Cibus and Interoc Sign LOI to Advance Herbicide-Tolerant Rice Commercialization

Cibus and Interoc announced the execution of a non-binding Letter of Intent. The non-binding LOI establishes a potential framework for the commercialization of co-developed herbicide-tolerant rice traits in key rice-producing markets across Latin America. The non-exclusive agreement contemplated by the LOI would mark a significant progression toward full commercialization from the companies' research and development collaboration announced in January 2024. Under the terms of the existing material transfer agreement, Cibus successfully integrated HT traits into Interocs' elite rice germplasm which is advancing to real-world field evaluations.The LOI anticipates that Interoc will market high-performing rice hybrids and varieties for the Latin American market developed using Cibus' Rapid Trait Development System. The planned program will leverage herbicide tolerance traits to address critical weed and resistance management needs, aiming to improve yields in a region where productivity is increasingly challenged by resistant weeds, including weedy rice. Under the terms of the LOI, Cibus and Interoc intend to negotiate in good faith toward a definitive licensing and marketing agreement pursuant to which commercial sales would be initiated in Ecuador and Colombia in 2027. Following this anticipated initial launch, the companies are planning a phased expansion into Peru, Central America and the Caribbean, including Panama, Bolivia, Nicaragua, the Dominican Republic, Belize, and Costa Rica. The companies share a strategic objective of achieving robust market share in the regions where the HT trait is commercialized targeting trait adoption on an accelerated basis.