BioProspect's Japanese Qcide deal

Natural insecticide developer BioProspect (ASX: BPO) has reached a second deal over rights to test its new product.

The Perth company announced it had entered an agreement with Japanese group Sumitomo Chemical Company to trial BioProspect's Qcide.

Under the agreement, Sumitomo will test the insecticide, derived from a native Queensland plant, in laboratory and field trials.

The deal comes three weeks after BioProspect struck a similar arrangement with Nufarm (ASX: NUF), under which the company will test Qcide in field trials across Australia, Asia, the United States and Europe over six months.

BioProspect said the second deal meant Qcide was now being trialled throughout the world's major agricultural regions.

"Sumitomo Chemical has the capacity and know-how which will assist BioProspect in accelerating the development of Qcide and fast-tracking it to the global market," BioProspect chief executive officer, Selwyn Snell said.

He said the Japanese field trials would target insects that invade vegetables and fruits in Japan, the United States, Europe and Australia.

Snell said that with a global agricultural insecticide market of about $13 billion annually, the Sumitomo agreement highlighted the potential of the naturally derived Qcide for the world agrochemical community.

Sumitomo Chemical is a Tokyo-based chemical company with an international track record in the development and marketing of insecticides.

With about 5,400 staff, the company is the eighth largest seller of agrochemical products worldwide with current sales of $1.4 billion annually.

Sumitomo managing director Masayo Tada said the company was particularly focused in the growth of its natural product portfolio.

"We see Qcide as a product that may significantly contribute to this growth and confirm Sumitomo Chemical's position as a leader in the global insecticide market," he said.

At the time of writing, shares in BioProspect were unchanged at 11 cents.