GENT-ZWIJNAARDE, BELGIUM--(Marketwire - May 08, 2009) -
Devgen’s (Euronext Brussels: DEVG) nematicide product obtained regulatory approval in the US and will be promoted under the brand name Enclosure®. First year sales will focus on Enclosure® usage in peanuts. The USDA has estimated the annual economic loss in peanuts caused by nematodes at 12%. Peanuts are an important global commodity with an average US annual production well above 4 billion pounds (about 1.8 billion kg) and a value of 800 million USD (EUR 600 million).
US peanut trials conducted by Devgen have demonstrated that the use of its nematicide reduces nematode damage and increases peanut quality and yield. In preparation for 2010 sales, Devgen is conducting large demonstration trials for growers, besides extra university/extension reference trials.
Enclosure® is based on the active ingredient Iprodione. The discovery of Iprodione for use as a nematicide (patent pending) was made through Devgen’s proprietary genomic-based crop protection technology. The product has been under development in multiple countries by Devgen for the past 5 years.
Thierry Bogaert, CEO of Devgen says: “Devgen is pleased to offer farmers a new solution to protect their crops from nematodes in an environment where the options to treat against this serious pest become more and more restricted.”
About Devgen
Devgen’s mission is to enable farmers to sustainably grow more food on less land, with less water, agrochemicals and labor.
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 S.E. Asia.
In its Crop Protection unit, Devgen develops a novel nematicide, an agro-chemical product that protects crops from damage by parasitic nematodes. Incorporated in 1997, Devgen has offices in Ghent (Belgium), Singapore, Hyderabad (India) and Delaware (US) and employs more than 200 people.
Enclosure® is a registered trademark of Devgen nv.
For technical and commercial information please contact:
Tom Hashman Tel: Office: 610-925-3400 Tom.Hashman@devgen.com
For investor related information please contact:
Thierry Bogaert, CEO Wim Goemaere, CFO Tel. +32 9 324.24.24 Tel. +32 9324.24.24 Thierry.Bogaert@devgen.com Wim.Goemaere@devgen.com
or visit: www.devgen.com
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. 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 satement is based, unless required by law or regulation.
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