Agritope Awarded Federal Grant to Research Growth Plant Regulators; Patent Issued On Novel Compounds to be Used in Project

Business Wire,  May 30, 2000  

• E-mail
• Print
• Link

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--May 30, 2000

Agritope, Inc. (Nasdaq:AGTO), today announced that it has been awarded a Phase I grant from the US Department of Agriculture under its Small Business Innovation Research Program.

The grant will provide $70,000 over a six-month period to fund research involving the use of novel synthetic compounds, called brassinolides, to improve plant production. In a related, but separate event, a patent has been awarded to Agritope on a new class of synthetic brassinolide compounds, referred to as superbrassinolides, developed at the University of Calgary. Agritope will use these compounds in the research project and it has an option to obtain an exclusive license to commercialize them.

The research project funded under the SBIR grant is aimed at developing technology to enhance plant growth, using a combination of externally applied compounds and natural compounds produced by plants containing a plant gene that enhances the effectiveness of the compounds.

"The use of a combination of gene technology and these novel compounds represents a powerful synergy. It creates a robust platform in the area of plant growth and development that may be applied across a wide variety of crop species," said Adolph J. Ferro, president and chief executive officer of Agritope. "In this project, we will use the newly patented compounds from University of Calgary in conjunction with a gene discovered by researchers at the Salk Institute for Biological Studies, La Jolla California, with which we have been working for several years under a research agreement with an option to license."

"Brassinolides are plant hormones that are essential for plant growth and response to environmental stress," Ferro continued. "When applied to plants, the superbrassinolides may increase leaf and seed size, and may increase the vigor of seedlings. These compounds are important new derivatives of well-characterized plant growth regulators, and have the potential for increasing plant yield and seedling vigor, even under difficult growing conditions. The market for these compounds can extend across a broad spectrum of plant species, from fruits and vegetables to cereal crops."

Agritope is an Oregon-based agricultural functional genomics and biotechnology company that develops improved plant products and provides technology to the agricultural industry. Its fruit and vegetable division specializes in the development of improved fruit, vegetable and flower varieties. Agrinomics LLC, its 50%-owned joint venture with Aventis CropScience (NYSE:AVE), conducts a research, development and commercialization program in the field of plant functional genomics. Vinifera, Inc., its majority-owned subsidiary, offers superior grapevine plants to the premium wine industry together with disease testing and elimination services.

Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that expressly or by implication predict future results, performance or events are forward-looking. The words "believes," "intends," "expects," "anticipates," "estimates," and similar expressions often identify forward looking-statements. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. With respect to Agritope, these factors include its limited independent operating history; uncertainty of additional funding; loss or impairment of sources of capital; dependence on strategic partners; uncertainties relating to patents and proprietary information; dependence on key personnel; technological change and competition; uncertainties as to consumer acceptance of genetically engineered products; changes in laws or regulations; as well as the other factors discussed in Exhibit 99 to the Company's 1999 Annual Report on Form 10-K, which is hereby incorporated by reference. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements. Agritope does not intend to update any forward-looking statements.

For further information, please contact Matt Kramer at 503/670-7702

COPYRIGHT 2000 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning