Sherbrooke, Quebec-based Thymox, a company that develops a botanically-derived disinfectant, has just closed a $4.6 million Series B round of funding.
Thymox’s funding was led by existing investors Cycle Capital Management and Desjardins Innovatech, with participation from new investor Germain Benoit from Gercanoit.
Thymox, which is developed by Laboratoire M2, is a biodegradable, non-toxic disinfectant that is instantaneously dilutable and stable in water. The company said the disinfectant’s effectiveness is based on the action of thymol, an active ingredient found in the plant thyme, and that Thymox has strong anti-microbial properties and capabilities to kill pathogenic microorganisms on surfaces and in agricultural settings without harming the environment.
Thymox said 2017 is a “major milestone year” for the product, as the company is moving from technology development to full-scale commercial expansion on three continents.
“We remain on track in developing Thymox sales momentum in our animal health business, and we are launching new products for our surface disinfecting markets,” said Frank Palantoni, CEO of Laboratoire M2. “And of course, our robust pipeline of innovation includes products to meet the ever increasing demand for botanically derived crop protection products. With our accelerating commercial momentum, we expect to continue to attract partnership interest from major strategic players in the animal health sector.”
Laboratoire M2 plans to use the funding primarily to accelerate the international commercial expansion of Thymox as a disinfectant for animal health and crop protection, as well as into institutional and retail markets.
“We are enthusiastic about partnering with the management team and the shareholders of Laboratoire M2 to support their next phase of growth and development,” said Jacques Perreault, vice-president of Desjardins Innovatech. “They have a strong business plan, their product, THYMOX, is innovative, and they are evolving in a fast growing market close to Desjardin’s values.”