BioNovelus Inc. (OTCPink:ONOV), a clean technology company is reported to have achieved a breakthrough. The company made a press release stating that the lab results turned out to be positive following the field trails with respect to the company’s technology.
The lab results have established that the company’s technology is both an eco-friendly and effective biopesticide against the “roya” or “coffee rust”, a fungus that is scientifically named as Hemileia vastatrix.
Coffee rust as is commonly known in South and Central America is blamed for harming coffee plantations for years, which results in a loss of nearly one billion dollars every year to the coffee industry. The damage caused by coffee rust amounts to a loss of more than 500,000 jobs adding to the plight of the farmers. Apart from this, coffee rust is also held responsible, leading to illegal immigration in 2014 and 2015. A major influx of immigrants was seen from Central America into the U.S.
BioNovelus Inc. (OTCPink:ONOV) predicts the growth of biopesticides to $4.36 billion in 2019 from 1.8 billion in 2013. The company estimated the CAGR growth of the market at the rate of 16% in between 2014 and 2019. Thus, the growth estimations alongside the positive lab results have encouraged the company to set its foot in the biopesticides market.
The company’s President Jean Ekobo stated that their product will serve as an eco-friendly and biodegradable alternative to the current fungicides, which are mostly toxic in nature. Ekobo is confident that the growing regulations to contain the use of chemical-based pesticides will boost the demand for organic and eco-friendly products.
Meanwhile, BioNovelus Inc. (OTCPink:ONOV) is also engaged in undertaking another test in Mexican coffee plantations and is expected to release the results soon. The volume of the stock surged following the news. Another OTC stock that showed tremendous performance was ContraVir Pharmaceuticals Inc (NASDAQ:CTRV), which surged to a level of $4 yesterday. ContraVir released preliminary data highlighting the extraordinary properties of its CMX157, a lipid prodrug.