MustGrow Biologics (CSE: MGRO) has entered arrangements with another big name in the life sciences space. The firm this morning announced that it has entered into an exclusive agreement with Bayer for the development of its product.
The arrangement will see Bayer obtain the option for exclusive rights to MustGrow’s tech on preplant soil fumigation, postharvest food preservation of potatoes, and bioherbicide applications. The exclusive option will apply to Europe, Asia Pacific, Middle East and Africa.
In the near term, Bayer has been granted the right to use MustGrow’s IP for testing purposes, with the company to evaluation the tech for commercial potential. Bayer is to fund all lab, field development, regulatory work and market development work necessary.
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“This new agreement will help Bayer to understand the potential of MustGrow’s novel biopesticide technologies and how they can accelerate development of sustainable crop protection,” commented Benoit Harmann, the Head of Biologics for Bayer Crop Science.
The arrangement will see MustGrow able to continue to conduct field trials, research and development, and regulatory development in other global regions. The firm will also be able to partner with additional global names in such other regions.
Financial details of the arrangement were not provided.
MustGrow Biologics last traded at $3.55 on the CSE.
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