Neogen named Commercialization Partner of the Year

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Nov 08, 2016, 10:00 ET

LANSING, Mich., Nov. 8, 2016 /PRNewswire/ -- The University of Nebraska has announced that Neogen Corporation (NASDAQ: NEOG) has been named Commercialization Partner of the Year.

In presenting the award, NUtech Ventures, the university's commercialization arm, cited Neogen's 18-year partnership with the University of Nebraska's Food Allergy Research and Resource Program (FARRP) to develop and market rapid food allergen tests that the food industry uses to protect its food allergic consumers. NUtech also cited Neogen's Lincoln, Neb.-based GeneSeek animal genomics laboratory, which was founded in collaboration with the university.

"Neogen was founded in 1982 with the belief that our great research institutions are incubators for innovation with tremendous commercial appeal. We have been proud partners of the University of Nebraska, and a number of other universities, that have made significant contributions to our fields of food and animal safety," said James Herbert, Neogen's chief executive officer and chairman. "Specifically with the University of Nebraska, we were quick to realize that there existed a significant commercial opportunity for rapid tests for food allergens. If anything, we underestimated that commercial appeal back in 1998, as that market has seen only steady growth for many years.

"Our partnership with the University of Nebraska in the field of animal genomics is newer, but has been equally successful, and carries a tremendous potential going forward," Herbert continued. "Our animal genomics business is now five times what it was at the time of our 2010 acquisition of GeneSeek. Our location in Lincoln is now the largest animal genomics laboratory in the world, and its success has allowed us to build a second GeneSeek laboratory in Scotland to serve our European customers, and to acquire a genomics business in Brazil — creating a third laboratory in that critically important country for livestock production."

NUtech's mission is to facilitate the commercialization and practical use of innovations generated through the research activities at the University of Nebraska. NUtech does this by identifying, evaluating, protecting, marketing and licensing UNL intellectual property to promote economic development and improve the quality of life. NUtech Ventures also connects innovators with the people, coaching and resources they need to start companies, develop products and create jobs.

Neogen Corporation develops and markets products dedicated to food and animal safety. The company's Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, food allergens, drug residues, plant diseases and sanitation concerns. Neogen's Animal Safety Division is a leader in the development of animal genomics along with the manufacturing and distribution of a variety of animal healthcare products, including diagnostics, pharmaceuticals, veterinary instruments, wound care and disinfectants.