Zwijnaarde, Belgium
May 10, 2007
Devgen NV (Euronext Brussels: DEVG), a leading European
biotechnology company, today provided a business update
highlighting progress with its portfolio of programs and some
key financials.
In particular, Devgen today announced the results of exploratory
trials with its nematicide product under development in banana
plantations. The observed improvement in plant growth and
"vigor"*, justifies a full fledged initiation of a development
program on bananas, expanding the commercial opportunity for
Devgen's nematicides. During the trials banana plants were
treated with Devgen's product and another commercial available
product as a standard.
Yesterday the company announced progress in its inflammatory
programs at the occasion of the Bio International conference in
Boston.
Commenting on these announcements, Dr. Thierry Bogaert, CEO of
Devgen, said: '" I'm happy to report that we are making good
progress both with our agro chemical nematicide program and our
inflammation programs, which bodes well to achieve the overall
milestones which we announced for 2007.
Devgen is an innovator in biotechnology focused on
discovering, developing and commercializing:
- a novel generation of biotech products to protect a wide
spectrum of crops from damage incurred from pests;
- innovative hybrid rice germplasm and traits focused on Indian
farmers needs
- safer and more environmentally friendly agro-chemical products
to protect crops from damage inflicted by plant parasitic
nematodes;
- novel therapeutic concepts and preclinical drug candidates for
treatment of metabolic disease (diabetes, obesity), inflammation
and arrhythmia.
Each of these solutions is developed on a platform of in-house
designed research, development programs and technologies. Devgen
has partnerships with industry leaders in biotechnology and agro
chemistry. Incorporated in 1997, Devgen has offices in Ghent
(Belgium), Singapore and Hyderabad (India), with a total work
force of about 100 people. For more information on Devgen visit
the company's web site
www.devgen.com.
* Vigor: measurement for growth
of stem and leaves
[1] Including restricted cash of € 1.96 million per 31.12.06 and
€ 1.82 million per 31.12.07 |
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