Pond technologies (CSE: POND) continues to see success within its biotech division. The company this morning indicated it ahs seen successful results from the production of recombinant proteins, via a project undertaken last August with a major Canadian oilsands producer and Fortune 500 company.
Under the project, the company is producing complex proteins for the use in diagnostics and therapeutics. The proteins, referred to as recombinant proteins, are being grown via algae. Deliveries of the algae to the consortium for testing has reportedly been underway since the beginning of 2022, with weekly deliveries of such proteins occurring.
Initial scale up of the program has now been completed, which includes growth protocols as well as bioreactor designs. With the current trials under way, the successful results to date have now been published in the scientific journal Nature Scientific Reports, the 6th most cited journal globally.
“This peer reviewed journal article supports our view that algae can be a low-cost micro-factory for the production of recombinant proteins, with applications in medical diagnostics, antibody therapeutics, and vaccine manufacture. We expect to complete this project and continue to grow revenues from our biotech division in 2023,” said Grant Smith, CEO.
With the project to consist of compensation of up to $1.0 million for the Pond, the company to date has reportedly collected $230,000 in revenue from the program. The company also expects to receive a further $850,000 for its efforts via the form of milestone payments, with a commercial supply contract potentially being entered into by years end.
The development follows the company last week indicating that it expects an animal feed pilot plant to be online by the years end, under a partnership with a subsidiary of Associated British Foods. The partnership aims to produce animal feed from CO2 emissions via the use of algae.
Pond Technologies last traded at $0.19 on the CSE.
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