Exclusive agreement with Janssen PMP, a division of Janssen Pharmaceutica NV, to test MustGrow's mustard-based postharvest food storage preservation technologies for certain applications globally.
Janssen PMP will fund and drive all testing and development work.
Saskatoon, Saskatchewan--(Newsfile Corp. - April 20, 2022) - MustGrow Biologics Corp. (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) (the "Company", "MustGrow"), and JANSSEN PMP, a division of Janssen Pharmaceutica NV, one of the Janssen Pharmaceutical Companies of Johnson & Johnson (NYSE: JNJ) ("Janssen PMP") have signed an Exclusive Evaluation and Option Agreement (the "Agreement") to test and develop MustGrow's biological mustard plant-based technologies for certain postharvest food preservation storage applications globally.
Pursuant to the Agreement, MustGrow has granted Janssen PMP the exclusive right to test MustGrow's mustard-based technologies for postharvest storage preservation of fruits and vegetables globally, excluding grains, potatoes, bananas and shipping container fumigation. The Agreement also specifies that Janssen PMP will fund and drive all application testing and development work.
Fruit and vegetable crops play a critical role in global food nutrition. More than one-third of produce (approximately US$1 trillion) is lost or wasted in postharvest operations,(1) which includes loss attributed to fungal and bacterial diseases. Fresh vegetables are highly perishable living tissues that are particularly susceptible. Postharvest fungal and bacterial diseases can cause annual vegetable crop losses of 40-60% (2). Reducing postharvest losses could substantially increase food availability, reducing pressure on the mounting food supply shortage and global inflationary pressures with respect to food prices. In addition, food production could be more environmentally sustainable with less waste.
"Being able to control postharvest pathogens with an effective natural volatile such as MustGrow's mustard-based technologies could be an important market development. Decay control remains a necessity on many fruits and vegetables globally to reduce waste and to support fresh produce trading locally and internationally," said Geoffroy de Chabot-Tramecourt, Director R&D and Business Development at Janssen PMP.
"Food preservation is a critical global issue. We believe that using our technology as a postharvest treatment in fruits and vegetables may be beneficial to help secure an environmentally sustainable and less wasteful food supply. We are very excited to work with Janssen PMP as they bring more than 50 years of relevant market experience. We anticipate that working together to advance our technology, not only in research and development, but also in potential commercial applications, will assist with driving our strategic path forward," MustGrow CEO Corey Giasson remarked.
In parrallel with the Agreement and as previously announced, MustGrow and its existing partners continue to conduct field trials, R&D, and regulatory development on postharvest food preservation applications for other market segments with leading agriculture companies including, but not limited to, Bayer in Europe, Asia Pacific, Middle East and Africa (for potatoes storage) and Sumitomo Corporation in the Americas (for potatoes and bananas storage).
About JANSSEN PMP
Janssen PMP (https://www.janssenpmp.com/) is a division of Janssen Pharmaceutica NV, one of the Janssen Pharmaceutical Companies of Johnson & Johnson. The Janssen Pharmaceutical Companies of Johnson & Johnson are dedicated to addressing and solving some of the most important unmet medical needs of our time in oncology, immunology, neuroscience, infectious diseases and vaccines, and cardiovascular and metabolic diseases.
Janssen PMP is a long-established world leader in the development and formulation of new and highly effective active substances and end-use products for the protection of materials and food, especially fruits and vegetables. With more than 50 years' experience in Post-Harvest treatments and Plant Protection, Janssen PMP has developed strong technical and commercial expertise. Through protection of our surroundings, we aim to protect the health and well-being of the people in the environment in which our products are being used.
ON BEHALF OF JANSSEN PMP
Geoffroy de Chabot-Tramecourt
Director R&D and Business Development
Turnhoutseweg 30, 2340 Beerse, Belgium
Tel: +32 14 60 28 57
Mobile: +32 471 80 82 09
MustGrow is a publicly traded (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) agriculture biotech company focused on providing natural science-based biological solutions for high value crops, including fruits and vegetables and other industries. MustGrow has designed and owns a US EPA-approved natural solution that uses the mustard seed's natural defence mechanism to protect plants from pests and diseases. Over 110 independent tests have been completed, validating MustGrow's safe and effective signature technologies. The product, in granule format, is EPA-approved across all key US states and by Health Canada's PMRA (Pest Management Regulatory Agency) as a biopesticide for high value crops such as in fruit and vegetables. MustGrow has now concentrated a mustard extract biopesticide in liquid format, TerraMG, and with regulatory approval, could be applied through standard drip or spray equipment, improving functionality and performance features. In addition, the Company's mustard-derived extract technologies could have other applications in several different industries from preplant soil treatment, to weed control, to postharvest disease control and food preservation.
The Company has approximately 49.2 million basic common shares issued and outstanding and 55.1 million shares fully diluted. For further details please visit www.mustgrow.ca.
ON BEHALF OF THE BOARD
Director & CEO
Certain statements included in this news release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may affect the results, performance or achievements of MustGrow.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Examples of forward-looking statements in this news release include, among others, statements MustGrow makes regarding: (i) potential product approvals; (ii) anticipated actions by partners to drive field development work including dose rates, application frequency, application methods, and the regulatory work necessary for commercialization; (iii) expected product efficacy of MustGrow's mustard-based technologies; and (iv) expected outcomes from collaborations with commercial partners.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, MustGrow. Important factors that could cause MustGrow's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) the preferences and choices of agricultural regulators with respect to product approval timelines; (ii) the ability of MustGrow's partners to meet obligations under their respective agreements; and (iii) other risks described in more detail in MustGrow's Annual Information Form for the year ended December 31, 2020 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available at www.sedar.com. Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.
This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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