- German chemical company, BASF, has left Bio-Gene Technology’s (BGT) stored grain pest program
- Bio-Gene recently announced it successfully completed the nine-month study and the results were reviewed with the parties and a plan was being developed for the next steps
- However, BASF has said it will not continue with the program for “internal reasons”
- The company is still positive with the data and will continue to work with Department of Agriculture & Fisheries Queensland Government and the Grains Research & Development Corporation to advance the program
- BGT shares drop 35.7 per cent and are trading at 13.5 cents per share
German chemical company, BASF, has left Bio-Gene Technology’s (BGT) stored grain pest program.
Bio-Gene, BASF, the Department of Agriculture & Fisheries Queensland Government (DAF) and the Grains Research & Development Corporation (GRDC) have all been working together to trial products that contain BGT’s Flavocide.
Earlier this year, Bio-Gene announced it had successfully completed the nine-month study on key stored grain pests.
The results were reviewed with the parties and a plan was being developed for the next steps in the process.
However, BASF has said it will not continue with the program for “internal reasons.”
The company is still positive with the data and will continue to work with GRDC and DAF to advance this program.
“We are disappointed with the decision made by BASF today, however we respect its needs to follow its own commercial strategy,” CEO and Managing Director Richard Jagger said.
“Bio-Gene has always had a strategy of working with a number of potential commercial partners under our multiple material transfer agreement approach, and we now will shift our focus to other companies who have shown interest in this opportunity.”
On the market, BGT shares dropped 35.7 per cent and traded at 13.5 cents per share at 11:03 am AEST.