Arysta Lifescience wins rights to produce Bugoil insecticide
Arysta LifeScience Corporation signed a 20-year licensing agreement with Plant Impact (AIM:PIM) on May 29, 2009 for the exclusive rights to manufacture, market and sell BugOil® insecticide, a novel insecticide technology derived from essential plant-oils. Developed by Plant Impact, BugOil® offers highly effective control of mites and whiteflies – equivalent to chemical standards – in a formulation based on natural products that have an excellent safety profile. Mites and whiteflies are some of the most damaging and difficult-to-control pests, as they reproduce quickly in mass numbers and can build resistance to conventional pest-control agents.
Chris Richards, president and CEO of Arysta LifeScience, said the agreement is an example of the company’s ability and commitment to bring innovative solutions to their customers and the global market.
"BugOil® is an innovative product that will benefit many of our customers, particularly in fruit and vegetable crops," said Richards. "Acquiring the rights to BugOil® enhances our product portfolio and strengthens our position as a leading crop protection solution company. We actively seek opportunities like this one to use our global capabilities to develop and bring to market novel products that meet growers’ crop protection needs."
Plant Impact expects to receive first regulatory approval for BugOil® in the UK early in 2010, leading to first sales during the same year. Registrations in other European Union countries will follow, once the UK review is completed. Arysta LifeScience and Plant Impact are working together to achieve registration in the U.S., Latin America, Europe, Africa and the Middle and Far East, where BugOil® has the potential to provide fruit and vegetable crops free of chemical residues.
Arysta LifeScience and Plant Impact also are in discussions regarding access to distribution and potential licensing rights for certain plant nutrient technologies and products owned by Plant Impact. Further announcements on these discussions are anticipated later in 2009.