Jun 21 2006, 10:31 PM EST
MARKETWIRE
Zwijnaarde, 22 June 2006 - Devgen (Euronext Brussels: DEVG) today announced that it has signed a two-year extension of the research collaboration with Sumitomo Chemical Company Limited to develop novel insecticides.
In the collaboration, Devgen selects and validates novel insecticidal targets, formats high throughput assays and uses its expertise in computational chemistry to deliver insect active leads, which Sumitomo further develops into marketed products. Under the terms of the agreement, Devgen receives research funding and is eligible for milestones and royalties.
"The extension of the research collaboration follows the successful track we have jointly followed since 2001. We were impressed with the tangible results Devgen delivered and we are looking forward to working together for the next two years", said Dr. Ogawa, General Manager of Sumitomo's Agricultural Chemicals Sector.
"Starting from the selection of novel pest specific targets enables the development of insecticides that act through a different mechanism of action and that are more environmentally friendly, compared to products already on the market", said Devgen's CEO, Dr. Thierry Bogaert. "We are very pleased to continue to use our advanced technologies to contribute to Sumitomo's discovery and development of insecticidal compounds."
About Sumitomo Chemical
Sumitomo Chemical is a Japan-based chemical and pharmaceutical company that operates through a network of subsidiaries, affiliates and liaison offices around the world. With annual sales of 12 billion U.S. dollars, it seeks to be a global leader in the chemical industry in the 21st century. Life Sciences is one of the three priority areas that Sumitomo Chemical has identified for achieving sustained growth.
About Devgen
Devgen is an innovator in biotechnology focused on discovering, developing and commercializing:
* a novel generation of biotech products to protect a wide spectrum of crops from damage incurred from pests; * safer and more environmentally friendly agro-chemical products to protect crops from damage inflicted by plant parasitic nematodes; * novel therapeutic concepts and preclinical drug candidates for treatment of metabolic disease (diabetes, obesity, arrhythmia).
Each of these solutions is developed on a platform of in-house designed research, development programs and technologies. Devgen has partnerships with industry leaders such as Monsanto, DuPont/Pioneer, and Sumitomo.
Incorporated in 1997, Devgen has offices in Ghent (Belgium) and Singapore - with a total workforce of over 100 people.
www.devgen.com
For more information, please contact:
Hilde Windels, CFO +32 9 324 24 24 hlde.windels@devgen.com
Copyright Copyright Hugin ASA 2006. All rights reserved.
SOURCE: Devgen
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