A biotechnology company and a US government agency announced on Thursday a plan to create an archive of living cells and genetic material for all species protected under the United States Endangered Species Act, as part of a project aimed at protecting nearly 2,300 species of animals and plants considered threatened or at risk of extinction.

Texas-based Colossal Biosciences said it has reached an agreement with the US Fish and Wildlife Service on this ambitious biodiversity conservation initiative.

Ben Lam, CEO and co-founder of Colossal, explained that the proposed project, which he calls the "Biological Repository," will serve as a cryogenically preserved archive for endangered species.

Living cells, reproductive tissue, and DNA from these species will be stored to preserve samples before their populations collapse to a point from which they cannot be recovered.

The repository is planned to be a permanent public resource containing standardised samples and DNA data accessible to scientists around the world.