NextFerm Technologies obtains Regulatory Approval to market Astaferm® Astaxanthin Antioxidant in Canada
NextFerm Technologies (TASE:NXFR), a food-tech company developing ProteVin™, a vegan, yeast-based, non-GMO protein alternative and other innovative yeast-based nutrients, today announced that Health Canada has granted a regulatory marketing approval for Astaferm®, its innovative fermented astaxanthin antioxidant in the form of Gummies. This is the only fermented astaxanthin with no odor and flavor.
Along with the receipt of Astaferm®’s license approval (NPN - Natural Product Number), the company is preparing for the launch of several applications of Astaferm® in North America, including for Immunity support, which is a growing segment due to the Covid-19 pandemic. The Company has already supplied initial quantities of Astaferm® in Canada and is currently in dialogues with potential customers.
Astaferm® has a US Self GRAS regulatory approval and was launched in the US at the end of 2020. The product is in early stages of sales, by well-known US dietary supplement brands, such as Carlson Labs and Purity Products.
Since Astaferm® is flavorless and odorless, the Gummies application constitutes a significant differentiation from other astaxanthin products available on the market, produced from algae with fishy odor, and therefore applied mainly in soft-gels.
NextFerm currently prepares to expand the marketing of Astaferm® for additional indications such as immune system support, as well as expanding into additional serving forms, such as water-dispersible powder for food and beverages, and fermented Astaferm® oil for soft-gels with competitive pricing.
Boaz Noy, Chief Executive Officer of NextFerm, said, “The regulatory approval received for Astaferm® in Canada strengthens our presence in the North American dietary supplement market. This emphasizes Nextferm’s ability to bring innovative nutritional ingredients from R&D to commercialization and sales. We have already started with an initial supply of the product to a customer in Canada and anticipate further launches in light of the differentiation with competing algae-based products that have fishy odor. This is thanks to a unique value proposition that combines a high astaxanthin concentration, without flavor and odor, which allows it to be integrated in delicious gummies and other food applications. At the same time, we are progressing according to our plan for the commercial launch of ProteVin ™, our vegan protein, in 2022.”
About NextFerm Technologies
NextFerm Technologies, traded on the Tel Aviv Stock Exchange (TASE:NXFR) is a food-tech company engaged in the research, development, manufacturing and marketing of innovative, functional and vegan yeast-derived, non-GMO protein alternatives for various applications in the food and food supplement markets and the growing market for animal-derived protein alternatives.
NextFerm’s flagship product is ProteVin™, a vegan, yeast-derived protein alternative with nutritional value that is similar to animal-derived protein and a neutral flavor, with no aftertastes that are typical of plant-based protein. ProteVin™ is designed for a variety of categories in the alternative protein market, which is estimated at $13 billion, with an annual growth rate of 10%, including milk and dairy substitutes, meat substitutes and additional categories such as infant nutrition, adult nutrition, and sports nutrition. NextFerm is gearing up for commercialization of the product in the US in 2022.
Another product currently being sold is Astaferm®, an innovative astaxanthin-based antioxidant derived from yeast that has been sold in the US since the end of 2020 through well-established and leading brands in the food supplement market in the US.
The company has additional products which have been licensed to Lallemand, a global giant focused on yeast.
For more information, visit the NextFerm website at: www.nextferm.com
Legal Notice Regarding Forward-Looking Statements
This announcement also includes forecasts, projections, assessments, estimates and other information which refer to future events and matters, the realization of which is uncertain and not exclusively under the Company’s control (forward-looking information). The main facts and data used to support this information are facts and data regarding the current position of the Company and its businesses (including the scope of sales and levels of profitability, manpower, commercial engagements and more), facts and data regarding the current global position of the Company’s operating segments (including industry-specific financial developments, environmental regulatory developments, the competitive environment, technological developments, the reinsurance market and more), and macro-economic facts and data (including the economic situation both in Israel and around the world, yields in the capital markets, social and state developments and more), all as known by the Company when publishing this announcement. The forward-looking information included above in this announcement is significantly based upon, in addition to the existing information held by the Company, on the Company’s current assessments and expectations of future developments vis-a-vis each one of the aforementioned parameters, and the interconnectedness of each one of these developments. The Company has no certainty that its forecasts and assessments will indeed eventuate, and the Company’s operating results may be materially different than the results assessed or implicit based on that set forth above, inter alia, as a result of a change in any of the aforementioned factors.
NextFerm Technologies Ltd.
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