Pond Technologies Receives $350,000 Milestone Payment Under Contract With Fortune 500 Partner
Milestones continue to be met by Pond Technologies (TSXV: POND) in connection with a contract currently in place between the firms biotech division and a Fortune 500 oil and gas company. The milestones relate to the development of certain algae-based protein based on Pond’s IP.
The latest milestone was met by the company when it managed to extract recombinant proteins from algae it grew, which needed to perform better than conventionally made proteins within what is referred to as a lateral flow test. The lateral flow test saw the proteins grown by Pond used in a test to detect COVID antibodies, and were more reactive than those conventional proteins used.
“The successful completion of this milestone is a major step for Pond’s biotech division which remains an exciting piece to the overall Pond technology suite. Although, we remain extremely focused on commercialization of our algae growing, carbon capturing technology, the versatility of the technology has allowed us to explore multiple synergistic verticals such as biotech, which can produce meaningful revenue opportunities,” said Pond Technologies CEO Grant Smith.
Results of the trials utilizing Pond’s proteins were recently featured in Nature Scientific Reports, a scientific journal, with authors of the report including researchers from Western University’s Department of Biochemistry at the Schlich School of Medicine and Dentistry, Lambton College, Pond Technologies, and International Point of Care, among others. The company reports that it has been making weekly deliveries of these proteins to the project consortium for testing since the start of the year.
“We have now proven that we can grow functional recombinant proteins in algae, and that they work as well or better than what is available in the current market. Now that we have successful results, Pond can work towards scaling production to complement our verticals of service, with the goal of increasing sustainable revenue generation with existing and new customers,” continued Smith.
With the latest milestone being met, Pond has received an additional $350,000 payment from the oil and gas partner, bringing total monies received under the contract to date to $580,000.
Pond Technologies last traded at $0.115 on the TSX Venture.
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