Australian agtech Bio-Gene Technology Limited (ASX:BGT) will use funds from a recent $2 million capital raise to conduct critical studies needed for regulatory approval in Australia for its unique and naturally derived insecticide, FLAVOCIDE®.
“We are a pivotal point in Bio-Gene’s commercial evolution,” said CEO & Managing Director Tim Grogan. “The capital recently raised with the support of our shareholders allows us to undertake key steps to develop FLAVOCIDE® active ingredient. It also enables us to bring greater commercial focus to our pipeline of unique solutions to solve significant unmet needs in our target markets.”
This comes of the back of two major developments over the past quarter with commercial and research partners that takes company closer to commercialising its products that have shown to effectively control insects and pests while overcoming insecticide resistance, and with low toxicity for humans and the environment.
Israeli-based STK Bio-Ag Technologies has committed to developing and commercialising Bio-Gene’s flagship natural insecticide, QCIDE®, while Bio-Gene retains flexibility to pursue commercial deals with QCIDE® in all key markets.
Bio-Gene was also selected to participate in a significant research program funded by the US Centre for Disease Control on vector-borne diseases using the company’s products to control tick-borne pathogens. “This important study will help public health officials mitigate infectious disease carried by ticks infecting millions every year. As one example, Lyme disease, transmitted by infected blacklegged ticks infects close to half a million people each year in America alone,” Mr Grogan said.
In September, Bio-Gene signed an agreement with a large manufacturer in India for the custom scale-up synthesis of FLAVOCIDE®, which will help Bio-Gene meet market demand for this insecticide once registered. This company has the potential to be appointed in the future as a toll manufacturer of FLAVOCIDE® for commercial use.
“We will continue to explore expanding exisitng commerical opportunties with current commercial partners and securing new commerical agreements will be a key focus, ensuring we explore the full potential of our unique technology across multiple georgraphies and in the range of target end-use markets,” said Mr Grogan.
Bio-Gene is an Australian agtech development company enabling the next generation of novel insecticides to address the global problems of insecticide resistance and toxicity. Its novel platform technology is based on a naturally occurring class of chemicals known as beta-triketones.
Beta-triketone compounds have demonstrated insecticidal activity (e.g. kill or knock down insects) via a novel mode of action in testing performed to date. This platform may provide multiple potential new solutions for insecticide manufacturers in applications across crop protection, grain storage, public health and consumer products. Bio-Gene’s aim is to develop and commercialise a broad portfolio of targeted insect control and pest management solutions.
