CLEVELAND – AlgiSys BioSciences, Inc. announced in early November that it had retained Peakstone Securities, LLC to raise $ 45 million in capital to accelerate the commercialization of its EPA Omega 3 fish oil-based alternative ingredient solutions.
AlgiSys is a biotechnology company producing natural, non-GMO, fish-free and marine plant protein ingredients for a range of applications, particularly animal and pet health, aquaculture, human nutrition, products pharmaceuticals, cosmeceuticals and regenerative health therapies.
The company’s microalgae ingredients offer omega 3, protein and EPA. AlgiSys holds global patents and exclusive technologies, including strains of algae that produce plant proteins that can be concentrated up to 90%.
The use of fish oil-based ingredients is increasingly common in the pet food, treat, and supplement space as brands look to add function to their formulations. EPA and DHA may benefit heart, joint and brain health, according to AlgiSys, and sustainably sourced oils such as its non-fish plant ingredients help reduce pressure on the marine protein supply.
“Forty percent of the world’s population depends on fish for their protein,” said Peter Colella, CEO of AlgiSys. “We are ready to help solve this global challenge. AlgiSys has what we believe to be the best scientifically tested and proven platform available today to produce EPA Omega-3 rich ingredients for multiple industries. For example, aquatic farmers will soon be able to economically feed their fish with EPA-rich microalgae ingredients instead of unsustainable fish by-products. “
The funding will support the company’s marketing, strategic acquisition and hiring initiatives. AlgiSys expects its ingredient portfolio to be commercially available within 10 to 12 months and is currently seeking strategic partners in the United States and abroad.
The company’s goal is to produce more than 170,000 tonnes of seaweed over the next seven years to fuel its emerging business with sustainable marine ingredients.
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