- Bee Vectoring Technologies (TSXV:BEE) has been granted a patent for its CR-7 microbial strain frrom the European Patent Office
- The patent has been granted in six countries, and is under review by nine other patent authorities around the world
- BVT has welcomed the patent, which significantly expands the company’s intellectual property portfolio in Europe
- In other news, the company has closed a non-brokered private placement of 1.11 million units, for around C$350,000 in proceeds
- Bee Vectoring Technologies (BEE) is up 12.5 per cent and is currently trading at 40 cents per share
Bee Vectoring Technologies (TSXV:BEE) has been granted a patent for its CR-7 microbial strain from the European Patent Office.
CR-7 is an all-natural, biological fungicide which enhances disease management and improves crop yields. The fungicide is delivered to crops by the company’s commercially reared bees, as an alternative to chemical spraying.
The patent recognises the unique properties of the CR-7 strain, which helps to naturally control various plant diseases. It also covers CR-7 as a biologic control agent vectored by bees.
Thus far, the patent has been validated in 14 European countries. These are Belgium, Germany, Spain, France, the UK, Greece, Italy, Poland, Portugal, Romania, Serbia, Switzerland, the Netherlands, and Turkey.
The patent has been granted in six countries and is under review by nine other patent authorities around the world.
The company has welcomed the grant of patent, which protects a critical component of its proprietary agricultural system.
Bee Vectoring Technologies’ CEO, Ashish Malik, called the patent an important part of the company’s larger European strategy.
“This represents a significant expansion of the scope of our Intellectual Property in Europe, building on the European Patent Office’s earlier patent grant for our beehive dispensing apparatus.
“We now have strong patent protection in the world’s largest market for fungicides, with Europe accounting for 36 per cent of the overall global fungicides market.
“Europe is a major opportunity for BVT, as growers there are rapidly adopting sustainable practices to reduce chemical use and environmental impacts. BVT’s system is a powerful tool to help them accomplish that,” he said.
In other news, Bee Vectoring Technologies has closed a non-brokered private placement of 1.11 million units. At C$0.315 per unit, the company raised around $350,000 in gross aggregate proceeds.
Each unit consists of one common share in the company, and one transferable common share purchase warrant. Each warrant entitles the holder to buy another share for $0.525 each, within 24 months of the closing date.
Bee Vectoring Technologies plans to use the proceeds from the offering to fund its ongoing growth strategy in agriculture. This will include research and development, and general working capital purposes.
Bee Vectoring Technologies (BEE) is up 12.5 per cent and is trading at 40 cents per share at 12:36pm EDT.