TNG Pharmaceuticals announces $4.6 million ‘Series A Preferred Stock’ financing

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TNG Pharmecuticals team in 2013

At the end of 2013, when we asked GLI EnterpriseCorps Executive Director Tendai Charasika about some of the big startup success stories of 2013, he said TNG Pharmaceuticals had just had a “banner year.”

At the time, we didn’t know how “banner” it was.

Today, CEO Serge Martinod and Executive Chairwoman Phoebe Wood announced that TNG completed a $4.6 million Series A Preferred Stock financing on Dec. 31, 2013.

Jenny Corbin and Larry Horn founded TNG while they were in the Entrepreneurship MBA program at the University of Louisville. The company has licensed research and developed a patented vaccine for cattle, FlyVax, which aids in control of the horn fly.

According to the company’s website:

The horn fly is a bloodsucking parasite that can cause an average weight loss of 20 – 40 pounds per cow prior to slaughter, and a 20 percent reduction in milk yield per lifetime of a dairy cow. This causes an economic devastation of well over $1 billion in North America alone.

The vaccine was first developed by research scientists at Auburn University Colleges of Agriculture and Veterinary Medicine and has been shown to be effective in initial laboratory testing.

In the news release, Wood says:

We are pleased that TNG was able to attract a group of outstanding investors led by the Yearling Fund. Other investors include Angel Investor Investment Management Group, Bluegrass Angels, Commonwealth Seed Capital, LLC, Goose Society of Texas, the Ogle Foundation, Texas Halo Fund, the University of Louisville Foundation and several individual and institutional investors. We believe the company is well positioned for future growth and its revolutionary product will lead to tremendous monetary savings for the cattle industry.

In 2011 and 2012, TNG were stars of the global business plan competition circuit. They won four of five competitions and were named 2011 Global Business Plan Champions.