Error connecting a visual studio .NET "app" and PostgreSQL

ODBC Driver Version: 07_03_0200
PostgreSQL 8.0
SO: Windows XP with Service Pack 2
Visual Studio .NET with Framework 1.1

Hi, this is my visual basic code, very very simple, i'm first trying
to connect with the database, no success at this moment.

        Dim cadenaConexion =
"Driver={postgresql};Server=(localhost:5432);Database=libroteca;Uid=tapanez;Pwd=****;"
        Dim conexion As Microsoft.Data.Odbc.OdbcConnection = New
OdbcConnection(cadenaConexion)
        Dim comando As String = "INSERT INTO LIB_AUTORES VALUES (2,
'Ken Follet')"
        Dim cmd As Microsoft.Data.Odbc.OdbcCommand = New
OdbcCommand(comando, conexion)
        Try
            MsgBox("Abriendo conexion")
            cmd.Connection.Open()
            Console.WriteLine("Abriendo conexion2")
            cmd.ExecuteNonQuery()
            cmd.Connection.Close()
        Catch ex As Exception
            MsgBox(ex.ToString)
        End Try