Aqua Bio Technology enters new technology partnership
January 13 2017 - 2:19AM
Aqua Bio Technology ASA has
entered into a development agreement with Banco Espanol de Algas
(BEA), a center associated with the University of Las Palmas, Gran
Canaria - Spain. The center is among Europe's leading in terms of
cultivation and development of micro algae and cyanobacteria for
commercial applications.
BEA is ABT's third technology partner since the
Company turned its business mainly towards the commercialization of
third party technology. Previous agreements include British and
French partners. The first products developed on the basis of these
partnerships are expected to be launched during early 2017.
Banco Espanol de Algas will together with ABT
investigate various algae strains in order to develop beta-glucan
based ingredients with a potential within skin care and nutritional
supplement products. When the developments are completed, ABT will
hold exclusivity and also the rights to IP protection. ABT will
also control the manufacturing of the ingredients.
The agreement between the parties represents only
marginal costs for ABT at this stage, while BEA will receive
royalty payments when ingredients based on the cooperation are
being sold in the market.
"We strongly believe that marine beta-glucans are
well suited as ingredients, in skin care products as well as in
nutritional supplements. These are natural substances with several
positive effects, including helping the body maintain a healthy
skin and strengthening of the immune system," said Aqua Bio
Technology's CEO Arvid Lindberg.
Aqua Bio Technology ASA has recently expanded its
business model. While continuing its development into a center for
the commercialization of third party technology - such as BEA's
technology - as ingredients to the cosmetics industry, ABT has
expanded business to also include marketing and sales of third
party skincare products to consumers and professional users.
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.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
ABT enters new technology
partnership
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aqua Bio Technology via Globenewswire
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