DNA PLANT LICENSES ITS FUNGAL RESISTANCE TECHNOLOGY TO MOGEN INTERNATIONAL N.V.
CINNAMINSON, N.J., Jan. 19 /PRNewswire/ -- DNA Plant Technology Corporation (NASDAQ: DNAP) today announced that it has licensed to Mogen International N.V., a Dutch plant biotechnology company, its patents for the expression of chitinase in genetically engineered plants to enable them to resist fungal disease. Chitinase is an enzyme which degrades fungi. DNAP's patents are based on its discovery that plants engineered to express a chitinase gene became more resistant to fungal diseases. Mogen's license gives it the worldwide exclusive right to commercialize the patent for applications to all crops except that DNAP has retained the rights to use the method in its key business areas, principally premium fruits and vegetables and edible canola oil. DNAP will receive an undisclosed cash payment, royalties, and the right to use Mogen's proprietary Binary Vector System genetic engineering technique. "We are maximizing the value of our patent portfolio in this agreement with Mogen," said Robert Serenbetz, president and chief executive officer of DNAP. "While fungal resistance is a characteristic we will seek to express in our food products, including canola, fruits and vegetables, the agronomic trait is even more valuable to the seed companies with which Mogen is closely tied." "Equally important, this agreement allows us to add to our 'tool box' Binary Vector System technology, a significant genetic engineering technique which will be useful in our development of many second generation, genetically engineered products." DNAP is a leading agricultural biotechnology company, applying a spectrum of technologies to develop and commercialize plant-based products and environmental diagnostic products for consumer and industrial markets. The company has two major operating joint ventures -- FreshWorld in premium fruits and vegetables, and InterMountain Canola Company in special varieties of edible canola oil. -0- 01/19/93 /CONTACT: Patricia Seif of DNA Plant Technology Corporation, 609-829-0110, or Todd Fogarty of Kekst and Company, 212-593-2655, for DNA Plant Technology Corporation/ (DNAP)
CO: DNA Plant Technology Corporation ST: New Jersey IN: MTC SU: LIC
AH -- NY019 -- 6186 01/19/93 09:49 EST
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|Date:||Jan 19, 1993|
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