DAYTON, N.J., Aug 3, 2004 /PRNewswire via COMTEX/ -- Phytomedics Inc., an innovative biopharmaceutical company merging health care and plant biotechnology to discover, develop and manufacture novel botanical therapeutics, and ARC Ventures Inc., a world leading hydroponic producer of high quality green vegetables and herbs, announced today that they have entered a joint venture called Phytomedicinal Greenhouses LLC (PMG). The primary function of PMG will be the development of an integrated, industrial scale system to grow plants hydroponically (a practice defined as growing plants in a selected medium inside an enclosed structure where the environment, nutrient and other solutions are monitored and regimented) to be used as active ingredients for products entering the pharmaceutical, nutraceutical, cosmeceutical, and functional food business segments.
"We are very pleased to be working with such a premier agro-industrial enterprise as ARC during this exciting evolutionary stage of our business development," said Bertold Fridlender, President and CEO of Phytomedics Inc. "ARC's capabilities in high-value hydroponic agriculture, as well as their extensive growers network, complements Phytomedics business strategy for launching a new generation of scientifically designed, tested and optimized multi-component botanical therapeutics."
Richard Cobb, President of ARC Ventures Inc. commented, "This collaboration with Phytomedics represents what we believe is the beginning of a major paradigm shift in agriculture today, namely the move from 'farming for calories' to 'farming for health'. Such opportunities open up lucrative revenue streams for farming communities, from such high-value industries as pharmaceuticals and consumer health care products, and potentially have the ability to alter the very landscape of industrial farming, especially in a key U.S. agricultural producing state like New Jersey, the garden state."
Phytomedics' products include botanical drugs (as recently defined by the U.S. FDA -- http://www.fda.gov/cder/guidance/4592fnl.htm ), nutraceuticals / dietary supplements, cosmeceuticals, functional / medicinal foods, and plant-produced biologics. Through state-of-the-art, proprietary approaches, Phytomedics' botanical therapeutics program reconnects plants and human health at a new level of technological sophistication. Hydroponic growth and environmental containment of its therapeutic candidates is an integral step to fully controlling and standardizing is products to a level not previously achieved in the industry.
Hydroponic farming is a method that has been around for a long period of history, as far back as the ancient city of Babylon, but is only now becoming a major component of global agricultural commerce, with over 60,000 acres in production around the world. There are many benefits of using such techniques for both the consumer and producer of such crops and related agri-products, including the controlled environment, the lack of herbicides and pesticides, no soil borne disease, substantial reduction in the water and fertilizer requirements compared to growing equivalent amounts of field produce, precise control of nutrient feed ratios, extended growing seasons, and the intensive, economic production in small spaces.
About Phytomedics Inc.
Headquartered in Dayton New Jersey, Phytomedics Inc. uses a broad and innovative proprietary technology platform to discover, develop and manufacture novel, multi-component and multi-functional botanical therapeutics such as botanical drugs and nutraceuticals, as well as recombinant proteins. Through this proprietary technology platform, the Company has produced a pipeline of pharmaceutical and nutraceutical lead compounds, several of which are in clinical development. Founded by Professor Ilya Raskin, Ph.D., Phytomedics Inc. conducts most of its R&D at the Biotech Center of Rutgers University. The Phytomedics Inc. corporate website can be found at http://www.phytomedics.com .
About ARC Ventures Inc.
Headquartered in Shiloh New Jersey, ARC Ventures Inc. is a privately held company focused on the hydroponic growing of herbs, greens, and lettuces for both the restaurant and retail business sectors. The ARC corporate website can be found at http://www.arcgreenhouses.com .