BioProspect and Bio-Gene Technology sign agreement
Thursday, 21 January, 2010
Natural compound specialists, BioProspect, has signed an agreement with Western Australian private biotech, Bio-Gene Technology, handing over exclusive worldwide rights to natural insecticide, Qcide.
The deal involves four $200,000 fees paid annually to BioProspect and the University of Western Sydney as well as royalties of 4 per cent for the first $1 million in commercialisation income and 2 per cent on additional income over $1 million.
Qcide is a natural insecticide that is derived from oil extracted from Eucalyptus cloeziana. It functions by paralysing the insects through blocking the Octopamine receptor at the base of insect’s brain, and it has little or no impact on other animals or humans.
"Bio-Gene is confident in the future of Qcide, having already undertaken research on human hygiene applications and also fabric and textile sanitizers containing the product," said Bio-Gene Chairman, Max Kay, in a statement.
"The initial target market is for the control of public health and household pests, a market which amounts to over $6 billion per year, with strong demand for environmentally friendly and safe products,” he said.
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