Tyratech Regulatory News (TYR)

10 Jan 2008 07:00

TyraTech, Inc.10 January 2008 Press Release 10 January 2008 TyraTech, Inc. ("TyraTech" or "the Company") TyraTech achieves insecticide development and financial milestones with partner Arysta LifeScience TyraTech Inc. (AIM: TYR), the pioneer of safer, effective and natural pesticideproducts, today announces it has achieved development and financial milestonesfrom Arysta LifeScience Corporation ("Arysta"), as part of its 2006 exclusiveglobal licensing and co-development agreement to manufacture and market a numberof insecticide products for certain horticultural markets. TyraTech is developing proprietary compounds that target receptors found oninsects and other invertebrates, but are not found on humans or animals. Thesecompounds - called TyraTech Naturals - are derived from plants and can killinsects with the potency of chemical pesticides, but without their toxicity.The partnership with Arysta is to develop new products based on the TyraTechcompounds for the control of insects in certain horticultural markets. Thepartnership has different progressive development stages, which when they aresuccessfully reached, result in milestone payments to TyraTech. The two milestone payments above relate to achieving specific insecticideefficacy and cost targets for TyraTech Natural products in two of the licensedapplications. Field testing for the lead product prototypes has been underwaysince late 2006, when an exclusivity payment was received. Douglas Armstrong PhD, Chief Executive Officer of TyraTech said: "The globalhorticultural insecticide market includes fruits and vegetables as well asprofessional turf areas such as golf courses, where safer, more responsibleinsecticides are increasingly demanded by both the consumer as well as theregulatory agencies. TyraTech's technology is designed to meet this opportunitywith active insecticides that have a strong combination of potency and safety,as well as providing a new solution to the increasing problem of insectresistance to traditional insecticides. With our partner Arysta, we can notonly accelerate the development of products, but also have an experienced salesand marketing capability to bring these products into the commercialmarketplace." TyraTech is actively developing products for other markets that require safe andeffective control of insects and invertebrate pathogens. In October TyraTechannounced the release of its first TyraTech Naturals insecticide product, ageneral-use crawling insect spray for sale to businesses - particularly thehospitality industry - for direct insect control in inhabited spaces. Enabledby the safety profile of TyraTech Naturals, the Company is also working in closealliance with Kraft Foods to develop a line of functional food products intendedfor the prevention or control of intestinal parasites. The successfulachievement of a major development milestone in this partnership was alsorecently announced by TyraTech. Dr. Armstrong continued: "We are committed to establishing a new standard forcommercial insecticides based on the unique level of combined potency and safetyof TyraTech Naturals. Our recent progress is an exciting start for all involvedfrom our hard working staff, our partners, our new customers, and particularlyfor our shareholders." - Ends - For further information:TyraTech Inc.Douglas Armstrong PhD, Chief Executive Officer Tel: +1 (321) 409 7403 www.tyratech.comNomura Code SecuritiesCharles Walker / Clare Terlouw Tel: +44 (0) 20 7776 1200 www.nomuracode.com Media enquiries:AbchurchHeather Salmond / Justin Heath Tel: +44 (0) 20 7398 7700justin.heath@abchurch-group.comGareth Meadgareth.mead@abchurch-group.com www.abchurch-group.com About TyraTech, Inc. TyraTech is pioneering a new safer class of highly effective, pesticides andanti-parasitic compounds to address global agriculture, horticulture, functionalfoods, healthcare and veterinary markets. Using a revolutionary chemoreceptorscreening process, TyraTech has identified proprietary blends of natural oilsthat stimulate the reactions and biological behaviour of insects and parasitesso that they can be effectively repelled or killed. TyraTech's technologyprevents the development of resistance and avoids the environmental concerns andhuman health risks of chemical solutions whilst still being at least, if notmore, effective. The Company's products have been validated through strong partnerships withmultinational conglomerates operating within a growing US$23 billion worldwidemarket that is being increasingly driven by environmental legislation andend-user demand. TyraTech continues to develop new product applications based on safe, naturalingredients with a broad range of partners around the world. www.tyratech.com This information is provided by RNS The company news service from the London Stock Exchange