ZWIJNAARDE, BELGIUM AND MADRID, SPAIN--(Marketwire - March 25, 2011) -
Devgen nv (Euronext Brussels: DEVG) and Cheminova signed an agreement for
distribution of Devgen's nematicide Devguard®in Spain, Italy, Greece and
Portugal, for use on vegetable crops cultivated in greenhouses. This is an
important market representing a significant proportion of the cultivation
of
high value vegetables crops in these countries for both local consumption
and
export. Few options remain for the growers to manage plant parasitic
nematodes
in these crops.
Devgen and Cheminova will work together throughout 2011 with growers and
stakeholders to prepare for the market launch as soon as necessary
approvals are
obtained. Last year, the EU commission added Devgen's nematicide to the
Directive 91/414/EC, upon Devgen's request. This is an important milestone
towards the review of the regulatory dossiers for Devguard® which Devgen
submitted in Spain, Italy and Greece. Initial approvals may hence be
expected
from 2011 onwards.
The agricultural sector has in recent years been faced with a shrinking
portfolio of nematicides and fumigants. The market uptake and validation of
Devgen's nematicides Devguard® and Enclosure® in other regions and
markets,
strengthens Devgen's confidence that its new nematicide will play a
significant
role in providing the farmer with a sustainable nematode management
solution.
Intensive trialling over the past years in commercial environments in
Europe has
proven the efficacy and superior environmental profile of Devguard® in a
wide
range of vegetable crops and situations. Devguard's efficacy, its superior
environmental profile, and the fact that it has no negative effect on bees
and
beneficial predators, are key differentiators versus other products in the
market.
"Devgen is pleased to provide the producers of vegetables in greenhouses in
South Europe, via Cheminova's established and extensive distribution
channel,
with a new cost effective nematode management solution" says Devgen's CEO,
Thierry Bogaert "Both companies furthermore share strong Corporate Social
Responsibility visions and policies. "
"Nematodes cause significant crop loss for many growers in Southern Europe
and
they are looking for effective yet safe and environmentally benign
solutions to
this problem. Devguard® offers such a solution and we at Cheminova look
forward to launching this novel and exciting nematicide through our strong
distribution set-up", explains Jaime Gomez-Arnau, CEO of Cheminova Agro
Spain
and President of Cheminova Europe Region.
About Cheminova
Cheminova is a global manufacturer and supplier of quality crop protection
and
crop nutrition products. Through in-house research and development and by
way of
in-licensing of products, Cheminova offers a wide range of products through
own
sales and marketing subsidiaries in more than 20 countries and through
distribution partners in most other countries. The annual turnover is
around
5.6 billion Danish Kroner or more than 750 million Euros. Cheminova employs
800
people at its primary site in Denmark and 1,200 outside Denmark. More
information about the company is available at www.cheminova.com.
About Devgen nv
Devgen's mission is to enable farmers to sustainably grow more food on less
land, with less inputs.
Devgen uses advanced biotechnology and molecular breeding technology to
make
high yielding seeds and crop protection solutions with a superior
environmental
profile.
Devgen brings this technology to the market in the world's major food and
feed
crops through two complementary strategies:
-- Licensing Devgen technology for use in corn, cotton and soy and
selected other crops in exchange for R&D funding, and milestone and
royalty payments.
-- Producing and selling its premium hybrid seeds in major field crops
such as rice, sunflower, sorghum, and pearl millet, in the Indian
subcontinent and South-East Asia.
In its Crop Protection unit, Devgen developed an agro-chemical product that
protects crops from damage by parasitic nematodes. This nematicide was
launched
in Turkey and in US.
Incorporated in 1997, Devgen has offices in Ghent (Belgium), and has
subsidiaries in Singapore, Hyderabad (India), General Santos (Philippines)
and
Delaware (US), totaling about 280 employees.
This press release may contain forward-looking statements containing the
words
"anticipates", "expects" , "intends", "plans", "estimates", "may" and
"continues" as well as similar expressions. Such forward looking statements
may
involve known and unknown risks, uncertainties and other factors which
might
cause the actual results, performance or achievements of Devgen to be
materially
different from any future results or achievements expressed or implied by
such
forward-looking statements. Factors that could cause or contribute to such
differences include, among others: agricultural risks and difficulties,
including weather factors, diseases and pests, the costs and requirements
of
regulatory compliance and the speed with which approvals are received;
public
acceptance of biotechnology products; political, economic and social
developments in countries where Devgen operates and other risks and factors
detailed in the company's most recent annual report.
These forward looking statements speak only as of the date of publication
of
this document. Devgen disclaims any obligation to update such forward
looking
statements in this document to reflect any change in its expectations,
conditions or circumstances on which such statement is based, unless
required by
law or regulation. This document does not constitute, or form part of, any
offer
or invitation to sell or issue, or any solicitation of any offer, to
purchase or
subscribe for any securities issued by Devgen nv.
PR ENG FINAL 25 03 11:
http://hugin.info/135721/R/1499966/435415.pdf
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Source: Devgen via Thomson Reuters ONE
[HUG#1499966]
