$2.9 million R&D grant for algae
A new source of an important acid could earn a Kiwi company big bucks.
A new method of producing a very useful acid has earned the Photonz Corporation a research and development grant - NZ$2.9 million from the Foundation for Research, Science and Technology over the next two years.
Eicosapentaenoic acid, or EPA, is a vital ingredient in novel therapeutics for the US$60 billion cardiovascular disease market. The acid, used by pharmaceuticals, can currently only be sourced from fish oil.
Photonz’s EPA is derived from marine microalgae. Its commercial production will mean that pharmaceutical manufacturers will not have to rely on limited stocks of natural fisheries as their only source of EPA. Photonz’s EPA is also sustainably produced.
Photonz chief executive Greg Moss-Smith said the injection of capital would enable Photonz to maintain its pace of development, and accelerate their plans for commercialisation. “It’s a vote of confidence in our strategy and our ability to execute.”
The company harvested their first batch of algal biomass in April last year, grown in their prototype industrial fermentation plant. The grant will enable Photonz to complete its process development programme, proving the full manufacturing process at prototype industrial scale.
It will also fund the development of a technology transfer package that will enable the process to be implemented at full industrial scale by a contract manufacturer. The company is currently in discussions with potential manufacturing partners.
This is the third grant Photonz has received from the foundation. Since its formation in April 2002 Photonz has issued 9,594,885 shares and has raised more than $6.2 million in capital to fund the company’s progress.
NBR staff
Mon, 28 Mar 2011
Mon, 28 Mar 2011
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$2.9 million R&D grant for algae
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