Origin Agritech Updates the Progress of Biotech Commercialization Joint Venture with BC-TID
Origin Agritech Limited (SEED)
US:NASDAQ Investor Relations:
originseed.investorroom.com
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Source: PR Newswire
BEIJING, Oct. 29, 2019 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology and rural e-commerce company, updates the progress of Biotech Commercialization joint venture with Beijing Changping Technology Innodevelop Group (BC-TID). On June 5, 2019, the Company announced that the Company entered into a Cooperation Framework Agreement with BC-TID to form a new joint venture to focus on the commercialization of genetically modified (GM) corn seed technologies.Under the agreement, Origin and BC-TID will establish a new entity with approximately equal partnership. The Company will contribute the Origin Life Science Center building in Beijing and two biotech corn traits to the new joint venture, and BC-TID will fund the joint venture with a total of RMB204 million. The two biotech traits are the glyphosate tolerance (Gt) trait and the double stacked traits of insect resistance (Bt) and Gt genes. These two traits have completed multi-year
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