BioProspect a step closer to commercialising natural anti-termite repellent

BioProspect received a boost today when the Australian Pesticides and Veterinary Medicines Authority gave the tick to the company's natural anti-termite oil, Eremophilone Oil, as an active constituent.

Eremophilone Oil is an extract from the native tree, Eremophila mitchellii, also known as False Sandalwood. The oil is known to have anti-termite properties and forms the basis of BioProspect's proudct, Termilone.

With Eremophilone Oil classified as an active ingredient, BioProspect can now work to produce an end user product, which it hopes to have on the market within the next two years after further field trials and final regulatory approval.

According to BioProspect, the international termite control market is estimated at over $1 billion per year, with increasing levels of interest in natural low-toxicity products.

BioProspect is currently undertaking end user trials in Townsville, Darwin, Sydney and Lismore.

BioProspect's (ASX:BPO) share price jumped this morning following the news from an open of 3.4c to 6c, but has since dropped back to 3.6c as of 1pm this afternoon.