Date: Feb 15, 2013 Source: BusinessWeek (
click here to go to the source)
 |
Intrexon Corporation and Aqua Bounty Technologies, Inc. announced the formation of an exclusive channel collaboration (ECC) to enhance productivity in aquaculture and develop products that decrease the time to market and address growing environmental issues. As part of the ECC, Intrexon has proposed investing up to $6 million in AquaBounty to fund its operations and research. The investment is subject to shareholder approvals including the waiver of pre-emptive rights. Under terms of the agreements AquaBounty will utilize Intrexon's UltraVector(R) platform and other technologies to research, develop, manufacture and market products involving key synthetic biology tools to improve the value of finfish intended for human consumption; AquaBounty will pay Intrexon quarterly 16.66% of the gross profits calculated for each collaboration product and pay 50% of quarterly revenue obtained from a sublicensor in the event of a sublicensing agreement; and AquaBounty will reimburse Intrexon for the costs, on a full time equivalent basis, of certain services provided under the aquaculture program.
