Senesco Technolgoies, Inc. announced today that it has entered into a joint venture agreement with Rahan Meristem, an agricultural biotechnology company located in Western Galilee, Israel, which specializes in genetically engineered plant propagation (the “Joint Venture”).

The purpose of the Joint Venture is to develop genetically altered banana plants which will result in a “longer shelf life” banana. Rahan Meristem currently accounts for approximately 10% of the worldwide export of banana seedlings.

Senesco, by way of an exclusive worldwide license to the Joint Venture, limited to banana plants, will make available its lipase gene technology, and Rahan Meristem will make available its know-how with respect to banana plants. The Joint Venture will be owned 50% by the Company and 50% by Rahan Meristem.

“Rahan Meristem’s reputation and worldwide market presence makes them an ideal partner,” said Phillip Escaravage, Chairman and COO of Senesco. “Our revolutionary technology is a perfect fit with their expertise in banana development.”

Senesco is an agrobiotechnology company developing technology to prolong shelf life in produce. The Company is based in Princeton, New Jersey.

Company news release
N2158