La Jolla, California
January 18, 2000

Akkadix Corporation, an international agricultural discovery company, and The Philippine Rice Research Institute (PhilRice) today announced the formation of a research collaboration for gene discovery in rice. Under the terms of the collaboration agreement, Akkadix and PhilRice will each employ their technologies to develop targeted traits in Rice. Akkadix will also provide research funding to PhilRice, and has agreed to provide training and transfer certain designated technologies to PhilRice on a non-exclusive basis. Developments arising under the program will be available to Akkadix on a worldwide basis and to PhilRice for use in the Philippines.

The Philippine Rice Research Institute, based in Munoz, Nueva Ecija, Philippines, is an attached agency of the Philippine Department of Agriculture. The agency is mandated to develop and implement a national rice research and development program. PhilRice implements 8 programs for rice crop improvement, including programs for rice-based farming systems, hybrid rice, rice technology promotion and development, and rice policy research and advocacy. The institutes biotechnology research strategy, which is embedded into its 8 programs, is conducted to derive as much benefit as possible from biotechnological laboratories around the world and to concentrate its activities on areas of special interest to the Philippines. PhilRice also collaborates with national rice research institutes in Asian countries, including Japan, China, Vietnam and India. PhilRice is fully supported by the Philippine government with external grants from the Rockefeller Foundation, Japan International Collaborative Agency, Food and Agriculture Org., and the Asian Development Bank, among others.

Akkadix’s Chief Technical Officer, Dr. Leo Kim, stated "PhilRice has developed a substantial biotechnology competency in rice in support of its rice varietal improvement program for the Philippines. The combination of that competency with the platform technologies and other assets of Akkadix is expected to yield significant results at a relatively early stage in the collaboration."

Gary Richardson, Akkadix’s President and Chief Operating Officer noted that Akkadix is very pleased to be associated with PhilRice: "This collaboration is consistent with Akkadix’s strategy to develop networks of relationships with leading research organizations and scientists around the globe, and its philosophy to enter into agreements which are beneficial to both parties."

Akkadix Corporation was formed by the merger of Xyris Corporation with Global Agro, Inc. in September of 1999. The merger of the two companies integrated the genomics, structural biology, combinatorial chemistry, and high throughput screening of Xyris with the proprietary plant genes and germplasm of Global Agro. Equity funding for Akkadix Corporation has come from venture capital investments by Bay City Capital Fund I, L.P, North American Nutrition and Agribusiness Fund, L.P. (which is also managed by Bay City Capital, LLC.) and the Missouri Soybean Merchandising Counsel, and corporate investments by AgriBioTech, Inc and Forage Genetics, Inc.

Akkadix Corporation is a global agricultural biotechnology company that uses gene discovery, functional genomics, bioinformatics, combinatorial chemistry and other acquired technologies for the discovery of novel plant traits which improve health and safety, increase production, lower costs, help preserve the environment and create new opportunities for crop production.