Devgen NV Appoints Cheminova as Distributor in Southern Europe for its Nematicide Devguard(R)
Published: Mar 25, 2011
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.
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:
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Devgen via Thomson Reuters ONE
For more information please contact:
President Region EU
Tel. + 34 91 553 01 04
Vice-President Region EU
Tel. + 34 91 553 01 04
or visit: www.cheminova.com
Tel. +32 9 324 24 24
Tel. +32 9 324 24 24
Or visit: www.devgen.com