Hyasynth receives $2.5 million milestone payment following first-to-market achievement with CBD produced by fermentation
MONTREAL, Oct. 23, 2020 /CNW Telbec/ – Hyasynth, a sustainable biotechnology company, has received a $2.5M milestone payment for its commercialization achievements in being first-to-market with cannabidiol (CBD) produced and extracted from yeast. The additional investment came from previous investors including Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), a leading licensed producer of cannabis. Hyasynth produces CBD through a yeast fermentation process, without the need for cultivation and extraction from cannabis or hemp plants. This commercialization and milestone payment positions the company to move towards large scale commercial manufacturing.
Hyasynth is set to reshape the industry for major cannabinoids, like THC and CBD, and for rare cannabinoids. Hyasynth’s fermentation process takes less than one week to complete, making it 12 times faster than production by cannabis or hemp plants. Fermentation is a traditional manufacturing process for pharmaceutical, food, and cosmetic products. A widely known example of this process is the production of insulin by bacteria. Cannabinoids produced by fermentation are expected to provide huge benefits in cost, quality, and sustainability versus plant cultivation and extraction.
Hyasynth’s platform allows it to produce CBD, one of only two natural cannabinoids in clinically proven products. Unlike other production methods, fermentation results in natural, bio-based products and final ingredients that are pesticide and GMO-free. Hyasynth’s technology can be scaled through partnerships with fermentation facilities that already exist worldwide and provides a reliable option for the global supply chain.
“Organigram was the first Canadian Cannabis Licensed Producer to see potential in investing in biosynthesis. Hyasynth is among the few companies that have delivered on our milestones and we have set ourselves apart from our competitors with our first-to-market achievement.” says Kevin Chen, CEO of Hyasynth. “This milestone funding will allow Hyasynth to scale its production process to larger scales.” Hyasynth is working towards its next round of funding to accelerate commercialization of its portfolio of cannabinoids produced by biosynthesis.
Hyasynth Biologicals Inc. is a Montreal, Canada based biotechnology company that produces sustainable products through fermentation. It was founded in 2014 to satisfy a growing demand for cannabinoids by the pharmaceutical and consumer markets. Hyasynth’s Better Cannabinoids technology enables scalable, low cost production of THC, CBD, CBG, and rare cannabinoids not typically accessible by plant cultivation. Investors in Hyasynth include the venture capital firm SOSV and IndieBio, AngesQuebec, and the strategic investor Organigram Holdings Inc. For more information see www.hyasynthbio.com
Hyasynth, Hyasynth Bio, Better Cannabinoids, and the Hyasynth logo are trademarks of Hyasynth Biologicals Inc. Any other brands may be trademarks of their respective holders.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select and TSX listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada.
Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed a portfolio of legal adult use recreational cannabis brands including The Edison Cannabis Company, SHRED, Ankr Organics and Trailblazer. Organigram’s facility is located in Moncton, New Brunswick and the Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
This press release contains forward-looking statements regarding future events. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future business strategy, plans and our objectives for future operations, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Actual future events may differ materially from those indicated in the forward-looking statements. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made.
SOURCE Hyasynth Biologicals Inc.0