Aqua Bio Technology ASA today announced a collaboration with AlgoSource of
France in order to commercialize algae based technology for use in cosmetic
products.
The agreement between the two companies includes two algae technologies holding
potential for use in skin care products. The collaboration reflects ABT's
strategy of in-licensing and commercializing third party biotechnology.
Spirulysat® is a substance derived from the blue-green freshwater algae
spirulina. Unlike the traditional spirulina, the Spirulysat®, has stronger
antioxidant features in addition to other properties differentiating it from the
traditional spirulina and making it suitable for the cosmetics industry.
AlgoSource has already successfully commercialized the substance for use as a
nutritional supplement. ABT has now secured the rights to develop this product
for derma-cosmetic use.
Over the next months, ABT will carry out testing of the substance in order to
establish its safety profile and efficacy in relation to skin care applications.
The substance contains antioxidants, which have the potential to reinforce the
skin's ability to withstand exposure from the sun, pollution etc.
The agreement does not include any initial payments. ABT will carry the costs
related to the testing of Spirulysat® for skin care applications, and AlgoSource
will receive royalty payments when the product has reached commercial use.
"We are extremely pleased that we now can start developing new products based on
our partnership with AlgoSource. In doing so, we will build on ABT's experience
in the cosmetics industry and our ability to commercialize technology," said
ABT's CEO, Arvid Lindberg.
"AlgoSource has successfully developed Spirulysat® for nutritional use. The
technology has a significant potential also in skin care, and we believe that
ABT is the ideal partner in taking the technology even further," said Olivier
Lépine, Managing Director of AlgoSource Group.
The second technology included in the collaboration between the two companies is
an extract from a red microalgae. The development of this technology is still in
an early phase, and its commercialization will be addressed by ABT at a later
stage.
For further information, please call Arvid Lindberg, CEO, telephone
+47 9824 5410
Aqua Bio Technology (ABT) has launched several cosmetic ingredients used in skin
care products globally. Skin care is the fastest growing segment in the
cosmetics industry, where ABT's ingredients have established a foothold. In
addition to ingredients from its own technology, ABT also commercializes novel
technologies/ingredients for partners, for use in skin care products. Aqua Bio
Technology is listed on the Axess market of the Oslo Stock Exchange.
AlgoSource is a global leader in the development and production of microalgae.
During more than 20 years the group has developed standardized large-scale
production of several microalgae and cyanobacteria like spirulina. Among its
success stories, the Spirulysat® is developed on the food supplement market.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1994923]
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