AgriDyne Technologies Inc. of Salt Lake City Wednesday announced the signing of an evaluation and development agreement for certain animal health markets with Zoecon Corp., a wholly owned subsidiary of Sandoz Corp.
Under terms of the agreement, Zoecon will conduct an evaluation of AgriDyne's environmentally friendly biopesticide compound, azadirachtin, for suitability in formulations that Zoecon could then develop, register and market in companion animal ectoparasiticide markets thoughout the world, such as veterinary clinics and pet stores, and for fly control in farm and feed store trade channels.Azadirachtin is a compound extracted from the seed of the tropical neem tree, which has long been recognized for its natural insecticidal properties. A potent insect growth regulator, azadirachtin controls insects in the larval stages and has exhibited no evidence of insect resistance.
"This agreement lays the initial groundwork to introduce aza-dirach-tin to the animal health markets," said Eric B. Hale, president and chief executive officer of AgriDyne. "Our strategy includes aligning with market leaders in an effort to broaden the potential uses for our new biopesticides.
"We feel Dallas-based Zoecon, the vet and pet store market leader for insecticide products, is an ideal partner in the animal health area."
Sandoz Ltd., Zoecon's parent company in Basle, Switzerland, an early investor in AgriDyne, continues to hold approximately 2 percent of AgriDyne's stock.