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Groundwork BioAg signs license agreement with the Agricultural Research Organization's (ARO's) Volcani Center. for exclusive rights to mycorrhiza - Company to bring mycorrhizal inoculants to mainstream agriculture leveraging unique production technology


Moshav Mazor, Israel
January 13th, 2015

Groundwork BioAg Ltd., a bioagriculture company, has announced the signing of a globally exclusive license agreement to develop, produce and commercialize mycorrhizal strains isolated and bred at the Agricultural Research Organization's (ARO's) Volcani Center. The agreement also includes exclusive rights to proprietary production methods that were developed at the Center over the last two decades.

Mycorrhiza refers to a naturally-occurring symbiotic relationship between fungi and plants. These “good” fungi effectively extend plants’ root systems and increase their ability to absorb nutrients in the soil. Numerous crops, including small grains, require the presence of mycorrhizal fungi in order to grow to their full potential. When applied to agricultural crops, Groundwork’s mycorrhizal inoculants significantly increase yields while reducing fertilizer requirements, and can also repel several soil-borne pathogens, such as pythium and fusarium. Controlled field trials conducted by Groundwork and by ARO have demonstrated double-digit yield increases in several crops, including corn, bell pepper, sunflower and banana. Groundwork's mycorrhizal inoculants are highly concentrated, pure and vigorous, and thus able to reach efficacy rates that are sufficient for mainstream agricultural products.

Prof. Yoram Kapulnik, the center’s Executive Director and world-renowned mycorrhiza expert, stated, “We are very pleased to have consummated this transaction. Groundwork is the commercial culmination of over twenty years of research and development conducted here at the Volcani Center. I am proud to chair Groundwork’s Scientific Advisory Board. Groundwork’s success is our success”. Jack Levy, Partner at ICV, states, “Groundwork poses a compelling investment opportunity, because they have effectively bypassed the long and expensive growth curve of a typical agrobiotech venture, by licensing a mature technology to produce a unique product with sustainable competitive advantage”. Dr. Yossi Kofman, Groundwork’s CEO, adds, “Mycorrhizal fungi have been known to improve crop yields and to repel soil-borne pathogens for decades. Such products have thus far been limited to niche markets, however, due to the challenges in producing mycorrhizal inoculants in high concentration. With ARO’s technology, Groundwork is set to change this paradigm and to bring mycorrhiza to mainstream agriculture”.

About Groundwork BioAg Ltd.:
Groundwork BioAg Ltd. develops, produces and commercializes mycorrhizal inoculants for mainstream agriculture. Mycorrhizal fungi form symbiotic relationships with plants. They extend the root system and help plants absorb nutrients in the soil. This increases plant yields while applying less fertilizer. In addition, mycorrhizae repel certain soil-borne pathogens, e.g. pythium and fusarium. Groundwork's family of myocrrhizal inoculant products are highly concentrated, making them the first such products that are effective enough to be relevant to mainstream agriculture. The company is currently earning initial revenues in several countries. For more information, please visit www.groundworkbioag.com.

About Agricultural Research Organization (ARO):
The Agricultural Research Organization (ARO) is part of the Israeli Ministry of Agriculture and Rural Development. The organization is responsible for most of the agricultural research conducted in Israel. This research aims to improve existing agricultural production systems and to introduce new products, processes and equipment, thereby ensuring the basis of Israel's future agriculture. The ARO has an extensive research infrastructure that supports both basic and applied research, conducted by more than 200 Ph.D. scientists and 300 engineers and technicians. Numerous breeds, methods and technologies have been developed at ARO and successfully transferred to commercial markets in the form of private and public agritech companies. For more information, please visit www.agri.gov.il

About ICV:
Established in 2006, ICV is the leading venture capital firm dedicated to partnering with exceptional entrepreneurs in Israel building businesses that leverage technology to enhance sustainability. ICV currently manages over $150M in two funds and has completed 20 investments. ICV funds are backed by leading institutional investors, multinational corporations and family offices in Europe, the US and Israel. For more information, please visit www.icv.vc.



More news from:
    . Groundwork BioAg Ltd.
    . Volcani Center / Agricultural Research Organization


Website: http://groundworkbioag.com/

Published: January 18, 2015

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