MELBOURNE, Australia and TEL-AVIV, Israel, March 17, 2016 /PRNewswire/ --
Starpharma (ASX:SPL; OTCQX: SPHRY) and Adama today announced the licensing by Adama of Starpharma's Priostar® dendrimer technology for the development and commercialization of an enhanced, proprietary 2,4-D herbicide for the US market. 2,4-D is one of the top three herbicides sold world-wide, with global sales in 2014 estimated by Phillips McDougall to be around US$680 million. The US market in 2014 was worth approximately US$115 million, and has been projected by the US Department of Agriculture to grow by more than 70% by 2020.
Adama has already commenced development of a novel and unique 2,4-D product containing the Priostar® dendrimer technology, which is expected to provide better flexibility and weed control benefits to the grower, as well as improved safety. This will allow for on-target application, thus benefiting the environment by reducing the amounts of product required.
Under the license, Starpharma will receive royalties on sales of the proprietary Adama Priostar®-improved 2,4-D products. In addition to the US, the agreement also includes a mechanism to expand the license into additional territories.
Sami Shabtai, Head of Innovative Development at Adama, commented, "As a farmer-centric company, Adama constantly strives to bring new and innovative solutions to farmers that will simplify their lives. The innovative nature and superior performance of the Priostar® formulations fit well with our strategy to deliver simple and efficient solutions to farmers to help them grow. This is yet another step in the evolution and differentiation of our offering, as we continue to introduce unique mixtures and formulations to the market."
Dr. Jackie Fairley, CEO of Starpharma, said, "We enjoy a positive relationship with Adama, and their extensive trials of Priostar®-improved 2,4-D formulations have led to this license agreement. With Adama's strong, proven record of innovative product development, we are very pleased to have them as commercial partners for Priostar®-improved 2,4-D products. In addition, we continue to explore other Priostar® product opportunities with Adama."
About Starpharma's Priostar® dendrimer technology:
Starpharma's Priostar® dendrimer technology offers formulation and efficacy benefits in crop protection applications including:
- Improved efficacy
- More concentrated formulations to reduce transport costs;
- Reduction in solvent requirements; and
- Increased adhesion, to reduce losses due to rain run-off, and the need for multiple applications.
Adama is one of the world's leading crop protection companies. We strive to Create Simplicity in Agriculture - offering farmers effective and efficient products and services that simplify their lives and help them grow. With one of the most comprehensive and diversified portfolios of differentiated, high-quality products, Adama's 4,900 people reach farmers in over 100 countries across the globe, providing them with solutions to control weeds, insects and disease and improve their yields. For more information, visit us at http://www.adama.com and follow us on Twitter at @AdamaAgri.
About Starpharma Holdings Limited
Starpharma Holdings Limited, an Australian ASX 300 company, is a world leader in the development of novel products based on dendrimers, a type of synthetic nanoscale polymer that is highly regular in size and structure, for pharmaceutical, life science and other applications. Starpharma has three core development programs: VivaGel® portfolio, DEP™ drug delivery, and agrochemicals with a number of products being developed internally and externally via commercial partnerships. Partners include AstraZeneca, Ansell, and Okamoto, as well as other named and undisclosed partnerships with leading global companies in pharmaceuticals and agrochemicals. For more information please visit: http://www.starpharma.com
Contact at Adama:
Public Relations Manager
Contact at Starpharma:
Dr Jackie Fairley, Chief Executive Officer
Nigel Baade, CFO and Company Secretary
SOURCE Starpharma and ADAMA