Plant Health Care PLC
12 December 2007
PLANT HEALTH CARE PLC
('Plant Health Care' or 'the Company')
Plant Health Care and Monsanto sign agreement for the development and
commercialization of Harpin Technology
Plant Health Care Inc, a wholly-owned subsidiary of Plant Health Care plc (AIM:
PHC), and Monsanto Company (NYSE: MON) have entered into an agreement to
evaluate, develop and commercialize applications of Plant Health Care's
Harpin-based technology.
Plant Health Care's Harpin seed technology is aimed at suppressing nematodes in
crop settings. Under the agreement, Plant Health Care will grant Monsanto
certain exclusive rights to applications of its Harpin technology. In return
Plant Health Care will receive an undisclosed upfront payment, plus a milestone
payment dependent upon the progress of the development of the technology over
the next twelve months.
Once evaluations are complete, the companies estimate that the products could be
available to farmers by the end of the decade. At the time of commercialization,
Plant Health Care will also receive a royalty payment based on the acreage for
which the Harpin technology is supplied. Additional terms of the agreement were
not disclosed at this time.
John Brady, CEO of Plant Health Care, noted: 'This agreement represents a
significant step forward in the development of our company and provides an ideal
first platform for the Harpin technology. This agreement with Monsanto validates
the confidence that our Board has in the Harpin technology which we only
acquired earlier this year.'
About Monsanto Company
Monsanto Company is a leading global provider of technology-based solutions and
agricultural products that improve farm productivity and food quality. For more
information, please visit the company's web site at www.monsanto.com.
About Plant Health Care plc
Plant Health Care plc ('PHC') is a leading provider of natural products for
plants and soil. Established in 1995 in Pittsburgh (Pennsylvania) in the United
States, PHC currently has approximately 70 employees and has operations in the
United States, Mexico, the United Kingdom, Spain, and the Netherlands. The
Company listed on the AIM market of the London Stock Exchange in July 2004.
Ticker symbol is PHC.
PHC's products are aimed at the landscape, agriculture and land reclamation
industries and are environmentally beneficial. Through the commercialization of
these products, PHC is capitalizing on current long-term trends toward natural
systems and biological products for plant care and soil and water management.
Further information is available at: www.planthealthcare.com.
This release contains 'forward-looking statements' which reflect the companies'
current expectations about future performance. These forward-looking statements
rely on a number of assumptions and estimates which could be inaccurate and
which are subject to risks and uncertainties. Actual results could vary
materially from those anticipated or expressed in any forward-looking statement
made by the companies due to a number of factors, including without limitation
technological uncertainties facing the companies, continued competition in the
companies' businesses; the companies' exposure to various contingencies,
including those related to intellectual property protection, regulatory
compliance and the speed with which approvals are received, and public
acceptance of biotechnology products; the success of the companies' research and
development activities; compliance with regulations affecting manufacturing; and
the effect of weather conditions, natural disasters and accidents on the
agriculture business or facilities. Additional risks factors related to Monsanto
are detailed in Monsanto's periodic filings with the SEC. Undue reliance should
not be placed on these forward-looking statements, which are current only as of
the date of this release. The companies disclaim any current intention or
obligation to update any forward-looking statements or any of the factors that
may affect actual results.
For further information, please contact
Plant Health Care plc Monsanto Company
John Brady, Chief Executive Officer Lee Quarles,
Tel: +1-603-525-3702 Tel: +1-314-694-2330
jabrady@planthealthcare.com lee.quarles@monsanto.com
Evolution Securities
Tim Worlledge/Tim Redfern, Danielle Jany,
Tel: +44-20-7071-4300 Tel: +1-314-694-2478
tim.worlledge@evosecuties.com / danielle.c.jany@monsanto.com
tim.redfern@evosecuties.com
Tavistock Communications
Jeremy Carey/Matt Ridsdale/Simon Compton
Tel: +44-20-7920-3150
jcarey@tavistock.co.uk /
mridsdale@tavistock.co.uk
scompton@tavistock.co.uk
John Brady, CEO of Plant Health Care, will be hosting a conference call for
analysts at 10.00am UK time.If you would like to participate in the call,
please contact Tavistock Communications, details above.
This information is provided by RNS
The company news service from the London Stock Exchange
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