Plant Health Care PLC Long-term Harpin Production and Supply Agreement (3781P)

TIDMPHC

RNS Number : 3781P

Plant Health Care PLC

20 June 2022

RNS

20 June, 2022

Plant Health Care plc

("Plant Health Care" or the "Company")

New, Long-term Commercial-scale Manufacturing of Harpin-based Products

Plant Health Care (R) (AIM: PHC.L), a leading provider of novel patent-protected biological products to global agriculture markets, is pleased to provide the following update concerning the volume manufacture of its Harpin <ALPHA><BETA> based products.

Highlights

- Signed a long-term production and supply agreement with a leading Europe-based fermentation company, securing low-cost production capacity of Harpin <ALPHA><BETA> , the active ingredient in its ProAct (R) , Employ (R) , and H2Copla (R) products , to meet projected global demand.

- Volume production cost targets have been met, ensuring an improved gross margin for the Company and an attractive Return on Investment (ROI) for customers.

- Continuing manufacturing of PREtec peptides within the same facility in support of new product regulatory filings and commercialization of PREtec-based products.

Background

Harpin <ALPHA><BETA> works by triggering the plant's own self defense systems, in a manner similar to vaccinations in humans, with crops responding with improved quality, nutrient use efficiency, tolerance to abiotic stress and ultimately, increased yield. Being a biological product, Harpin <ALPHA><BETA> has a very favorable human and environmental safety profile.

PREtec is a novel class of technology which stimulates the plant to defend itself. Derived from natural proteins, PREtec is an environmentally friendly approach to protecting crops from diseases and soil pests and is compatible with mainstream agricultural practices.

Jeff Tweedy, COO of Plant Health Care said, "I am pleased to move our product manufacturing to a high-quality facility in Europe that has both the experience and capacity to meet our current product volume requirements as well as projected future increased demand for our Harpin <ALPHA><BETA> products and the PREtec product portfolio, including Saori (R) . By eliminating the need to pay certain import tariffs and other costs, gross margin is expected to improve for our Harpin <ALPHA><BETA> business beginning in 2023."

For further information, please contact:

 
   Plant Health Care plc 
    Chris Richards, CEO              [phone] 
 
    Cenkos Securities plc - Nomad 
     & Broker 
                                     [phone] 
    Neil McDonald / Pete Lynch        8900 
    Vox Markets 
    Paul Cornelius / Kat Perez       [phone] 
 
 

About Plant Health Care

Plant Health Care offers products to improve the health, vigour and yield of major field crops such as corn, soybeans, potatoes and rice, as well as specialty crops such as fruits and vegetables. We operate globally through subsidiaries, distributors and supply agreements with major industry partners. Our innovative, patent-protected biological products help growers to protect their crops from stress and diseases, and to produce higher quality fruit and vegetables, with a favourable environmental profile. Find out more at Vox

Markets   and the company website:   www.planthealthcare.com 

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AGRDDLFFLQLBBBL

(END) Dow Jones Newswires

June 20, 2022 02:00 ET (06:00 GMT)