MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF) announced that it has signed an extension to the Exclusive Evaluation and Option Agreement with Janssen PMP, a division of one of Johnson & Johnson (NYSE:JNJ)’s Janssen Pharmaceutical Companies, to test and develop MustGrow's biological mustard plant-based technologies for certain postharvest food preservation storage applications globally.
The agriculture biotech company said had granted Janssen PMP the exclusive right to test MustGrow's mustard-based technologies for postharvest storage preservation of fruits and vegetables globally, excluding grains, potatoes, bananas and shipping container fumigation.
“This partnership is important, as food preservation is a critical global issue,” MustGrow Biologics CEO Corey Giasson said in a statement.
“We believe that using MustGrow's technology as a postharvest treatment in fruits and vegetables may help secure a safe, environmentally sustainable food supply, with less waste,” Giasson added.
MustGrow noted that Janssen PMP will continue to fund and drive all testing and development work.
With more than one-third of fruit and vegetable produce globally (worth about US$1 trillion in value) estimated to being lost or wasted in postharvest operations, including loss attributed to fungal and bacterial diseases, reducing postharvest losses could increase food availability, reducing pressure on the mounting food supply shortage and global inflationary pressures on food prices, according to the company.
MustGrow Biologics is an agriculture biotech company developing organic biocontrol, soil amendment and biofertility products by harnessing the natural defense mechanism and organic materials of the mustard plant to sustainably protect the global food supply and help farmers feed the world.
Contact Sean at sean@proactiveinvestors.com