Revolutionizes Production of Complex Proteins for Diagnostics and Therapeutics Including Antigens Required for COVID-19 Diagnostic Tests
MARKHAM, ON, Aug. 10, 2021 /CNW/ – Pond Technologies Holdings Inc. (the “Corporation” or “Pond“) (TSXV: POND), (OTCQB: PNDHF) an ESG company addressing global sustainability challenges of climate change and nutrition, is pleased to announce that it has today executed a commercial agreement with a major Canadian oilsands producer and fortune 500 company to grow covid-19 antigens that are expressed from a unique strain of algae. These antigens will be used for rapid diagnostic testing. As part of this agreement, Pond will collect up to CAD $1 Million in milestone payments and success fees over the next 8 months: $150,000 on signing, and the balance on achieving production volume and quality milestones.
This agreement will develop commercial production capacity for the antigens required for a COVID-19 rapid diagnostic test. Pond is working to conclude a commercial supply agreement with a manufacturer of the diagnostic test kits that will use the recombinant proteins or antigens manufactured by Pond. As part of this agreement, Pond also expects to be able to enter into commercial agreements to sell antigens and/or antibodies from genetically modified algae to generate additional revenue.
The use of micro-algae to produce medical therapeutics is expected to have significant technical advantages over current methods of production that use genetically modified yeast, bacteria, or mammalian cell lines. Algae are just as easy to genetically engineer as these other organisms, but they offer two important distinct advantages:
- Micro-Algae are more forgiving and can produce considerably more of the molecules of interest. They are far simpler to grow at scale.
- Micro-Algae produce a significantly superior product. E. coli and yeasts are less evolved organisms when compared to algae, and thus cannot reliably produce complex human proteins;
Nigel deGruyther V.P. Pond Biotech said: “This represents a significant milestone for Pond. With the development of both rapid and reliable gene sequencing technology and precise gene editing techniques (i.e., CRISPR/CAS-9), it is now possible to modify micro-algae to produce human proteins. Single celled algae are much easier to grow than mammalian cell lines, and unlike bacteria, algae mirror many of the secondary structures found in higher organisms. Algae are able to make the right protein, with the right folding, so that its therapeutic activity is maintained. With this landmark agreement, we have demonstrated that we can grow commercially relevant proteins for clinical use. We expect to extend this further as we develop a platform to produce recombinant proteins for both diagnostics and therapeutics.”
Grant Smith President & CEO Pond Technologies said “The signing of this agreement with this North American oil and gas major brings together the culmination of hard work and dedication by both respective teams in the fight against COVID-19. The validation of our technology from one of Canada’s largest companies is the moment we have waited for during the many years of developing our growth platform. We believed in the opportunity of algae to produce proteins for human healthcare, and anticipate the momentum achieved to carry over into the discussions we are having with other multinational companies as we continue to be extremely focused on revenue generating opportunities.”
About Pond Technologies Holdings Inc.:
Located in Markham, Ontario, Pond is a technology company that provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond’s proprietary growth platform, including patented advanced photonics, optimizes key growth inputs in order to provide a controlled environment that maximizes the growth of algae and other organisms. This enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information visit https://www.pondtech.com/.
Forward-Looking Statements:
This press release contains forward–looking statements within the meaning of applicable securities laws, including statements regarding potential milestone payments and fees, anticipated development of commercial antigen production capacity, the entering into of supply and commercial agreements, anticipated benefits of micro-algae and anticipated revenue generation. Such forward–looking statements are based on certain key expectations and assumptions made by Pond, including, among others, assumptions regarding Pond’s ability to successfully satisfy the requirements to earn the milestone payments, the successful negotiation of supply and commercial agreements on terms acceptable to Pond, the continued legislative (including tax) regime in which Pond operates, availability of cost–effective labour and supplies, the proper functioning of Pond’s technology, the quality of the algae and recombinant proteins produced, the demand for Pond’s products, the ability of Pond to successfully compete, cash flow and expenses, and obtaining and maintaining intellectual property protection. Although Pond believes that the expectations and assumptions on which such forward–looking statements are based are reasonable, undue reliance should not be placed thereon and Pond can give no assurance that they will prove to be correct. By their nature, such forward–looking statements are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed, including the risks set forth in Pond’s annual information form and management’s discussion and analysis of financial condition and results of operations for its year ended December 31, 2020 and for the interim period ended March 31, 2021 available on Pond’s profile on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on this forward–looking information, which is given as of the date hereof, and to not use such forward–looking information for anything other than its intended purpose. Pond does not undertake any obligation to update publicly or revise any forward–looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pond Technologies Holdings Inc.
For further information: Grant Smith, Chief Executive Officer, at g.smith@pondtech.com, 416-287-3835 ext. 201; or Cole Stevens at c.stevens@pondtech.com