Wheat right for Proteome
Thursday, 03 July, 2008
Sydney's Proteome Systems [ASX: PXL] has sold an exclusive license for its DiagnostIQ test device to Bayer CropScience.
Under the agreement Bayer and Proteome will also collaborate to produce new products based on the technology.
Bayer will own the commercialisation rights for the products, but will pay PXL product developments and license fees as well on royalties on each sale.
Bayer and Proteome have already collaborated to produce WheatRite, a quality assurance test that can be completed in three minutes.
WheatRite will be launched this year, and is initially to be sold in Canada, with expansion to other markets including Australia to occur later.
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