AgraQuest, Inc. Founder Resigns Position As President; Starts New Firm

Pam Marrone, founder of Davis biopesticide company AgraQuest Inc., has resigned her position as its president and plans to launch her own company. Marrone's last day was March 31 at AgraQuest, although she will continue to consult for the company and serve on the board.

"There has been a lot of rapid change since the last round of funding," Marrone said late Friday. "AgraQuest has transitioned from discovery and development to commercialization and sales. The whole reason I started AgraQuest was to be the generator of products."

AgraQuest makes pesticides from natural microorganisms found in soil and plants. Marrone founded the company in 1995.

"I am in the throes of starting another company, which will be screening microorganisms for specific weed, insect, nematode and disease control targets and also in-licensing new technology from small companies and universities," Marrone said in an email.

Marrone also served as AgraQuest's chief executive officer until May 2004, when the company hired Mike Miille as CEO and chief operating officer. Miille had previously worked at Davis cancer-research firm Sagres Discovery, later acquired by Chiron Corp.

In past interviews, Marrone has said the company was not yet profitable but its annual revenue was growing. The company has not disclosed revenue figures for several years, but reported more than $4 million in 2003.

Venture capital and other private equity investors have periodically infused AgraQuest with more than $62 million altogether over the years. In May 2005, the company raised $14.35 million. The company used some of that money in January to buy Quebec-based Codena Inc., which researches and develops insecticides derived from plant extracts.

AgraQuest neared an initial public offering of stock in 2001, but withdrew its plan after the terrorist attacks of Sept. 11 quelled investor enthusiasm.

Published April 14, 2006 by the Sacramento Business Journal

Back to news