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BPO is up 70% on this announcement - open 8.9c high 18c current 15c.
Who knows which way from here but obviously it is going to be a fairly long road from here to commercialisation. Maybe plenty of opportunity ahead. Definitely bears keeping an eye on, even as a very short term trade, obviously the day traders have already seen it.




15 May 2001 10:06
ASX-BioProspect Limited<BPO.AX>Media Rel: Organic Plant Extract to replace
Chemicals



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

HOMEX - Perth

+++++++++++++++++++++++++
MEDIA RELEASE

Drug discovery company BioProspect Limited ("BioProspect") announced
today that it had identified an exciting new natural insecticide
which appears virtually non-toxic to mammals.

The insecticide, discovered in an endemic Queensland plant, is set to
revolutionise the domestic and agriculture insecticide markets as the
leading chemical of its type in the world.

BioProspect Executive Director Greg Eaton said future uses of the
organic chemical may include household, veterinary and crop
insecticides - a market in Australia worth more than $500 million per
annum.

Mr Eaton said BioProspect had already initiated discussions with the
Queensland Government to develop a possible commercial crop industry
based on the plant extract.

"This breakthrough has enormous potential as our testing has

indicated that the discovered plant extract is virtually non-toxic to
mammals," Mr Eaton said.

"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.

"This is a fantastic discovery at a time when many insecticides are
progressively being banned, including those commonly used in
households. We are not aware of any chemical which can claim its
natural - organic pedigree combined with such demonstrated potency.

"BioProspect has recently lodged patent applications based on this
new chemical, and we are extremely enthusiastic about its potential
for the world insecticide market which is conservatively valued at
$A25 billion annually."

Mr Eaton said the new insecticide had demonstrated high laboratory
efficacy against at least two major Australian agricultural pests:
Twospotted mites and the Diamondback Moth.

The size and value of the local insecticide market to control these
two species alone is estimated at more than $50 million a year.

"Twospotted mites and its relatives, commonly known as spider mites,
can cause severe damage and heavy losses to crops including citrus,
avocado, beans, cotton, apples, pears, peaches, plums, vegetables and
other horticultural and ornamental crops," Mr Eaton said.

"The plant extract we have discovered has proved highly effective
against these pests and based on our studies we believe it may prove
just as successful against a range of other Insects as well."

In another success for the company, BioProspect has been awarded a
$250,000 Federal Government Collaborative Research Grant to research
insecticides from a specific family of Australian endemic plants.

The Strategic Partnerships with Industry Research and Training
("SPIRT") grant research partners - Southern Cross University's
Centre For Phytochemistry and University of Western Sydney's Centre
For Horticultural and Plant Sciences - will collaborate with
BioProspect over the next three years to investigate the plants for
chemicals with insecticidal properties.

Mr Eaton said it was hoped that the project will produce new
insecticides to complement the Queensland discovery and favourably
position the company to gain a significant share of the Australian
and overseas insecticide markets.

FOR FURTHER INFORMATION CONTACT:

Mark Gold (02) 9252 0622 or 0411 221 292

MORE TO FOLLOW
BIOPROSPECT LIMITED 2001-05-15 ASX-SIGNAL-G
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