Tyratech Regulatory News (TYR)

17 Dec 2007 07:01

TyraTech, Inc.17 December 2007 Press Release 17 December 2007 TyraTech, Inc. ("TyraTech" or "the Company") TyraTech success results in milestone payment from Kraft Foods TyraTech, Inc. (AIM: TYR), the pioneer of safer, effective and natural pesticideproducts, today announces it has successfully completed its first stage ofdevelopment with Kraft Foods ("Kraft", NYSE: KFT) and received its firstmilestone payment. The payment is part of an exclusive worldwide agreementannounced last year with Kraft for the development of compounds used infunctional foods and beverages intended to help prevent human parasiticinfection in the developing world. The innovative partnership is enabled by TyraTech's technology platform whichhas identified a proprietary formulation of all-natural active ingredients ("TyraTech Natural") that are highly effective and are being developed to prevent parasitic worms and stop the cycle of re-infection. The first stage of the project provided positive results on the preclinicalefficacy of the TyraTech Natural anti-parasitic compounds in preventing thedevelopment of intestinal parasites. Following a robust testing protocol, theteam demonstrated TyraTech's unique blend of natural ingredients provedeffective in parasite prevention in a variety of conditions. Separately,initial market assessments of parasite prevalence, limitations of currenttreatments, consumer awareness and interest in the new solution, combined withdemographic factors indicated strong market potential. Human parasitic infection is a global issue that the World Health Organizationestimates as affecting over 2 billion people. While there are a range oftreatments currently in use that are effective in killing some parasites, nonecan be used regularly to prevent future infection. The need for a functionalfood to combat parasites on an ongoing basis creates an entirely new market withsignificant potential. The TyraTech-Kraft ingredients are designed to be safeenough to use in food every day, which offers the prospect of a unique andaffordable solution available to the people afflicted with this major healthproblem. Douglas Armstrong PhD, Chief Executive Officer of TyraTech said: "The successillustrated by this milestone achievement is a significant event for TyraTech inthe development of functional foods with one of the pre-eminent global consumerproducts companies. Working with Kraft is a tremendous opportunity andrepresents an important step in the expansion of the TyraTech platform into alarge market with a massive unmet need. We believe that achieving this milestonesignificantly expands the value proposition for our shareholders. TyraTech has recently announced other key events, which have included the USrelease of its first insecticide product, and the initiation of sales for itsSustainable Solutions business unit. Dr. Armstrong further commented: "Weidentified several aggressive revenue generation objectives to be reached by theend of 2007, and the Kraft milestone payment, along with our new productlaunches, clearly demonstrates that TyraTech is delivering to plan." TyraTech and Kraft, a US$34 billion global leader in branded foods andbeverages, initiated their partnership in December 2006. It provides Kraft withrights to TyraTech's innovative technology platform for the rapid development ofnew compounds initially targeted to prevent human parasitic infections whenincorporated into functional foods. Under the terms of the agreement, TyraTechreceived an upfront exclusivity fee and receives payments for each milestonesuccessfully completed at designated stages of the project. TyraTech will alsoreceive royalties based on product sale revenues when new products are launched. Kelly Duffin Maxwell, Senior VP of Innovation for Kraft, stated: "The TyraTechpartnership progress is encouraging and exciting, and is an important example ofKraft's ongoing commitment to innovation; building worldwide brands and helpingpeople live healthier lives." - Ends - For further information:TyraTech Inc.Douglas Armstrong PhD, Chief Executive Officer Tel: +1 (321) 409 7730 www.tyratech.com Nomura 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 class of highly effective, non-toxic, pesticidesand anti-parasitic compounds to address global agriculture, horticulture,functional foods, healthcare and veterinary markets. Using a revolutionarychemoreceptor screening process, TyraTech has identified proprietary blends ofnatural oils that stimulate the reactions and biological behaviour of insectsand parasites so that they can be effectively repelled or killed. TyraTech'stechnology inhibits the development of resistance and avoids the environmentalconcerns and human health risks of chemical solutions whilst still being atleast, if not more, 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