Devgen announced that it renewed its R&D agreement with Sumitomo Chemical Company Limited for a 3 year term. Under multiple agreements between 2001 and 2008, both companies conducted research on discovery of new agrochemicals. Under the terms of this new agreement, Devgen will receive funding for its research activities and is eligible for royalties.
"We are satisfied with the outcome of the collaborative research with Devgen which we have conducted since 2001. We believe that the renewal of the collaboration would highly contribute to enhance the probability for finding a unique and safer active ingredient," said Sumitomo Chemical's Senior Executive Managing Officer, Kenjiro Fukubayashi.
"This renewal of our relation follows the successful track we have jointly followed since 2001. We are very pleased to have the opportunity to continue to apply Devgen technology to contribute to Sumitomo's discovery and development of agrochemical compounds." said Devgen's CEO, Dr. Thierry Bogaert.