SYDNEY, AUSTRALIA: Bio-Gene Technology Limited, an Australian company that develops novel insecticides from natural sources, has signed a Development and License Agreement with STK Bio-Ag Technologies, an Israeli company that specialises in botanical based solutions for crop protection.
The deal gives STK a world-wide non-exclusive license to develop Bio-Gene’s Qcide technology, which is derived from the Australian native plant Eucalyptus cloeziana, for crop protection applications, as well as aquaculture, professional turf and ornamentals markets.
STK will fund all the costs associated with securing the active ingredient registrations for Qcide in key markets around the world.
Bio-Gene will retain exclusive rights to the public health, animal health and consumer markets for Qcide globally, as well as non-exclusive rights for the markets licensed to STK.
Bio-Gene will also gain full access to Qcide registrations to support other commercial opportunities in all crop and non-crop applications.
Bio-Gene CEO, Richard Jagger, said the deal was different from its other commercial agreements as it involved a significant commitment of funds by STK to develop Qcide.
He said the deal was worth the time needed to finalise it and that it clearly defined the tasks ahead in registering Qcide in key markets around the world.