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Paradigm Reaches Milestone, Triggers Payment in Monsanto Agbio Deal

NEW YORK, Sept. 26 - Paradigm Genetics has met a fifth milestone in an agricultural gene-discovery partnership with Monsanto Company, triggering an undisclosed accelerated milestone payment, the functional genomics company said on Wednesday.

Paradigm also announced that Monsanto has amended the partnership by removing its termination option in exchange for broader rights. “This amendment is significant since it commits Monsanto to a total term of at least six years, with options to extend the scope of work in time and volume,” Paradigm said in a statement.

The collaboration, originally signed in January 2000, was also modified “to maximize the potential of valuable trait discovery and accelerate the commercialization timeline for products from which Paradigm will receive royalties.”

Terms of the partnership call for Paradigm to use its GeneFunction Factory to discover the function of genes selected by Monsanto for use in its agbio product development program. Paradigm will share in any product revenues generated through this collaboration in the form of royalties, the company said.

“In our partnership, we are routinely exceeding the aggressive milestones that were set 20 months ago,” John A. Ryals, president and CEO of Research Triangle Park, NC-based Paradigm, said in the statement.