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Food technology company climbs on product news

4 April 2009 977 views No Comment

Shares of Toronto-based Bio-Extraction (TSX: V.BXI, Stock Forum) climbed 27.6% to 48.5 cents Thursday, after the company announced after Wednesday’s market close that it has successfully produced at pilot scale a canola protein isolate and hydrolyzed protein concentrate.  

The technology company, which is focused on the extraction of oil and high-value proteins from oilseeds for the global food market, says potential uses for the canola protein isolate, Isolexx, include nutritional beverages, nutritional supplements, infant formulas, meat products and meat substitutes, baked goods, sauces and creams, confectionaries, milk and egg replacers, laundry detergents, conditioning shampoos, hand creams, and skin cleansers.  

“Third-party product testing suggests that ISOLEXX(TM) is superior across a range of parameters when compared to soy protein isolates which currently dominate the vegetable protein market. In fact, on particular metrics, ISOLEXX(TM) compares favourably with whey protein isolates, which are dominant at the high end of the isolate market,” says Bio-Extraction. 

The company has also developed and produced, at lab scale, hydrolyzed protein concentrates, Vitalexx, at a purity of 88.8%, which it says is expected to be a suitable ingredient for infant formula, and nutritional beverages such as protein fortified soft drinks, fruit juices, sports drinks and other protein enhanced beverages.

“Although we still have work to do in regulatory matters and to optimize the product for selected applications, we now have a clear path to the delivery of these two unique, superior, and very high value products to our market”, said Chris Carl, the company’s CEO.

“This materially changes the economic landscape of the BioExx business. The ability to produce superior quality Isolates and HPC’s from the same feedstock that at present is used primarily to produce oil and animal feeds represents a quantum leap in the food value obtained from a pre-exiting agricultural crop. To have proven that this is now viable at a pilot scale, with a commercial scale facility already in its initial stages represents a stage of development which only BioExx has been able to achieve,” added Carl.  

The company says it intends to produce these two products at all of its production facilities, beginning in early 2011, including its 40,000 MT per year Saskatoon facility, and “will work towards GRAS standing with the US FDA (and equivalent authorities in Canada and the EU), to facilitate the use of ISOLEXX(TM) and VITALEXX(TM) as food ingredients.”  

On the company’s Bullboard, RockLobster1 said: “50 cents is big resistance, but it look like it’s going to take another run at it.  Big volume today already, good reaction to the news.  Looking good, let’s take out 50 this week and head to a new level[sic].”

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