Solarvest acquires rights to Kohilo Bio\'s algae patents
Aims to strengthen and diversify its algae strains to manufacture diverse products
Solarvest Bioenergy, a Canadian algae technology company, has agreed to buy worldwide rights to Kohilo Bio's algae patents for US$103,000, strengthening and diversifying its patent portfolio and enabling it 'to operate unimpeded in several global markets'.
Solvarvest will pay $70,000 by issuing 200,000 common shares worth $0.35 per share, and the balance of $33,000 through the assumption of Kohilo's debt.
The acquisition will give Solarvest worldwide rights to Kohilo Bio's algae technology relating to the creation of products by manipulating cell processes in the algae. This will allow Solarvest to use its unique algae strains as a manufacturing platform to produce a diverse range of products from vaccines and bioactive proteins to enzymes.
Solarvest now holds four complementary patents, including: Methods and uses of a modified cecropin for treating endoparasitic and bacterial infections, which relates to the use of modified anti-microbial protein (cecropin and/or variant of) or nucleic acid for treating or preventing endoparasites, such as Plasmodium (malaria parasite), and bacteria; and System, method and device for the expression or repression of proteins, which manipulates algae cell processes.
'The acquisition of Kohilo's patent portfolio is a significant addition to our existing technology and broadens our commercialisation opportunities,' said Gerri Greenham, CEO of Solarvest.
Solarvest says the use of algae as a technology platform provides it with an advantage over traditional plant based production systems. Algae can be grown in controlled environments, for example, which takes advantage of their rapid growth rate, reducing the production cycle to three or four days, which is up to 40 times faster than that of traditional crop systems.
Following this transaction, Garth Greenham will be appointed as Chief Operating Officer of Solarvest.
Completion of the acquisition is subject to a number of conditions, including the approval of the Canadian stock exchange, TSX Venture Exchange. The common shares will also be subject to resale restrictions for a period of four months from the closing date.
