MustGrow and Janssen PMP, a Division of Janssen Pharmaceutica NV, Extend Exclusive Global Partnership
- 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 has been extended.
- Janssen PMP will continue to fund and drive all testing and development work.
Saskatoon, Saskatchewan--(Newsfile Corp. - May 23, 2023) - MustGrow Biologics Corp. (TSXV: 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 extension to the 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 had 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. After a year of testing and determining multiple potential commercial pathways, the companies have decided to extend the Agreement to continue the development of MustGrow's natural technologies. As specified in the Agreement, Janssen PMP will fund and drive all application testing and development work.
"In post-harvest, the need for technologies derived from nature remains very high. Janssen PMP sees a great potential in the use of the MustGrow technology in extending shelf life of fruits and vegetables. This is the reason why we decided to extend our global exclusive partnership with MustGrow," said Geoffroy de Chabot-Tramecourt, Director R&D and Business Development at Janssen PMP.
"Over a year ago, prior to our partnership with Janssen PMP, the postharvest fruit and vegetable preservation application was a bluesky opportunity for MustGrow, and as such, we needed a partner with expertise in this particular area. Janssen PMP delivers this expertise, has been a great partner, and we are excited to continue collaborating with them," commented Corey Giasson, MustGrow's CEO. "We are very pleased with their work, which has generated significant learnings for both companies in this new area for our technology. This partnership is important, as food preservation is a critical global issue. We believe that using MustGrow's technology as a postharvest treatment in fruits and vegetables may help secure a safe, environmentally sustainable food supply, with less waste."
Fruit and vegetable crops play a critical role in global food nutrition. More than one-third of produce (worth approximately US$1 trillion in value) 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 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.
Sources:
1) https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5296677/
2) https://www.intechopen.com/online-first/79995
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
Email: gdchabot@its.jnj.com
About MustGrow
MustGrow is an agriculture biotech company developing organic biocontrol, soil amendment and biofertility products by harnessing the natural defense mechanism and organic materials of the mustard plant to sustainably protect the global food supply and help farmers feed the world. MustGrow and its leading global partners -- Janssen PMP (pharmaceutical division of Johnson & Johnson), Bayer, Sumitomo Corporation, and Univar Solutions' NexusBioAg -- are developing mustard-based organic solutions to potentially replace harmful synthetic chemicals. Concurrently, with new formulations derived from food-grade mustard, the Company is pursuing the adoption and use of its technology in the soil amendment and biofertily markets. Over 150 independent tests have been completed, validating MustGrow's safe and effective approach to crop and food protection and yield enhancements. Pending regulatory approval, MustGrow's patented liquid products could be applied through injection, standard drip or spray equipment, improving functionality and performance features. Now a platform technology, MustGrow and its global partners are pursuing applications in several different industries from preplant soil treatment and weed control, to postharvest disease control and food preservation, to soil amendment and biofertility. MustGrow has approximately 49.7 million basic common shares issued and outstanding and 55.6 million common shares fully diluted. For further details, please visit www.mustgrow.ca.
ON BEHALF OF THE BOARD
"Corey Giasson"
Director & CEO
Phone: +1-306-668-2652
info@mustgrow.ca