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Plant Impact
09:32 23 Oct 2009
Plant Impact rated 'buy' at Religare Hichens
Harrison, price target 70 pence
Price:
44.75p
Market Cap:
£36.56M
1 Year Share Price Graph
Broker Religare Hichens Harrison issued a note on Plant Impact (AIM: PIM)
following the news that the novel pesticides and plant nutritional products
developer secured a €1 million grant from the EU to support the development
of its nematicide, aimed at eliminating parasitic roundworms known as
nematodes.
As broker to the company, it has a ‘buy' rating on the stock and a 70 pence
price target.
"This is a welcome success," the broker said, adding that "Earlier this year,
Plant Impact announced that it was seeking a grant to fund the research stage
of its nematicide, in order to concentrate its own cash on products closer to
revenue."
Share Information
The company is leading a seven-strong consortium of companies and research
institutes to develop a non-toxic, cost-effective nematicide, Its share of the
grant is a third of the total.
Code:
Listing:
52 week
Sector:
Current nematicides are being phased out because of their greenhouse gas
emissions or their safety and handling profile.
Website:
PIM
AIM
Low
43.25p
High
55.5p
Pharma & Biotech
www.plantimpact.com
Company Synopsis:
Plant Impact will provide the nematicide technology for the project, which is
expected to deliver a marketable product upon the completion of the research,
currently slated for 2011.
Religare Hichens Harrison noted Belchim Crop Protection's membership of the
consortium: it is the world's fourth largest agri-chemicals distributor and has a
detailed understanding of the approvals process, which will become helpful
once the new product has passed trials and attracted a licensing partner.
"We believe there is a large market for an effective, environmentally benign
nematicide. The consortium is focusing on the potato market for this study, and
we estimate that Plant Impact's initial addressable market is worth around
US$90 million per year globally," the broker added.
Plant Impact is a leader in plant science
innovation. The company develops and
formulates products that realise and
enhance crop capacity, enabling growers to
improve quality and deliver consistently
higher marketable yields. Plant Impact's
products and technologies are backed by a
robust
research
and
development
programme, managed from its head office
at Rothamsted, United Kingdom.
[email protected]
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The Business Centre 6 Wool House, 74 Back Church Lane
London, E1 1AF
United Kingdom Company No. 05639690
VAT No. 87207082