech firms to find a home at the Southwest Michigan Innovation Center in Kalamazoo. It was a startup at the University of Connecticut Research and Development Corp. in 2005 before splitting away to develop products that can be commercialized.
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