North Ryde, New South Wales,
Australia and Monheim, Germany
July 3, 2008
Key points:
- Plan to commercialize
WheatRite® test in 2008
- Initiating second project
linked to food safety in wheat and other crops
Proteome Systems
Limited (ASX Code: PXL) announced that it has awarded an
exclusive license to
Bayer CropScience AG for the use of PXL’s DiagnostIQ™ test
device for innovative applications in two defined agricultural
fields. Bayer CropScience will also collaborate exclusively with
PXL in the development and evaluation of new products in the
fields encompassed by the license agreement. Under the terms of
the license agreement, the company has commercialisation rights
to all products that it develops in partnership with PXL.
Proteome Systems will receive payment for product development,
an annual license fee for each field, and ongoing royalties on
net sales of products.
The first product developed in collaboration between PXL and
Bayer CropScience is the WheatRite® Testing Kit. WheatRite® is a
rapid quality assurance test that can be completed in 3 minutes
and enables growers to make an on-farm assessment of the extent
of rain damage to enable separation of sound grain from damaged
grain.
Bayer CropScience is developing plans to launch the WheatRite®
Test in Canada later this calendar year. Canada produces
approximately 5% of annual global wheat production and is well
suited for introduction of the WheatRite® test as it has a
centralised wheat board, a high level of on-farm storage and
offers strong product differentiation for wheat export. The
WheatRite® Test will subsequently be marketed in other developed
wheat producing markets such as Europe, the USA and Australia.
PXL is developing a reader that will allow quantitative
measurement using DiagnostIQ™. Bayer CropScience will purchase
this reader and the associated software from PXL for all
products developed on the DiagnostIQ™ platform under the license
agreement, including WheatRite®.
Bayer CropScience has already identified a second project
covered by the license agreement. This new diagnostic test will
be used to further satisfy the need of the market for
easy-to-use diagnostic tools that will assist adherence to food
safety legislation. It is intended that this product will be in
market within 2 years.
As an innovation leader in the crop protection industry Bayer
CropScience develops new products and sustainable solutions
which help safeguard harvests and yields in order to meet the
growing demand for high quality food and feed, fibre and energy
crops. In its wish to best meet the needs of each customer Bayer
CropScience aims to offer both a strong and well-balanced
portfolio of products and services. In this context agricultural
diagnostics is seen as a valuable tool to be offered to ensure
high quality food supply.
“We are delighted that, based on the successful development of
our first test kit, WheatRite®, Bayer has committed to a second
innovative application for our DiagnostIQ™ platform” said Dr
Jenny Harry, CEO of Proteome Systems. “We look forward to
further expanding our relationship with Bayer CropScience with
the development of multiple products in each of these fields.”
Bayer is a global research-based and growth-oriented
enterprise with core competencies in the fields of health care,
nutrition and high-tech materials. Bayer CropScience AG, a
subsidiary of Bayer AG with annual sales of about EUR 5.8
billion (2007), is one of the world’s leading innovative crop
science companies in the areas of crop protection,
non-agricultural pest control, seeds and plant biotechnology.
The company offers an outstanding range of products and
extensive service backup for modern, sustainable agriculture and
for non-agricultural applications. Bayer Crop¬Science has a
global workforce of about 17,800 and is represented in more than
120 countries. This and further news is available at:
Proteome Systems Limited [ASX:PXL] is an Australian based
biotechnology company that has extensive expertise in
discovering biomarkers of disease and in diagnostic test
development. Its current focus is on clinical and agricultural
applications where there are large global markets and an unmet
need for diagnostics.
Proteome Systems offers commercial partners a clear marketing
advantage through its expertise in the development of novel,
point-of-need diagnostic tests based on its proprietary test
platform, DiagnostIQ™. It has the capability to work across the
entire spectrum of diagnostic test development – from
identification and isolation of biomarkers, through
point-of-need test design, clinical development or field testing
to final product.
A collaboration and licensing deal has been entered with BD to
exploit PXL’s biomarkers for the development of new TB
diagnostic products. In building its pipeline for clinical
diagnostic products Proteome Systems will select
commercialisation partners at the most appropriate stage for
each product, and will continue to be opportunistic in licensing
its point of care test for other areas.
Other news
from Bayer
CropScience AG |
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