19th Aug 2009 07:00
|
For immediate release |
19 August 2009 |
TYRATECH, INC.
("TyraTech" or "the Company")
New Partnership Agreement with ARYSTA LIFESCIENCE NORTH AMERICA, LLC
for AGRICULTURAL products IN THE US & CANADA
~ Expanded relationship for broader more rapid market introduction of proprietary TyraTech Natural products; first products filed with US regulatory authorities ~
TyraTech, Inc. (AIM: TYR), a leading independent novel eco-technology company for human, animal and environmental health, is pleased to announce that it has today signed a strategic partnership agreement (the "Agreement") with Arysta LifeScience North America, LLC ("Arysta"), a subsidiary of Arysta LifeScience Corporation, the world's largest privately held global agrochemical company, for the exclusive development and sales of designated products based on TyraTech Nature's Technology™ in the US and Canadian agricultural markets. This replaces the previous agreement signed with Arysta in 2006 which was limited to specific horticultural markets throughout the world.
The Agreement brings together Arysta's strong agricultural marketing organization with TyraTech's leading proprietary natural pesticide pipeline, resulting in a new presence for the multi-billion dollar agriculture, horticulture and professional turf pesticide markets. Under the Agreement, Arysta will have exclusive rights to develop, market and sell insecticide, nematicide and fungicide products exploiting the use of TyraTech Nature's Technology™ for the US and Canadian agricultural markets.
TyraTech will provide a pipeline of natural active ingredients that have been engineered using TyraTech's proprietary screening platform to deliver a unique level of potency against major agricultural pests combined with a strong safety profile for the environment and food crop use. These active ingredients will then be developed by Arysta into products for the control of target pests in a wide range of commercial agricultural and horticultural markets that include vegetables, plantation crops, row crops, specialty crops, ornamentals, and professional turf care.
Arysta will fund the development and registration of all products which can be broadly categorised into two groups. The first group will exclusively use TyraTech Nature's Technology™ active ingredients. The second group will be developed employing the TyraTech EXTEND™ system which will use a combination of TyraTech Nature's Technology™ active ingredients with synthetic active ingredients. All products will provide growers with exciting new options that provide the highest level of performance and safety with a lower than traditional synthetic chemical footprint.
The first of these products is in late stage development with regulatory packages submitted in the US, and is expected to be launched in the US in 2009. Development activities are underway on two additional products which are on track to be commercialised by the end of 2010.
Sales of pesticides at the grower level in the US and Canadian agricultural markets are estimated to be between US$13 and US$15 billion per annum. Insecticides, fungicides and nematicides account for approximately 45% of these total sales. Organic agriculture, although still developing, continues to grow at double digit rates as consumers demand quality, residue free foods.
The Agreement includes a supply agreement for TyraTech to provide the active ingredients and to receive a royalty on the sales achieved by Arysta, as well as an opportunity for a profit share in certain circumstances. In addition there is a two-stage exclusivity fee payable over the next 9 months.
Commenting on the announcement, Douglas Armstrong Ph.D., Chief Executive Officer of TyraTech, said: "This new expanded agreement with Arysta represents the development of a successful partnership which we have built up over the past three years. This is another strong and innovative step for TyraTech and our TyraTech Nature's Technology™ platform as we partner with Arysta to bring forward new proprietary product formats that exploit our safe, effective and natural pesticide technology. Arysta is an excellent partner enabling us to deliver the foundation of an expanded product portfolio to their existing customer base of professional and specialised growers and managers in the US and Canadian agriculture, horticulture, and professional turf markets. Our partnership with Arysta continues to support the TyraTech technology and strategy"
Also commenting on the Agreement, Bill Lewis, President and CEO of Arysta LifeScience North America, said: "Our expanded relationship with TyraTech will allow us to further our business strategy of proactively serving the needs of our customers by continually delivering products that meet the challenges of today's agriculture. Our customers have expressed a desire for natural and highly effective pest solutions and the TyraTech platform will assist us in meeting the demands of this growing market."
For further information please contact:
TyraTech Inc.
Douglas Armstrong Ph.D., Chief Executive Officer +1 (321) 409 7723
Keith Bigsby, Chief Financial Officer +1 (321) 409 7714
www.tyratech.com
Nomura Code Securities
Charles Walker/Clare Terlouw +44 (0)20 7776 1200
www.nomuracode.com
Buchanan Communications
MaryߛJane Elliott / Lisa Baderoon +44 (0)20 7466 5000 / Catherine Breen / Stasa Filiplic
www.buchanan.uk.com
TyraTech was formed in 2004 to develop and commercialise products for the control of invertebrate pests and pathogens using the Company's proprietary technology. TyraTech, which already has a product on the market, is positioned for human health, animal health and pesticide market opportunities which total over $32 billion globally. TyraTech's technology provides the Company with a wide variety of product and business opportunities in many markets and geographic regions. The differentiating feature of these products is the potential to have a combined level of potency and safety that other invertebrate control products are unable to offer. TyraTech's platform brings many of the principles of drug discovery and development to the fields of insecticides and parasiticides. By targeting specific chemoreceptors that are found in invertebrates but not in humans and animals, TyraTech can produce products that use natural plant derived compounds targeting these receptors.
TyraTech's plan for the use of its technology is to develop selected proprietary active ingredients which can then be used across a wide variety of market segments, either by development partners or by TyraTech itself. TyraTech already has products or partnerships in the areas of professional and horticultural insect control. TyraTech also has an innovative partnership with Kraft to use its natural oils to develop functional foods for improving the health of the more than 2 billion people worldwide subject to intestinal parasitic infections.
TyraTech also has a separate technology with associated intellectual property that is the basis for the Sustainable Solutions business. This technology has been incorporated into specialised dairy farm equipment for processing cattle manure waste to a usable material for TyraTech to sell as a commercial plant growing medium. For more information please visit www.tyratech.com.
TyraTech Nature's Technology
TyraTech Nature's Technology products contain a mixture of active ingredients which are derived from plant oils. The components and relative percentages have been selected using the company's platform technology for maximum synergistic activity against the targeted insect or parasite.
The TyraTech Nature's Technology components make these products suitable for:
human and animal treatments;
use in areas with heavy human contact;
use in areas where food is transported, stored or processed;
markets which desire all-natural active ingredients and
overcoming pesticide resistance by insects.
TyraTech EXTEND
TyraTech EXTEND products are based on a synergistic combination of selected natural active ingredients with selected synthetic pesticide compounds (either generic or Partner-proprietary).
TyraTech EXTEND products are intended to expand the market and partnering opportunity for TyraTech, by:
Provide efficacious products with fewer restrictions on application timing and frequency
reducing the concentration of active ingredients needed to achieve a net efficiency, with associated improved profit margin;
extending patent life for synthetic compounds;
Providing highly potent pesticides for use in outside areas that do not have heavy human contact (such as farm fields, or wide-spread rural spraying).
About Arysta LifeScience Corporation
Headquartered in Tokyo, Japan, Arysta LifeScience is the world's largest privately held crop protection and life science company with 2008 revenues of JPY134 billion (US$1.3 billion). An entrepreneurial provider of crop protection and life science products in more than 125 countries worldwide, Arysta LifeScience specializes in marketing and distribution of respected crop protection brands and life science products in harmony with the needs of global partners. More information on the company is available at: www.arystalifescience.com.
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