Pittsburgh, Pennsylvania and St.
Louis, Missouri
December 12, 2007
Plant Health Care Inc, a
wholly-owned subsidiary of
Plant Health Care plc
(AIM: PHC), and Monsanto
Company (NYSE: MON) have entered into an agreement to
evaluate, develop and commercialize applications of Plant Health
Care’s Harpin-based technology.
Plant Health Care’s Harpin seed technology is aimed at
suppressing nematodes in crop settings. Under the
agreement, Plant Health Care will grant Monsanto certain
exclusive rights to applications of its Harpin technology. In
return Plant Health Care will receive an undisclosed upfront
payment, plus a milestone payment dependent upon the progress of
the development of the technology over the next twelve months.
Once evaluations are complete, the companies estimate that the
products could be available to farmers by
the end of the decade. At the time of commercialization, Plant
Health Care will also receive a royalty payment based on the
acreage for which the Harpin technology is supplied. Additional
terms of the agreement were not disclosed at this time.
John Brady, CEO of Plant Health Care, noted: “This agreement
represents a significant step forward in the
development of our company and provides an ideal first platform
for the Harpin technology. This agreement with Monsanto
validates the confidence that our Board has in the Harpin
technology which we only acquired earlier this year.”
Monsanto Company is a leading global provider of
technology-based solutions and agricultural products that
improve farm productivity and food quality.
Plant Health Care plc (“PHC”) is a leading provider of natural
products for plants and soil. Established in 1995 in Pittsburgh
(Pennsylvania) in the United States, PHC currently has
approximately 70 employees and has operations in the United
States, Mexico, the United Kingdom, Spain, and the Netherlands.
The Company listed on the AIM market of the London Stock
Exchange in July 2004. Ticker symbol is PHC. PHC’s products are
aimed at the landscape, agriculture and land reclamation
industries and are environmentally beneficial. Through the
commercialization of these products, PHC is capitalizing on
current long-term trends toward natural systems and biological
products for plant care and soil and water
management.
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