MELBOURNE, Fla., Jan. 10 /PRNewswire/ -- TyraTech Inc. (AIM: TYR), the pioneer of safer, effective and natural pesticide products, today announced it has achieved development and financial milestones from Arysta LifeScience Corporation ("Arysta"), as part of its 2006 exclusive global licensing and co-development agreement to manufacture and market a number of insecticide products for certain horticultural markets.
TyraTech is developing proprietary compounds that target receptors found on insects and other invertebrates, but are not found on humans or animals. These compounds -- called TyraTech Naturals -- are derived from plants and can kill insects with the potency of chemical pesticides, but without their toxicity. The partnership with Arysta is to develop new products based on the TyraTech compounds for the control of insects in certain horticultural markets. The partnership has different progressive development stages, which when they are successfully reached, result in milestone payments to TyraTech.
The two milestone payments above relate to achieving specific insecticide efficacy and cost targets for TyraTech Natural products in two of the licensed applications. Field testing for the lead product prototypes has been underway since late 2006, when an exclusivity payment was received.
Douglas Armstrong PhD, Chief Executive Officer of TyraTech said: "The global horticultural insecticide market includes fruits and vegetables as well as professional turf areas such as golf courses, where safer, more responsible insecticides are increasingly demanded by both the consumer as well as the regulatory agencies. TyraTech's technology is designed to meet this opportunity with active insecticides that have a strong combination of potency and safety, as well as providing a new solution to the increasing problem of insect resistance to traditional insecticides. With our partner Arysta, we can not only accelerate the development of products, but also have an experienced sales and marketing capability to bring these products into the commercial marketplace."
TyraTech is actively developing products for other markets that require safe and effective control of insects and invertebrate pathogens. In October TyraTech announced the release of its first TyraTech Naturals insecticide product, a general-use crawling insect spray for sale to businesses -- particularly the hospitality industry -- for direct insect control in inhabited spaces. Enabled by the safety profile of TyraTech Naturals, the Company is also working in close alliance with Kraft Foods to develop a line of functional food products intended for the prevention or control of intestinal parasites. The successful achievement of a major development milestone in this partnership was also recently announced by TyraTech.
Dr. Armstrong continued, "We are committed to establishing a new standard for commercial insecticides based on the unique level of combined potency and safety of TyraTech Naturals. Our recent progress is an exciting start for all involved from our hard working staff, our partners, our new customers, and particularly for our shareholders."
About TyraTech, Inc.
TyraTech is pioneering a new class of highly effective, non-toxic, pesticides and anti-parasitic compounds to address global agriculture, horticulture, functional foods, healthcare and veterinary markets. Using a revolutionary chemoreceptor screening process, TyraTech has identified proprietary blends of natural oils that stimulate the reactions and biological behavior of insects and parasites so that they can be effectively repelled or killed. TyraTech's technology inhibits the development of resistance and avoids the environmental concerns and human health risks of chemical solutions whilst still being at least, if not more, effective.
The Company's products have been validated through strong partnerships with multinational conglomerates operating within a growing US$23 billion worldwide market that is being increasingly driven by environmental legislation and end-user demand.
TyraTech continues to develop new product applications based on safe,
natural ingredients with a broad range of partners around the world.
Antenna Group (for TyraTech)
|SOURCE TyraTech Inc.|
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