BEIJING, Aug. 26, 2020 /PRNewswire/ -- Origin
Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"),
an agriculture technology company, today announced that the
Company has entered a commercialization agreement with Institute of
Plant Protection(IPP) of the Chinese Academy of Agricultural
Sciences (CAAS) for a new generation insect-resistant GMO corn
gene.
Origin has been collaborating closely with CAAS for more than 10
years, and IPP supplied Origin with the insect-resistant gene and
with technological support. Origin has since taken the gene and
created transgenic corn and further went on to validate the
efficacy of the insect-resistant gene. Given that the project has
cleared this major hurdle, the parties have expanded their
collaboration into a commercialization agreement.
Under the terms of the agreement, the parties will continue to
work together and intend to jointly file for patents on the
transgenic corn and other crops created from this gene. Origin will
be responsible for obtaining a bio-safety certificate, a key step
needed before commercialization in China. Origin will retain exclusive worldwide
rights to commercialize all crop seed containing this gene and in
return will pay a single-digit percentage of sales royalty to
IPP.
"Origin Agritech is a leader in crop genetic transformation in
China and has outstanding
advantages in the breeding and industrialization of new varieties,"
said Dr. Jie Zhang, deputy director
of IPP, "We are thankful to have a partner with all the
capabilities needed to commercialize the corn that was created
based on the gene that we invented."
"Institute of Plant Protection has some of the world's brightest
geneticists working to develop crops that are insect resistant,
drought tolerant, and higher yielding," said Dr. Gengchen Han,
Origin's Chairman and Chief Executive Officer. "We are excited
to take their gene and create a product out of it as we see a huge
need for insect-resistant crops in China."
About Institute of Plant Protection
The Institute of Plant Protection (IPP) of the Chinese
Academy of Agricultural Sciences (CAAS) was established in
1957. It is a national non-profit scientific research institute
specializing in crop pest research, prevention, and control.
About Origin Agritech Limited
Origin Agritech Limited, founded in 1997 and headquartered in
Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is China's leading agricultural technology. In
crop seed biotechnologies, Origin Agritech's phytase corn was the
first transgenic corn to receive the Bio-Safety Certificate from
China's Ministry of Agriculture.
Over the years, Origin has established a robust biotechnology seed
pipeline including products with glyphosate tolerance and pest
resistance (Bt) traits. For further information, please visit the
Company's website at: http://www.originseed.com.cn or
http://www.originseed.com.cn/en/.
Forward-Looking Statements
This communication contains "forward-looking statements" as
defined in the federal securities laws, including Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements address expected future business and financial
performance and financial condition, and contain words like
"expect," "anticipate," "intend," "plan," "believe," "seek,"
"will," "would," "target," and similar expressions and variations.
Forward-looking statements address matters that are uncertain.
Forward-looking statements are not guarantees of future performance
and are based on assumptions and expectations which may not be
realized. They are based on management's current expectations,
assumptions, estimates and projections about the Company and the
industry in which the Company operates but involve a number of
risks and uncertainties, many of which are beyond the company's
control. Some of the important factors that could cause the
company's actual results to differ materially from those discussed
in forward-looking statements are: failure to develop and market
new products and optimally manage product life cycles; ability to
respond to market acceptance, rules, regulations and policies
affecting our products; failure to appropriately manage process
safety and product stewardship issues; changes in laws and
regulations or political conditions; global economic and capital
markets conditions, such as inflation, interest and currency
exchange rates; business or supply disruptions; natural disasters
and weather events and patterns; ability to protect and enforce the
company's intellectual property rights; and separation of
underperforming or non-strategic assets or businesses. The company
undertakes no duty or obligation to publicly revise or update any
forward-looking statements as a result of future developments, or
new information or otherwise, should circumstances change, except
as otherwise required by securities and other applicable laws.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary
statements.
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SOURCE Origin Agritech Limited