Published:

Chemtura and Venomix Extend Collaboration

MIDDLEBURY, Conn. andKALAMAZOO, Mich., Aug. 20 /PRNewswire/ -- Chemtura Corporation (NYSE: CEM) and Venomix, Inc. have agreed to extend their collaboration on the development of insecticides based on spider venom peptides, the companies announced today. The companies began their collaboration in 2006. Since then, Chemtura has made payments to Venomix for the achievement of scientific milestones. During the extended collaboration, the companies will agree annually on research milestones and payments. The financial terms of the original agreement and the extension have not been disclosed.

The collaboration centers on the discovery that peptides contained in spider venom have insecticidal properties. Venomix has isolated and characterized a number of these peptides, which are lethal to insects but harmless to non-target species, including humans. One of these peptides, designated "hybrid," is the object of the collaboration.

The first goal of the collaboration is to develop the "hybrid" peptide as a commercial insecticide. Longer term, the companies will collaborate to produce small, chemical molecules that "fit" the same receptor as the "hybrid" peptide. This is expected to lead to chemical pesticides with the same biological activity and safety profile as the "hybrid" peptide.

John L. McIntyre, Ph.D., President and CEO of Venomix, said, "The collaboration with Chemtura has gone extremely well. We have an excellent relationship and we both see greater opportunity now from the collaboration than we did when we started."

Gregory E. McDaniel, Group President for Crop Protection, Chemtura said, "We are very excited about the hybrid peptide technology and our ongoing collaboration with Venomix. This technology has been shown to provide control against a number of commercially important crop insects and has the potential to significantly enhance our current portfolio."

Chemtura Corporation, with 2007 sales of $3.7 billion, is a global manufacturer and marketer of polymer additives, performance specialties, consumer products and crop protection products. Additional information concerning Chemtura is available at www.chemtura.com.

Venomix is developing a new generation of insecticides using peptides from spiders. The company's technology is based on ground-breaking research conducted at the University of Connecticut. Over 50 unique, spider-venom peptides have been identified. This patented technology is exclusively licensed to Venomix. Products under development have a unique mode of action, are highly effective against insects and related pests and are harmless to non-target species, including humans. Target markets include agriculture, animal health and specialty non-crop uses such as household insects. Venomix products will be ideally suited for the environmentally conscious twenty-first century. www.Venomix.net

SOURCE Venomix, Inc.

Tags: ,MTC,AGR,HOU,HEA,JVN,MI-Venomix-Collaborat

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