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(Sharecast News) - Biological products company Plant Health Care has entered a "strategic collaboration" with agriculture, crop protection, seed, nutrition and biological products provider Wilbur-Ellis Agribusiness, it announced on Monday, for the development of products selected from Plant's 'PREtec' peptide portfolio.
The AIM-traded firm said PHC279 and other peptides, which it had been developing, offered "substantial benefits" to growers in the United States.
Wilbur-Ellis, one of the largest agricultural retailers in the US, would work with Plant Health Care to develop and launch products using PREtec peptides in the specialty crop market.
The board said multiple PREtec products were being evaluated by the two companies, with the first product launches to occur soon after regulatory approvals are obtained.
"We are delighted to be working with Wilbur-Ellis to bring the benefits of PREtec peptides to growers of specialty crops," said chief executive officer Chris Richards.
"Wilbur-Ellis has been working with our Employ brand (Harpin α) for many years and has significantly increased sales since being appointed exclusive distributor for US specialty crops in 2019.
"They are the ideal partner for us to work with to develop a series of PREtec products in US specialty crops over the coming years, with the first launch as early as the end of 2022, subject to regulatory approvals."
Richards said the agreement represented "an important validation" of the commercial value of PREtec, as the company moved towards its first product launches.
"After more than six years and over $20m invested, the benefits of PREtec peptide products will soon be widely available to growers in the US and elsewhere."
At 1227 GMT, shares in Plant Health Care were up 11.53% at 9.48p.
17 May 2016 15:11