Libourne – 11 May 2017 – Fermentalg, France's leading microalgae production company, has published its FINANCIAL information for the first quarter of 2017.
Commercial launch of DHA350
As previously announced, 2017 is being shaped by the commercial launch of DHA350, an Omega 3-enriched oil developed by Fermentalg for the agrifood and health industries. The commercial launch reached its climax at Vitafoods Europe 2017, Europe's flagship event for the nutraceutical ingredients and dietary supplements industries, which was held in Geneva from 9 to 11 May.
As a result, the first quarter of 2017 focused on the creation of a new sales TEAM and producing product samples for distributors and potential clients.
Completion of DHA550 development
At the same time, Fermentalg is continuing to develop its second product, DHA550, an algal oil with a high concentration of DHA and low in saturated fatty acids. A truly "first in class" product, DHA550 will open up new possibilities for manufacturers and firmly positioning Fermentalg amongst the market's leading players.
In addition, Fermentalg has continued to invest in its algal technological platform, which goes beyond oils to meet the needs of the rapidly growing markets in natural pigments (phycocyanine) and specialty proteins (Protéalg®).
Testing of the carbon sink developed with SUEZ
The beginning of the year saw further progress MADE on the carbon sink project, born from the partnership with the SUEZ Group which is based on a unique technology developed by Fermentalg for CO2 carbon capture using microalgae.
The first test was carried out in January 2017 to measure the levels of flue gas capture at an industrial facility, while the second test, scheduled to be performed shortly, will see the installation of a new unit in an urban area.
An enhanced portfolio of patents
In order to protect its innovations, Fermentalg has continued its policy of actively consolidating its intellectual property portfolio by filing another patent during the first quarter of 2017. At end-March 2017, the company owned 21 families of patent.
Reinforcement of the management team
To accompany its transformation from a BIOTECH start-up to an industrial and commercial company, Fermentalg's Management Committee has been reinforced since the beginning of the year, with the arrival of a new Chief Financial Officer, Chief Industrial Officer and Head of Sales.
At 31 March 2017, Fermentalg employed 56 people.
€12.7 million in cash at end-March 2017
Fermentalg had no financial contributions from its partners to report in the first quarter of 2017 (compared with €0.67 million in the first quarter of 2016).
At 31 March 2017, Fermentalg's gross cash position amounted to €12.7 million, versus €15.7 million at end-2016. Cash expenditure slowed compared with the last quarter of 2016 (€3.0 million versus €4.4 million), a trend that is expected to continue throughout the rest of the year.
Based in Libourne (Gironde), Fermentalg is an industrial biotechnology company and a global leader in microalgae. Its primary markets are the human nutrition and animal feed sectors as well as the health industry. Fermentalg shares are listed on Euronext in Paris (FR0011271600 - FALG). For more information, visit the Fermentalg website at: www.fermentalg.com.
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Tel: +33 (0)1 53 67 36 78