BioCorp Ventures and Senesco Enter Into License Agreement for the Application of eIF5A to Sustainable Energy
February 14 2012 - 8:00AM
Marketwired
BioCorp Ventures LLC, a division of technology incubator US Equity
Holdings, and Senesco Technologies, Inc. (NYSE Amex: SNT) today
announced that they have entered into a research and development
agreement to use Senesco's proprietary eukaryotic translation
initiation Factor 5A (eIF5A) technology platform for sustainable
energy applications. BCV, a newly formed start-up company, will
have a license to evaluate Senesco's technology for the development
of plants and plant products suitable for use in the production of
biofuel and biofuel feedstock, including all species of algae and
all species in the genus Miscanthus (perennial grasses). Biofuels
derived from these organisms include biodiesel and bioethanol. The
companies will continue ongoing research and development as BCV
works on commercializing the technology.
BCV will be fully responsible for further assessing the
potential of the Senesco technology for all biofuel applications
and determining the route to the commercialization of biofuel
products. Through its significant know-how at the University of
Waterloo, Senesco will be responsible for technology transfer and
providing technical advice to facilitate BCV operations. After the
initial evaluation phase, the agreement provides annual license
maintenance payments to Senesco and royalty payments if a product
is commercialized by BCV. As part of the agreement, Senesco has a
15% equity interest in BCV and the right to appoint one member to
BCV's advisory board.
"Low-cost, environmentally friendly biofuels will be
increasingly valuable as the world moves to a low-carbon future,"
said Chester Aldridge, Chairman of US Equity Holdings. "We are
embarking on a critical evaluation phase that will tell us just how
powerful Senesco's technology can be in developing enhanced plant
strains that enable biofuels to be produced in an efficient and
environmentally responsible way. Senesco's technology has been
licensed in other biotech industries to well-known companies such
as Monsanto and Bayer CropScience so we believe that the underlying
technology can yield favorable results in biofuels."
"The US Equity Holdings team has impressed us with its ability
to identify and incubate cutting-edge technologies with the
possibility to make a significant impact on the world," said Leslie
J. Browne, Ph.D., President and CEO of Senesco. "We are excited to
work with BioCorp Ventures to expand the reach of our technology
into biofuels while maintaining our internal focus on cancer
therapeutics."
Senesco has been developing gene regulation technologies that
may be useful in generating strains of biofuel-yielding organisms
with superior growth characteristics. Senesco and other licensees
have demonstrated that its technology has the potential to enhance
size, yields and resistance to stress, like drought, salinity and
disease in plants. Starting in 1999, Senesco has entered into
license agreements with leading-edge companies engaged in
agricultural biotechnology, including Monsanto and Bayer
CropScience, who are applying Senesco technology in product
development in important crops including rice, soy and cotton.
Senesco has strong intellectual property with 102 issued patents,
covering multiple compositions of matter and methods of use.
About BioCorp Ventures: BioCorp Ventures
(BCV) is a company specifically formed to license biofuel
applications of technology developed by Senesco Technologies, Inc.
BCV was founded in 2011 by the management team of US Equity
Holdings. For more information, visit www.biocorpventures.com.
About US Equity Holdings: US Equity
Holdings provides a number of advisory services for individuals and
companies ranging from start-ups to large publicly traded
corporations. The company's areas of expertise include merchant
banking, venture capital, investment banking, business planning,
strategic planning and business development. For more information,
visit www.usequityholdings.com.
About Senesco
Technologies, Inc.: Senesco Technologies
is leveraging proprietary technology that regulates programmed cell
death, or apoptosis. Accelerating apoptosis may have applications
in treating cancer, while delaying apoptosis may have applications
treating certain inflammatory and ischemic diseases. The Company
has initiated a clinical study in multiple myeloma with its lead
therapeutic candidate SNS01-T. Senesco has already partnered with
leading-edge companies engaged in agricultural biotechnology, and
is entitled to earn research and development milestones and
royalties if its gene-regulating platform technology is
incorporated into its partners' products.
US Equity Holdings Tony Shapiro 415-480-6810 Email Contact
Senesco Technologies Inc. Leslie J. Browne, Ph.D. 908-864-4444
President & CEO or Investor Relations: CEOcast, Inc. Robert
Woods 212-732-4300 Email Contact
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