ParaCo Technology Ltd announces licensing deal

 
2 February 2010

ParaCo Technology Ltd announces licensing deal that could develop new animal health products

ParaCo Technology Ltd, the wholly owned subsidiary of AgResearch Limited, has announced that it has signed an international licensing agreement with a leading Belgian Agro-Biotech company deVGen NG to access a range of small molecules that could allow development of active ingredients for new animal health products.

ParaCo Technology Ltd aims to discover new molecules that have a good likelihood of combating parasites that are increasingly resistant to existing products.  “The aim is to produce a new generation of animal health drugs that will have significant benefit for New Zealand and pastoral livestock farmers all over the world  The worldwide animal health market can be measured in terms of billions of US dollars with the anthelmintic market alone estimated to be worth in excess of 2 billion US dollars” said Dr Ian Boddy, GM Commercial, AgResearch.

“This licensing agreement gives ParaCo Technology Ltd exclusive access to compounds that have already demonstrated nematicidal properties, and which have shown interesting anthelmintic activity in our animal parasite screens. Our aim initially is to further chemically develop these molecules to a point where we have a strong IP position such that they can then be productised for market.  We’re pleased to be working with Professor Margaret Brimbles’ lab in the chemistry department at University of Auckland,” Ian Boddy said.  “While work is at an early stage of development there were some standout molecules being actively pursued”.

“While this whole area is considered high risk we are pulling together the world-class chemistry capability at the University of Auckland with AgResearch’s world renowned animal health group at Palmerston North, to work on an issue of major importance to New Zealand agriculture  This is a great example of a Crown Research Institute and University pooling resources to benefit New Zealand,” said Ian Boddy.

http://www.agresearchco.nz/anm2Net/templates/agrnews.aspx?articleid=780&zoneid=3
ends

© Scoop Media