License Agreement
03 Dezember 2009 - 8:00AM
UK Regulatory
TIDMFGN
RNS Number : 5027D
Futuragene PLC
03 December 2009
FUTURAGENE PLC
Bayer CropScience and FuturaGene sign license agreement for drought tolerance
technology in cotton
3 December 2009. FuturaGene PLC ("FuturaGene", or the "the Group", AIM: FGN) and
Bayer CropScience have entered into a license agreement for a drought
tolerance technology.The agreement grants Bayer CropScience exclusive worldwide
rights to utilize a FuturaGene drought tolerance technology in cotton.
FuturaGene will receive an upfront license fee, followed by development
milestone payments and trait royalties on sales of cotton seeds incorporating
this technology. Further financial details were not disclosed.
The technology licensed to Bayer is intended to protect the yield of the plant
when it is subjected to drought. Drought is one of the principal environmental
limits of crop yield as it hampers the cultivation of crops on more than 40
percent of the earth's land surface, posing a serious threat to global
agricultural production and food supplies.
Dr. Linda Trolinder, Global Cotton R & D Manager in the BioScience business
group of Bayer CropScience, said:
"We're pleased to be working with FuturaGene as a partner in developing next
generation drought tolerance in cotton. Their technology fits well with our
strategy to explore multiple approaches to drought tolerance in order to bring
the most effective, high-performance trait solutions to market to help farmers
tackle this global challenge."
Dr Stanley Hirsch, FuturaGene Chief Executive, added:
"Combining our drought tolerance technology with Bayer's development and
marketing capabilities creates a huge benefit for both companies as well as to
farmers. This important agreement fits precisely with our development strategy -
to focus on poplar and eucalyptus for the paper and pulp and biomass markets
whilst licensing our leading gene technologies to global operators for other
crops."
Enquiries
+------------------------------------+--------------------------------------+
| FuturaGene Plc | |
+------------------------------------+--------------------------------------+
| Mark Pritchard, Chairman | +44 (0) 7802 827 846 |
+------------------------------------+--------------------------------------+
| Dr. Stanley Hirsch, Chief | +972 544 56 2724 |
| Executive | |
+------------------------------------+--------------------------------------+
| | |
+------------------------------------+--------------------------------------+
| Evolution Securities | |
+------------------------------------+--------------------------------------+
| Neil Elliot | +44 (0) 20 7071 4300 |
+------------------------------------+--------------------------------------+
| | |
+------------------------------------+--------------------------------------+
| College Hill | |
+------------------------------------+--------------------------------------+
| Adrian Duffield/Rozi Morris | + 44 20 7457 2020 |
+------------------------------------+--------------------------------------+
| | |
+------------------------------------+--------------------------------------+
| Bayer CropScience | |
+------------------------------------+--------------------------------------+
| Richard Breum | +49 2173 38-3270 |
+------------------------------------+--------------------------------------+
About Futuragene PLC
FuturaGene is a leader in plant genetic research and development for the global
forestry, biofuel, and agricultural markets. The Group develops sustainable,
ecologically sound technology to meet the ever increasing demands for fiber,
fuel and food crops in the face of declining and deteriorating land and water
resources. FuturaGene aims to be the leading crop technology company for
biomass, second generation biofuel and biopower, through two main technology
platforms: Cell Wall Modification, which helps crops grow faster, enhancing
yield and processability; and Abiotic Stress Tolerance which enables plants to
grow in harsh, dry, salty environments or protects yield when plants are
stressed by these factors. The Group's most advanced technologies are for yield
improvement in sustainable industrial forestry. The Group has established broad
applications of its technology in key crops including eucalyptus, poplar,
alfalfa and corn. Further information is available at www.futuragene.com.
About Bayer CropScience
Bayer is a global enterprise with core competencies in the fields of health
care, nutrition and high-tech materials. Bayer CropScience AG, a subsidiary of
Bayer AG with annual sales of about EUR 6.4 billion (2008), is one of the
world's leading innovative crop science companies in the areas of crop
protection, non-agricultural pest control, seeds and plant biotechnology. The
company offers an outstanding range of products and extensive service backup for
modern, sustainable agriculture and for non-agricultural applications. Bayer
CropScience has a global workforce of more than 18,000 and is represented in
more than 120 countries. This and further news is available at:
www.press.bayercropscience.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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