You're right, Karl. If so much as one compound succeeds they will be tremendously successful. The science of carbohydrates will never be the same. Here's the news:
Initial Focus on New Agricultural Fungicide
CAMBRIDGE, Mass., April 29 /PRNewswire/ -- Agricultural Glycosystems, Inc.
(AGI), a subsidiary of IGG International, Inc.
(NASD OTC Bulletin Board: IGGI), today announced that it has signed an
exclusive, worldwide licensing agreement with Agrogene Ltd. to commercialize
carbohydrate compounds derived from a collection of natural carbohydrates
identified and patented by Agrogene Ltd. Agrogene Ltd. is an Israeli based
biotechnology company specializing in products for agriculture. The
carbohydrates have been extracted from an undisclosed, exotic plant that has
very unique resistance and defense attributes. The first compound,
AGI-04-106, has shown in field and greenhouse studies an ability to kill a
broad range of fungi on plants.
"These unique and natural carbohydrate structures could have very broad
agricultural and therapeutic applications," stated Bradley J. Carver,
President of IGGI and Agricultural Glycosystems, Inc. "Our initial focus is
to continue field testing of AGI-04-106 for use as a natural, non-toxic
fungicide to complement our lead agricultural compound, Elexa. Additional
applications will be evaluated as we isolate the active regions of these
complex carbohydrates utilizing our 'rational degradation' technology."
Management noted that Elexa is a naturally-derived carbohydrate compound
that has shown in field and greenhouse studies a unique ability to build up
plants resistance to many types of fungi. AGI-04-106, on the other hand, has
demonstrated that it directly kills fungi on crops. The combination or
successive application of these natural compounds could prove to be an
effective weapon against crop fungus. Both compounds have very low toxicity
profiles resulting in minimal impact on the environment. The current
worldwide market for fungicides is estimated at approximately $5.4 billion
with the United States accounting for over 24 percent.
"We are excited to be working with IGGI and Agricultural Glycosystems
(AGI) in advancing our twenty years of research with these unique carbohydrate
structures," stated Dr. Yigal Choen, the Chief Scientist of Agrogene Ltd.
"IGGI and AGI have the technological expertise in carbohydrate-based molecules
to rapidly develop and commercialize our technology."
Greenhouse and field trials on AGI-04-106 demonstrated that it can
effectively control fungus on crops including: Oomycetes, Ascomycetes,
Basidiomycetes and Fungi imperfecti classes including but not limited to;
Phytophthora infestans, Pseudoperonospora cubensis, Plasmopara viticola,
Sphaerotheca fuligines, Cladosporium cucumeriunm, Erysiphe graminis, Uromyces
appendiculatus and Botrytis cinerea. Crops tested include grapevines, tomato,
wheat, barley, tobacco, potato, onion, cucurbits, bean and crucifer. The
Company plans to begin the EPA registration process of AGI-04-106 in late
1997.
"Agrogene's technology fits our SafeScience(TM) approach to product
development for agriculture." said Richard Salter, Vice President for
Corporate Development of IGGI. "Our goal is to develop a broad range of
products that are safer for humans and the environment."
IGG International, Inc. is a biotechnology company focused on developing
complex carbohydrate compounds, derived from naturally occurring substances,
for pharmaceutical and agricultural applications. IGGI has two wholly-owned
operating subsidiaries: International Gene Group, Inc. and Agricultural
Glycosystems, Inc.
Any statements contained in this release that relate to future plans,
events or performance are forward-looking statements that involve risks and
uncertainties, including, but not limited to, risks of product nonapproval or
delays by the EPA or foreign regulatory authorities, product development and
market acceptance risks, the impact of competitive products and pricing, the
results of current and future licensing and other collaborative relationships,
the results of financing efforts, developments regarding intellectual property
rights and litigation, and other risks identified in the Company's Securities
and Exchange Commission filings. Actual results, events or performance may
differ materially. Readers are cautioned not to place undo reliance on these
forward-looking statements, which speak only as the date hereof. The Company
undertakes no obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
SOURCE Agricultural Glycosystems, Inc.
CONTACT: Richard Salter, V.P., Corporate Development of IGG
International, Inc., 617-621-3133, or Doug MacDougall of Feinstein Partners
Inc., 617-577-8110 |
