Executive Summary
FuturaGene Plc is committed to the research and development of environmentally friendly solutions to solve crop production problems. FuturaGene sponsors research at a consortium of universities to develop knowledge and create intellectual property that is essential to the development of crop species with enhanced agronomic characteristics including tolerance to a variety of environmental stress such as salt, drought and cold conditions. FuturaGene has established contracts with several universities for the exclusive global commercial rights on a suite of utility and provisional patents. The Group's technology comprises of a licensed patented portfolio of genes which enhance the function of genes already present in the plant through over expression of these genes. FuturaGene has identified genes which confer enhanced tolerance and enable plants to withstand extreme environmental stresses such as cold, drought, fungal pathogens and high salt concentrations. FuturaGene already has laboratory prototypes of rice and tomatoe plants with resistance to salt, drought and cold. Selected field tests are planned shortly. The total seed agricultural biotechnology market is estimated to have a value in the region of $3bn. The demand for transgenic seeds, such as FuturaGene's, is estimated to grow at some 12% through to 2006, while the total seeds market is estimated to be worth between $12 and $15bn.
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