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