IQnovate signs MOU with agricultural biotech group

Contract medical company IQnovate has signed a memorandum of understanding with JH Biotech Australasia to commercialise and extract research and development efficiencies related to a range of biotechnology products, including ones suitable for animal nutrition.

IQnovate CEO George Syrmalis said: “This is a landmark for us because it is our first such agreement since listing as a public company in December last year. We are working on other deals, which will be announced as soon as we can.”

The agreement provides for the establishment of a working committee to assess JH Biotech’s intellectual property, the development of a business plan and a timeline for the commercialisation of its products. The MOU also involves an assessment of JH Biotech’s financial requirements and its available sources of capital. A binding commercial agreement is expected to be finalised no later than 30 September 2012.

The agreement will focus on the development and commercialisation of a pharmaceutical-grade, novel form of Omega 3 and vitamin C along with novel forms of hydrolysed fibres and chelated minerals. The products are contemplated to be applied in the agricultural and nutraceutical markets for general improvement and health and wellbeing.

The JH Biotech group was founded in 1987 to specialise in plant nutrition in field crops, the vegetable and fruit industries and for home gardens and nurseries. It has since expanded to have an Asia-Pacific spread of operations developing innovative technologies focused on plant, animal and human nutrition. Its products help assist growers to become sustainable and competitive in the world market and maximise profitability from farming.