Senesco Technologies Inc announced that Bayer CropScience was granted the exclusive rights to Senesco’s proprietary gene technology for use in Cotton. The agreement anticipates that the licensed technology will enable Bayer CropScience to significantly enhance Cotton fiber and seed yields in its flagship FiberMax brand on a global basis.
In return, Senesco will receive success-bound development milestone and royalty payments upon commercialization. Specific financial terms of the transaction were not disclosed.
“In November 2006, Senesco and Bayer CropScience entered into an exclusive license agreement for use of Senesco’s gene technology in Canola. That agreement established a strong working relationship between our companies. We are very pleased to build upon that relationship with this new license agreement for Cotton,” said Bruce Galton, President of Senesco.
Dr. Michiel van Lookeren Campagne, Head of Research at BioScience, a business operations unit of Bayer CropScience, welcomes the new business relationship with Senesco: “After the successful conclusion of our agreement with Senesco on Canola last year, we are pleased that we could now extend this relationship to Cotton as well.”
“Bayer CropScience has grown to be a leading company in the cotton seed market with FiberMax, our high quality, high yield cotton varieties. We anticipate that the innovative Senesco technology will contribute to further strengthen our leadership position in the global cotton markets.”
In return, Senesco will receive success-bound development milestone and royalty payments upon commercialization. Specific financial terms of the transaction were not disclosed.
“In November 2006, Senesco and Bayer CropScience entered into an exclusive license agreement for use of Senesco’s gene technology in Canola. That agreement established a strong working relationship between our companies. We are very pleased to build upon that relationship with this new license agreement for Cotton,” said Bruce Galton, President of Senesco.
Dr. Michiel van Lookeren Campagne, Head of Research at BioScience, a business operations unit of Bayer CropScience, welcomes the new business relationship with Senesco: “After the successful conclusion of our agreement with Senesco on Canola last year, we are pleased that we could now extend this relationship to Cotton as well.”
“Bayer CropScience has grown to be a leading company in the cotton seed market with FiberMax, our high quality, high yield cotton varieties. We anticipate that the innovative Senesco technology will contribute to further strengthen our leadership position in the global cotton markets.”
