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15 May 2001 09:48
ASX-BioProspect Limited<BPO.AX>Discovery of new natural insecticide



BIOPROSPECT LIMITED 2001-05-15 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
The Board of BioProspect Limited is pleased to announce the discovery
of an exciting new natural chemical with exceptional insecticidal
properties.

This new natural insecticide has properties that suggest it will
rival current chemicals both for effectiveness and for its low
toxicity. Future uses possibly include household insecticides,
veterinary and crop insecticides, the market for which, in Australia
alone, exceeds $500 million per annum.

Preliminary tests performed by both the University of Western Sydney
and Southern Cross University in collaboration show that the plant
extract is a very potent insecticide while having very low mammalian
toxicity. The active chemical has been isolated, purified and
identified by Australian Phytochemicals Limited (a subsidiary of
BioProspect, and owned jointly with Southern Cross University).
Further tests have confirmed its activity.

BioProspect therefore has recently lodged patent applications based
on this new chemical.

The source material is obtained from an endemic Queensland plant
which was collected by the Queensland Biodiversity Science Herbarium,
for BioProspect under a specific contract.

Currently being drafted is a formal agreement whereby the Queensland
Government receives significant long term royalties from income
derived from the discovery of this natural chemical. Royalty
arrangements are also being put in place for BioProspect's research
collaborators in this project.

BioProspect Ltd has initiated discussions with the Queensland
Government and intends to negotiate a "grow out" program contract
whereby the Queensland Department of Primary Industries and
Queensland Forestry Research Institute will develop a potential
commercial crop industry based on the plant extract.

BioProspect is currently negotiating a general benefit sharing
agreement with the Queensland Government to cover further collections
for bioprospecting purposes.

J Stratton
EXECUTIVE CHAIRMAN

FOR FURTHER INFORMATION:

John Stratton, EXECUTIVE CHAIRMAN, BioProspect Limited
Contact : 61 8 9474 3433

Ian Macliver, EXECUTIVE DIRECTOR, BioProspect Limited
Contact: 61 8 9322 7600

Greg Eaton, EXECUTIVE DIRECTOR, BioProspect Limited
Contact : 61 2 6622 3211

Peter Waterman, CHIEF EXECUTIVE OFFICER,
Australian Phytochemicals Limited
Contact : 61 2 6622 3211
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