Update on Harpin

RNS Number : 4174K

Plant Health Care PLC

29 July 2013

 



 

 

 

30 July 2013

PLANT HEALTH CARE PLC

Update on Harpin

Plant Health Care (AIM: PHC) announced a new strategy in March 2013, based on accelerating the development of new generation Harpin products and ramping up sales of products based on the current Harpin αβ over the next three years.  

As part of the implementation of that strategy, PHC announced today that the Company and Monsanto have mutually agreed to discontinue the 2008 Harpin αβ agreement which granted Monsanto certain exclusive rights to develop and sell Harpin αβ as a seed treatment.  Under the terms of this mutual agreement, all licensed rights have reverted back to PHC and PHC has purchased Monsanto's remaining Harpin αβ inventory.  This agreement enables PHC to continue to build on the growth in use of Harpin αβ by resuming direct control of the product for seed treatment and gaining the flexibility to partner with others to develop and sell into all crop markets on a global basis. 

The Company is currently exploring potential partnerships with a number of parties and anticipates reaching agreement with one or more of them by the end of this year.  This will complement the recent agreement with Arysta Life Sciences to further drive the growth in use of Harpin αβ as a foliar application.  As disclosed in March 2013, the Company continues to adopt a more cautious approach to budgeting for future revenues and notes that the precise timing of these agreements and revenues remains uncertain.

Following the spring seed treatment season, which was adversely impacted due to inclement weather across much of the corn/soybean belt of the US, and a recent in depth review of on-ground sales and inventories, the Company now believes that the process of exhaustion of existing inventory will continue into 2014.  

Further details regarding product revenues by category will be provided at the time of the Interim Statement on September 16, 2013.

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About Plant Health Care, plc: Plant Health Care, plc ("PHC") is a leading provider of naturally derived products for plants and soil. The Company's ordinary shares have been quoted on the Alternative Investment Market ("AIM") of the London Stock Exchange since July 2004 and listed on the Official List of the Channel Islands Stock Exchange ("CISX") in February 2010 (ticker symbol/ mnemonic: PHC).

PHC's products are aimed at agriculture industries and are environmentally beneficial. Through the commercialisation of these products, PHC is capitalising on current long-term trends toward natural systems and biological products for plant care and soil and water management. Further information is available at: www.planthealthcare.com.

For further information please contact: Plant Health Care plc
Paul Schmidt, Chief Executive Officer	Tel: [phone]
Stephen Weaver, Finance Director	Tel: [phone]
Nomura Code Securities	Tel: [phone]
Clare Terlouw / Chris Golden
Powerscourt	Tel: [phone]
Paul Durman / Nick Dibden / Sophie Moate

 

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