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Zwijnaarde, Belgium
March 31, 2009
Devgen (Euronext Brussels: DEVG) today announced that it
renewed its R&D agreement with
Sumitomo
Chemical Company Limited for a 3 year term. Under multiple
agreements between 2001 and 2008, both companies conducted
research on discovery of new agrochemicals. Under the terms of
this new agreement, Devgen will receive funding for its research
activities and is eligible for royalties.
"We are satisfied with the outcome of the collaborative research
with Devgen which we have conducted since 2001. We believe that
the renewal of the collaboration would highly contribute to
enhance the probability for finding a unique and safer active
ingredient," said Sumitomo Chemical's Senior Executive Managing
Officer, Kenjiro Fukubayashi.
"This renewal of our relation follows the successful track we
have jointly followed since 2001. We are very pleased to have
the opportunity to continue to apply Devgen technology to
contribute to Sumitomo's discovery and development of
agrochemical compounds." said Devgen's CEO, Dr. Thierry Bogaert.
About Sumitomo
Sumitomo Chemical is one of Japan's leading chemical companies,
offering a diverse range of products in the fields of basic
chemicals, petrochemicals, fine chemicals, IT-related chemicals
and materials, agricultural chemicals, and pharmaceuticals. With
annual sales of USD 19 billion (Yen 1,900 billion), it seeks to
be a global leader in the chemical industry in the 21st century.
Life science is one of the three priority areas that Sumitomo
Chemical has identified for achieving sustained growth.
About Devgen
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:
- In Corn, Cotton and Soy the company secured market access
through licensing deals, in exchange for R&D funding, milestones
and royalties.
- In rice, sunflower, sorghum, and pearl millet, all major field
crops, Devgen is a provider of premium hybrid seeds, with
operations encompassing biotech R&D, advanced breeding
technologies, seed production, and marketing in the Indian
subcontinent and S.E. Asia.
In its Crop Protection unit, Devgen develops a novel nematicide,
an agro-chemical product that protects crops from damage by
parasitic nematodes.
Incorporated in 1997, Devgen has offices in Ghent (Belgium),
Singapore, Hyderabad (India) and Delaware (US) and employs more
than 200 people worldwide. Devgen is listed on Euronext Brussels
(ticker: DEVG) since June 2005.
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