Rosetta Green Joins the Seventh EC Framework Program: Receives 0.5 Million Euro Grant to Develop Proteins and Chemicals in Al...
28 July 2011 - 12:07AM
- Rosetta Green will take part in an EU-funded consortium which
is led by the Microalgal Biotechnology Laboratory at Ben-Gurion
University and will identify microRNA genes to develop algae with
improved traits and for production of human proteins for
therapeutic uses
- The consortium includes 11 leading academic and industrial
participants from various areas of algal biology and the total
project grant is 6 million Euros
Rosetta Green Ltd. ("Company") (TASE:RSTG), which develops improved
crop traits for the agriculture and alternative fuels industries
using unique genes called microRNAs, announced it received the EU's
approval to take part of the Seventh Framework Program (FP7). The
project relates to the development of industrial and therapeutic
uses of algae. As part of the program, Rosetta Green will receive a
reimbursement grant without royalties, totaling half a million
Euros from the European Commission, of which the company expects to
receive 138,000 Euros in the coming week.
Rosetta Green's part is to identify microRNA genes that could be
used to develop algae with improved traits including production of
human a-GAL A protein for the treatment of Fabry disease, and
production of growth hormone. Rosetta Green will also identify
microRNAs that can be used to increase the efficiency of essential
fatty acids (omega 3) production from algae, antioxidants, vitamins
and pigments.
The consortium, which is led by Prof. Sammy Boussiba at the
Microalgal Biotechnology Laboratory at Ben-Gurion University,
includes 11 leading academic and industrial participants from
various areas of algal biology. The consortium is named Genetic
Improvement of Algae for Value Added Products (GIAVAP) and the
total project grant is 6 million Euros and will last three years,
starting January 1, 2011. Rosetta Green's CEO, Amir Avniel,
said, "We believe that algae have a huge potential for numerous
uses, including industrial and therapeutic and that microRNA genes
have a substantial advantage in their ability to improve various
traits in algae. The unique benefit of microRNA genes is derived
from their role as master regulators that can control entire gene
families and therefore could potentially be used to significantly
improve key traits. Rosetta Green's technology is at the forefront
of this area and the project will expand worldwide recognition of
the company and its achievements."
About Rosetta Green
Rosetta Green Ltd. (www.rosettagreen.com) develops improved
plant traits, using innovative genes called microRNAs, for the
agriculture and biofuel industries. The Company specializes in the
identification and use of these unique genes that function as "main
bio-switches" to control key processes in major crops such as corn,
wheat, rice, soybean, cotton, canola and algae. Rosetta Green's
current trait development portfolio includes improved abiotic
stress tolerance, increased yield, improved nitrogen use
efficiency, improved cotton fiber quality, increased yield for
canola and soybean, increased oil content in algae, castor bean and
canola for the biofuel industry and improved algal traits for
various industrial applications. Rosetta Green was formed in 2010
by the spin-off of the agro-biotechnology division of Rosetta
Genomics Ltd (Nasdaq:ROSGD). Rosetta Green completed its IPO on the
Tel Aviv Stock Exchange in February 2011 (TASE:RSTG). For
additional information please visit Rosetta Green's website
at www.rosettagreen.com.
The Rosetta Green logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8831
About the FP7
The R&D Framework Program of the European Union was founded
in 1984 with the goal of increasing European competitiveness in
research and development. The Seventh Framework Program operates
2007-2013 with a total budget of over 50 billion Euros, which is
divided among several international R&D consortia. Israel is
the only country outside of the European Union that takes part in
this program and has participated for nearly a decade.
This press release contains "forward-looking statements." These
statements include words like "may," "expects," "believes,"
"scheduled," "potentially" and "intends," and they describe
opinions about future events. These forward-looking statements
involve known and unknown risks and uncertainties that may cause
the actual results, performance or achievements of Rosetta Green
Ltd. to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
CONTACT: Investor Relations
Shirley Yom-Tov
Shirley.yomtov@rosettagreen.com
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