August 16, 2008

DuPont, Hexima partner to develop fungal disease resistance technology

DuPont and Hexima Limited have announced a development and commercialisation agreement for certain biotech fungal disease resistance technology in corn, soy and other crops.

In this collaboration, DuPont business Pioneer Hi-Bred and Hexima will combine certain intellectual property and anti-fungal protein assets to accelerate the development and commercialisation of transgenic fungal disease resistance technology in corn, soy and other crops. Hexima will lead the initial stage research and crop validation, and Pioneer will lead late stage development. Pioneer will lead commercialisation in corn and soy, and Hexima will manage all other crops.

As part of this agreement and via a placement agreement, Pioneer has subscribed to approximately 5 percent of the ordinary shares of Hexima, in exchange for the contribution of certain intellectual property. The collaboration will utilise Pioneer proprietary gene-shuffling technology and Hexima proprietary gene delivery technology, MGEV.

The initial target for the collaboration is broad spectrum disease resistance in corn. Fungal pathogens can cause extensive damage to corn fields globally, including yield loss, impaired ability to harvest and reduced grain quality. Stalk rots are the most common fungal diseases in corn fields worldwide, with multiple pathogens creating estimated yield losses of more than US$1 billion in North and South America alone.

Pioneer and Hexima together with farmer customers will share the value created by the disease resistance traits developed in this collaboration. Hexima will have the opportunity to co-invest with Pioneer in the late stage development of collaboration traits.

Hexima Limited is an agribusiness company developing innovative gene technologies to improve yields from arable land by enhancing their resistance to insects and fungal pests.