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To: david cameron who wrote (6689)	12/30/1998 9:16:00 AM
From: John Hensley	Read Replies (2) \| Respond to of 8359

News: HENDERSON, Nev.--(BUSINESS WIRE)--Dec. 30, 1998-- Deal Brings the Largest Cool-Season Turfgrass and Forage Seed Company Together with Kimeragen's Precise Genetic Modification Technology to Develop New Turf and Forage Varieties Kimeragen Inc. and AgriBioTech Inc. (Nasdaq NM:ABTX.O) (ABT) Wednesday announced that they have entered into an exclusive collaboration to develop turfgrass and forage seed products using Kimeragen's enabling technology platform, "chimeraplasty," that allows for the development of improved varieties with new desirable traits. Chimeraplasty is referred to as "precise genetic surgery" because specific genes are selectively modified without affecting the rest of the genome or altering normal protein expression and cell function. Kimeragen's enabling technology platform, chimeraplasty, allows specific repair or replacement of small segments of genes. Chimeraplasty is applicable to plants, animals, bacteria and human cells. When used in clinical applications, this molecule is packaged with a delivery system and then is administered into the subject and ultimately the chimeraplast binds selectively to the portion of the target gene to be modified. Once bound, chimeraplasty activates the recipient's own gene-correcting mechanism, which mediates the gene change. For plants, the chimeraplast enters a plant cell, makes the desired genetic change, and the modified cell is then grown into a full plant that contains the new trait, which is passed to the next generation through the seed. ABT will have exclusive rights to Kimeragen's technology for all forage and turfgrass species, subject to two prior non-exclusive licenses. Earlier, ABT announced acquiring a research license to "whiskers" transformation technology from Garst Seed Co. (Advanta), an agreement that gives the company, at its option, the opportunity to acquire a commercialization license for products developed with this technology. The whiskers technology can be used to deliver "chimeraplasts" into target plant cells. "This new Kimeragen technology, which can be used to selectively inactivate genes or to introduce targeted mutations to alter gene function, provides us with an additional and important tool for developing new products with unique and valuable traits," said Dr. Tom Rice, ABT vice president, director of research, "and it expands and strengthens our biotechnology capabilities and options." "We are pleased that the largest cool-season turfgrass and forage seed company will be applying our unique and proprietary technology in their seed sector," said Gerald L. Messerschmidt, M.D., president and chief executive officer of Kimeragen. "We look forward to working with ABT to develop important new products in this area so that turfgrass and forage seed users can enjoy the benefits of our highly selective technology for introducing targeted genetic changes." Kimeragen, a privately held company with headquarters in Newtown, Pa., is engaged in the discovery, development and marketing of unique products for human health, plant and animal/veterinary applications. The company is developing chimeraplasty as an enabling technology for three distinct business areas: pharmaceuticals to repair genetic abnormalities implicated in a broad array of human diseases; plants and industrial products to enhance genetic traits in plants; genomic and transgenic animal technologies aimed at developing higher value applications and products for human health and veterinary care. Kimeragen plans to commercialize many of those applications through partnerships with global leaders in these fields. AgriBioTech is a fully integrated full service seed company specializing in the forage and turfgrass seed sector, complete with research and development of proprietary seed varieties, seed processing plants, and a national and international distribution and sales network. The company has completed 33 acquisitions since Jan. 1, 1995 and is the largest forage and cool-season turfgrass seed company in the world, with a current level of annualized net sales of approximately $475 million, including the previously announced pending acquisitions of the alfalfa business and international sorghum units of AgriPro Seeds Inc., Moore Seed Processors and Production Plus+, which have annualized net sales aggregating approximately $35 million. The statements discussed in this news release include forward-looking statements that involve a number of risks and uncertainties. These include AgriBioTech's historical lack of profitability, need to manage its growth, intense competition in the seed industry, seasonality of quarterly results, weather conditions, volatile stock price and other risks detailed from time to time in the company's Securities and Exchange Commission reports.