LIBOURNE, FRANCE and PARIS, FRANCE–(Marketwired – Jul 11, 2014) – Fermentalg (EURONEXT PARIS: FALG), an industrial biotechnology company that specializes in the production of oils and proteins derived from microalgae, and Sofiprotéol,… an industrial and finance company in France’s vegetable oil and protein crop industry, have announced the signing of an agreement that marks a new phase in their partnership for the production and sale of Omega-3.
Following the discussions between Fermentalg and Sofiprotéol referred to in the Registration Statement filed by Fermentalg1, the two companies have agreed upon a series of terms according to which:
- The joint programme’s industrial processes and resources will now be managed by Fermentalg at its new Industrial Development Unit (IDU) which is scheduled to be commissioned at the end of 2015. Built to a capacity of 4x20m3, the IDU2 will be used for the pilot development phases for Fermentalg programmes as well as for pre-sales and sales production;
- Oleon (a subsidiary of Sofiprotéol) will act as non-exclusive distributor for the products manufactured by Fermentalg at the IDU;
- the sale of Proléalg shares means that Fermentalg now owns 65% of the capital of the joint venture with Sofiprotéol;
- Fermentalg and Sofiprotéol could envisage the production and/or commercialization by Proléalg of other molecules of interest beyond those initially planned (EPA and DHA).
Proléalg will be fully consolidated within Fermentalg. Any revenue generated during the pilot phase will be booked directly by Fermentalg.
For Pierre Calleja, Founder and Chairman and CEO of Fermentalg: “Thanks to the funds raised by the IPO that have been set aside for this project, we will have an industrial unit that has 4 times the capacity of the one initially planned by the joint venture. The partnership programme with Sofiprotéol will therefore be managed directly from our site. I am delighted with this new phase in our non-exclusive collaboration which will not only allow us to harness our capacity to sell our Omega-3 rich oils around the world, but also broaden our horizons in the industrial exploitation of microalgae.”
For Jean-Philippe Puig, CEO of Sofiprotéol: “This agreement and the industrial resources and capacity currently under development by our partner that it brings with it will enable Sofiprotéol to pursue its rapid development on today’s Omega-3 markets.”