Immunobiotic for Shrimp: Stirling Products North America Gets Performance Milestone
Published: June 11, 2008
Source : ABN Newswire
STI-NA entered into an agreement with one of the top five animal pharma companies (name withheld for confidentiality reasons) in July 2007 (ASX 12 December 2007) to conduct a validation trial in challenged shrimp that would confirm the performance of ProVale(TM) prior to negotiating subsequent commercial arrangements.
"ProVale(TM) has previously been shown to increase the production in shrimp ponds by more than 36% and decrease the mortality of shrimp due to disease by more than 28%," indicated Mr Shane Patelakis, President, STI-NA. "The latest trials confirm the ability of ProVale(TM) to significantly improve production yield and survival of commercially raised shrimp even under challenged conditions," he added.
As part of the trial agreement, established between the two companies, there was an option for a period of exclusivity of three months beyond the study period, based on trial success and payment of the milestone. The animal pharma company has now exercised this option, triggering the milestone payment. The animal health company will conduct its required due diligence while both parties negotiate towards an appropriate agreement for the world-wide rights to formulate, distribute and/or commercialize ProVale(TM) for shrimp.
"We are very excited about this opportunity," indicated Dr Calvin London, CEO & Managing Director of Stirling Products Limited. "Not only does this provide confirmation of the potential of ProVale(TM), but it also provides valuable third party validation for the company. We look forward to progressing towards a formal sales and distribution agreement which would translate into significant revenue for the company and we will advise the market of our progress in due course," he added.
The trial conducted in South East Asia commenced in the last quarter of 2007 and was conducted completely independent of the company. The findings clearly support the efficacy of ProVale(TM) in improving survivability and overall yield of shrimp under challenged conditions. ProVale(TM) technology has the ability to enhance the performance of commercially farmed shrimp that translates into significant improvements in efficiencies for shrimp producers in disease challenged regions such as South East Asia.
Shrimp farming is one of the fastest growing sectors of aquaculture, particularly in South East Asia. As an example, the US alone imports over 550 million pounds of shrimp annually at a value of US$3.9 billion. Thailand exports 34% of this total figure (US$1.3 billion).
About ProVale(TM):
ProVale(TM) is a highly purified, safe and natural immune-stimulating bioactive extract for use as a livestock or pet animal feed supplement. This unique "immunobiotic" has the benefit of boosting the immune system against various bacterial and viral diseases of animals. The product already has sales for poultry and swine in North America with further sales opportunities expected in South America and South East Asia.
About STIRLING PRODUCTS LIMITED
Stirling Products is developing patented animal growth agents that increase meat production, therefore improving the production efficiency of livestock animals, while decreasing fat accumulation for the benefit of consumers. The Stirling growth agents are under development for swine, poultry, cattle and sheep for global markets and are being positioned to take a major role in reducing the global use of antibiotics and steroid hormones in livestock. Stirling is also developing veterinary medications for heaves in horses through its joint venture in Europe (Pulmovet ApS) and an obesity treatment in companion animals.
Stirling Products recently acquired a Canadian company Progressive BioActives Incorporated (PBI) under its North American subsidiary, Stirling Products NA Inc. PBI is part of the Bioscience cluster established on located Prince Edward Island, Canada. PBI's lead product ProVale, is the latest high purity beta glucan extract that has been designed as an alternative tool for sustainable livestock management in face of increasing viral disease challenges where antibiotics have no or limited application. ProVale is available for targeted applications in swine, poultry and farmed aquaculture with a future focus on further developing applications for companion animals (e.g. horses, dogs, cats and reptiles).
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