Cleveland, Ohio-based Algisys, a biotech company producing omega-3 fatty acids from micro-algae for heart and joint health, has announced raising over $6M for the commercial scale up of its algal technology.
The company has been developing its technology and scale-up work through collaborations with several partners including Michigan Biotechnology Institute (MBI) and European-based research facilities. “By using the company’s core expertise, these collaborators are helping to accelerate efforts necessary for commercialization of the company’s technology,” said Michael LoPresti, Algisys CEO and Co-Founder.
“Using a non-GMO fermentation-based approach to producing EPA-rich oil has enormous potential human health benefits,” said MBI’s Dr. James Wynn, who is leading the commercial development work. “AlgiSys provides high levels of sterility and process control, which will produce a purer and more consistent algae product. It is MBI’s mission to help nascent technologies such as this to make the successful transition from promising laboratory finding to a world-changing commercial technology.”
AlgiSys is using proven fermentation and downstream processing technology to scale and accelerate the production of EPA oil at commercial levels. COO, George Antoon said that AlgiSys’ business model also requires less initial capital to set up production. They plan to either lease available equipment and space, or have companies manufacture for them on a contract basis.
“AlgiSys has made significant progress developing our EPA omega-3 oils with minimal investments,” said Mr. LoPresti. “Our predecessor and Industry pioneer, Martek Biosciences, spent significant amounts of capital and time developing its DHA omega-3 technology to get where we are now. Martek was the leader in the algae-based DHA omega-3 industry that was eventually sold to DSM for over $1 billion. We would be pleased to follow in their success.”
Photo: Algysis uses traditional industrial fermentation equipment to accelerate microalgae’s natural oil production time to a few days at commercial levels.
View original article at: AlgiSys scaling up for commercial algal omega-3