Perth-based biotechnology company Stirling Products Ltd has extended a technology development agreement with UK-based Merial Ltd until the end of March 2008, the company has announced.
The companies plan to conduct further trials in sheep based on positive results in initial trials, Stirling said in an announcement.
the full text of a company announcement is pasted below
Stirling Products Limited (ASX:STI) advises shareholders that the Letter of Intent (LOI) and Material Transfer Agreement (MTA) with leading global animal pharma company Merial Limited will be extended until the end of the first quarter 2008 to allow additional test-of-concept studies to be conducted.
The original agreement was signed in December last year (ASX: 12 December, 2006) for the collaborative development of a novel formulation and delivery system for production enhancement in ruminants (sheep and cattle) and covers feasibility and proof-of-concept studies for the use of such products in prime lambs.
Under the LOI, successful results could potentially lead to global licensing arrangements for the supply, manufacture and distribution of the resulting product.
"Both parties have been encouraged by the results obtained to date," indicated Stirling Products CEO and Managing Director, Dr Calvin London. "Additional studies will be undertaken to gain a better understanding of the potential product and provide more information for Merial in order to make a decision on any further potential relationship."
"The expertise and resources that Merial brings to the table continues to help us gain a better understanding of alternatives for growth promotion and productivity enhancement. This is especially the case for prime lamb production where opportunities exist to improve productivity and profitability in an industry which is highly important to Australian agriculture," indicated Dr London. "The fact that Merial is prepared to commit further funding to conduct more detailed investigation, is very encouraging to the company."
