Agreement further expands Corteva Agriscience’s biological portfolio of proven biostimulant, biocontrol and pheromone solutions
WILMINGTON, Del., and SAINT LOUIS, Mo., June 1, 2021 – Corteva Agriscience and Elemental Enzymes, a life sciences company that develops novel biotechnology and enzymes solutions, announced today a multi-year global agreement around a unique abiotic stress mitigation technology.
Through the agreement, Corteva receives an exclusive license to Elemental Enzymes’s Waterflux® technology. The optimized osmoprotectant blend provides plants with small organic molecules that help crops overcome abiotic stressors such as soil salinity, drought, and extreme temperatures, helping keep them productive and healthy.
Corteva will offer this technology through a family of products to be branded under the name Sosdia™ Abiotic Stress Mitigator/Biostimulant. Two different products and formulations will be offered for a broad range of crops, including specialty and row crops, sugar cane, and turf and ornamental, as well as range and pasture. Pending appropriate registrations, Corteva will launch the products globally, excluding Australia and New Zealand territories.
“This agreement is another demonstration of Corteva Agriscience’s commitment to provide farmers biological solutions that offer proven, predictable performance in complement with our broad portfolio of conventional crop protection and seed solutions, as well as digital tools,” said Rajan Gajaria, Executive Vice President, Business Platforms, Corteva Agriscience. “We’re pleased to work with Elemental Enzymes to help farmers access new and innovative solutions that enhance plant resilience and growth under challenging environmental conditions, helping keep crops productive and healthy.”
“We are excited to partner with Corteva Agriscience to deliver a new tool to growers that helps manage water related stresses and increase water use efficiency in both the row crop and specialty crop markets,” said Brian Thompson, Chief Executive Officer of Elemental Enzymes. “Crops around the world are increasingly exposed to water and drought stresses that rob growers of yield. Waterflux® Technology allows growers to both maximize their water usage and protect against adverse conditions for their farms.”
Corteva’s model for developing its best-in-class Biologicals portfolio combines external innovation, R&D collaboration, licensing, and distribution. This agreement shows how Corteva collaborates with leading companies to accelerate commercializing customer-centered innovations. Waterflux® technology from Elemental Enzymes will provide value through Sosdia™ Abiotic Stress Mitigator/Biostimulants to improve consistency under environmental stress and enhancing yield potential and sustainability.
Terms of the agreement were not disclosed.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a publicly traded, global pure-play agriculture company that provides farmers around the world with the most complete portfolio in the industry - including a balanced and diverse mix of seed, crop protection and digital solutions focused on maximizing productivity to enhance yield and profitability. With some of the most recognized brands in agriculture and an industry-leading product and technology pipeline well positioned to drive growth, the company is committed to working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. Corteva Agriscience became an independent public company on June 1, 2019, and was previously the Agriculture Division of DowDuPont. More information can be found at www.corteva.com.
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About Elemental Enzymes
Elemental Enzymes, a St. Louis based company, is catalyzing the future of agriculture with innovative, cross-disciplinary scientific solutions to solve complex problems impacting growers today. Elemental Enzymes creates patented enzymes, peptides and biochemical solutions that improve nutrient uptake, water management and water use efficiency, plant health and yield, as well as disease protection. For more information, visit www.elementalenzymes.com.
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This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's growth, product development, and sustainability goals, are forward-looking statements.
Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond Corteva's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva's business, results of operations and financial condition. Some of the important factors that could cause Corteva's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of Corteva’s products; (ii) failure to successfully develop and commercialize Corteva’s pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva’s biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) effect of competition and consolidation in Corteva’s industry; (vi) effect of competition from manufacturers of generic products; (vii) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (viii) effect of climate change and unpredictable seasonal and weather factors; (ix) risks related to oil and commodity markets; (x) competitor’s establishment of an intermediary platform for distribution of Corteva's products; (xi) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xii) effect of industrial espionage and other disruptions to Corteva’s supply chain, information technology or network systems; (xiii) effect of volatility in Corteva’s input costs; (xiv) failure to realize the anticipated benefits of the internal reorganizations taken by DowDuPont in connection with the spin-off of Corteva and other cost savings initiatives; (xv) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xvi) failure of Corteva’s customers to pay their debts to Corteva, including customer financing programs; (xvii) increases in pension and other post-employment benefit plan funding obligations; (xviii) risks related to the indemnification obligations of legacy E. I. du Pont de Nemours and Company liabilities in connection with the separation of Corteva; (xix) effect of compliance with laws and requirements and adverse judgments on litigation; (xx) risks related to Corteva’s global operations; (xxi) failure to effectively manage acquisitions, divestitures, alliances and other portfolio actions; (xxii) risks related to COVID-19; (xxiii) risks related to activist stockholders; (xxiv) failure to enforce Corteva’s intellectual property rights or defend against intellectual property claims asserted by others; (xxv) effect of counterfeit products; (xxvi) Corteva’s dependence on intellectual property cross-license agreements; and (xxvii) other risks related to the separation from DowDuPont. Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements or other estimates is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K.
06/01/21
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Media contacts
Corteva Agriscience
Kacey Birchmier
kacey.birchmier@corteva.com
Mobile: 515-305-0085
Elemental Enzymes
Stacie Schumer
stacie@elementalenzymes.com
Mobile: 314-501-3163