New Brunswick, New Jersey
September 17, 2002
Senesco Technologies, Inc. ("Senesco" or the "Company")
(AMEX:SNT) announced today that it has signed a Development and
License Agreement with
Cal/West Seeds, which will enable the two companies to
incorporate Senesco's technology into the enhanced proprietary
alfalfa varieties being developed by Cal/West. The agreement
includes options for the development of various other forage
crops. The financial terms of the agreement were undisclosed.
According to the USDA, alfalfa is the fourth most widely grown
crop in the United States, behind only corn, wheat and soybeans.
It is a vital component of both the beef and dairy industries,
along with being a primary feed for all domesticated livestock.
There is no published value of harvested alfalfa hay, as it is
not consumed directly by people, but industry estimates put the
U.S. value at approximately $10 billion.
Bruce Galton, President and CEO of Senesco, stated, "This
agreement is a major accomplishment in Senesco's agricultural
commercialization strategy and it further validates our
technology in regulating cell death in plants. Cal/West is an
ideal licensing partner in the area of forage crops due to their
ability to incorporate our technology into their ongoing
research programs, coupled with their extensive worldwide sales
and marketing expertise."
"Adding Value through innovation in Research is a cornerstone of
our business. The Senesco technology presents a great
opportunity for us, the seed companies we serve as well as
alfalfa hay producers. Successful development and
commercialization of this technology is of primary importance to
our company," said Paul Frey, President/CEO Cal/West Seeds.
Cal/West Seeds officially came into being in January 1969,
resulting from a merger of Calapproved Seed Growers,
headquartered in Modesto, California, and Caladino Farm Seeds,
Inc. The company is one of the original private forage breeding
firms in the US. Today, Cal/West Seeds maintains a membership of
nearly 550 member growers, ranking it as the largest
member-owned seed production cooperative in the United States.
The company is headquartered in Woodland, California and is
headed up by a ten-member board of directors, composed of
member-growers and one outside director. For the past three and
a half decades, the company's major research efforts have
centered around the development and production of proprietary
alfalfa varieties for marketing to customers throughout the
world. Cal/West research and marketing efforts currently are
free-standing programs independent of any partnership or joint
ventures. The objectives of our research program remain
committed to meeting the customers' needs for improved germplasm
and to continue positioning for future growth.
Senesco takes its name from the scientific term for the aging of
cells: senescence. The Company has developed technology that
regulates the onset of cell death. Delaying cell breakdown in
plants extends the freshness of perishable produce (e.g.
flowers, fruits and vegetables) after harvesting and also
increases crop yields, plant size and resistance to
environmental stress. The Company believes that Senesco's
technology can be used to develop superior strains of crops by
delaying natural plant senescence and reducing the incidence of
premature senescence due to environmental stress. Senesco has
also begun to explore ways to trigger or delay cell death in
mammals (apoptosis) to determine the extent to which the
technology may be applicable in human medicine. Senesco partners
with leading-edge companies and earns research and development
fees for applying its gene-regulating platform technology to
enhance its partner's products. Senesco is headquartered in New
Brunswick, New Jersey, and has research laboratories at the
University of Waterloo in Ontario, Canada.
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