SAN DIEGO, April 11, 2005 /PRNewswire-FirstCall via COMTEX/ -- Diversa Corporation (DVSA) announced that it has signed an agreement with Cargill Health and Food Technologies to discover and develop novel enzymes for the cost- effective production of a proprietary product. Under the terms of the agreement, Diversa will receive upfront payments and research funding and is entitled to receive milestone payments, license fees, and royalties on products that may be developed.
"Oil processing and nutrition products represent one of Diversa's strategic focus areas, and we are pleased to be partnering with Cargill on this opportunity," stated Jay M. Short, Ph.D., Diversa's President and Chief Executive Officer. "We are targeting the development of a novel, differentiated product through the combination of our industry-leading enzyme product-development platforms with Cargill's bioprocessing and commercial expertise. We look forward to working with Cargill on this program and other areas of mutual interest."
About Diversa & Cargill
Diversa Corporation is a leader in applying proprietary genomic technologies for the rapid discovery and optimization of novel protein-based products. The Company is directing its integrated portfolio of technologies to the discovery, evolution, and production of commercially valuable molecules with agricultural, chemical, industrial, and pharmaceutical applications. Diversa has established alliances and joint ventures with market leaders, such as Bayer Animal Health, DuPont Bio-Based Materials, GlaxoSmithKline, Medarex, Merck, and Xoma. In addition, the Company has formed a broad strategic relationship with Syngenta AG, a world-leading agribusiness company. Diversa has commercialized products both independently and in collaboration with strategic partners and licensees. Additional information is available at Diversa's website: www.diversa.com.
Cargill is an international provider of food, agricultural and risk management products and services. With 101,000 employees in 60 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed.
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty. These include statements related to the development of novel enzymes under the agreement with Cargill, Diversa's ability to achieve milestones under the agreement, and potential future collaborations between Diversa and Cargill, all of which are prospective. Such statements are only predictions, and the actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks involved with Diversa's new and uncertain technologies, Diversa's dependence on patents and proprietary rights, Diversa's protection and enforcement of its patents and proprietary rights, Diversa's dependence on Cargill in connection with this agreement, Cargill's election and ability to develop products under this agreement, Diversa's and Cargill's ability to commercialize products, and the development or availability of competitive products or technologies. Certain of these factors and others are more fully described in Diversa's filings with the Securities and Exchange Commission, including, but not limited to, Diversa's Annual Report on Form 10-K for the year ended December 31, 2004. These forward-looking statements speak only as of the date hereof. Diversa expressly disclaims any intent or obligation to update these forward-looking statements.