GENT-ZWIJNAARDE, BELGIUM and ST. LOUIS -- Devgen N.V. and Monsanto Company announced today that the companies have modified the scope of their research and technology agreement signed in 2007. Monsanto now has broader rights to Devgen technology. In exchange, Devgen receives EUR 20 million in cash.

Additional details of the agreement were not disclosed.

"We welcome the additional interest of Monsanto in broadening its access to Devgen trait technology in selected crops," says Thierry Bogaert, Devgen's CEO. "This agreement strengthens our cash position without affecting Devgen's rights in its crops of interest and reinforces Devgen's ability to execute its downstream trait and seed business plan."

"Devgen is a key technology collaborator of Monsanto," said Robb Fraley, Ph.D., Monsanto's executive vice president and chief technology officer. "We're excited about the promising technologies this collaboration could deliver to farmers."

Devgen's mission is to enable farmers to sustainably grow more food on less land, with less water, agrochemicals and labor. Devgen uses advanced biotechnology and molecular breeding technology to make high yielding seeds and crop protection solutions with a superior environmental profile.
Incorporated in 1997, Devgen has offices in Ghent (Belgium), Singapore, Hyderabad (India) and Delaware (US) and employs more than 200 people.

Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Monsanto remains focused on enabling both small-holder and large- scale farmers to produce more from their land while conserving more of our world's natural resources such as water and energy.

SOURCE: Devgen via Market Wire.