Bioprospecting is the search for commercially valuable and exploitable organisms.

"Work should be stepped up on international agreements to oversee prospecting efforts in Antarctica by research institutions...and pharmaceutical companies to discover and stake ownership to promising organisms," the report said.

Isolating and extracting the substances that allow organisms to survive in one of the earth's harshest environments could lead to new cancer treatment drugs, antibiotics and industrial compounds, it said.

"But in fragile Antarctica this optimism is offset by warnings of significant consequences if an unregulated international "free-for-all" is allowed to develop," it said.

Such organisms are known as "extremophiles" because of their ability to thrive in tough environmental conditions.

One valuable substance is glycoprotein, which functions as an antifreeze' in some Antarctic fish and prevents them from freezing in their sub-zero conditions.

Potential applications include raising the freeze-tolerance of commercial plants, improving farm fish production in cold climates and extending the shelf life of frozen food.

Report co-author Sam Johnston, an authority in international environmental law, told Reuters there were no regulations giving clear title to the Antarctic's genetic resources.

"Companies are concerned because there's no title in these resources...ownership is undefined. They can spend millions developing a product with questions remaining about ownership," he told Reuters by telephone.

"Scientists' (concerns) are that the commercial nature of this will take away from the transparency and cooperation which is the hallmark of Antarctic research," he said.

The report precedes a global biodiversity meeting expected to attract more than 2,500 officials and experts in Kuala Lumpur from February 9 to 20.