SARASOTA, Fla., July 20 /PRNewswire-FirstCall/ -- Industrial Biotechnology Corporation (OTC Pink Sheets: IBTY - News; IBC), a company dedicated to new biotechnologies and innovations in the chemical industry, today announced the expansion of their License Agreement with Isis Innovation Limited, the technology transfer company of Oxford University. The new agreement now incorporates IBC’s exclusive use of the Cytochrome P-450 technology to the majority of all industries and applications worldwide and includes two additional patented technologies that substantially strengthen IBC’s marketing and development capabilities.
The Cytochrome P-450 Designer Enzyme Technology, developed by Oxford University Chemistry academic and IBC Scientific Advisory Board Member Dr. Luet Wong, applies to the application of specific enzymes as biocatalysts to efficiently carry out the necessary molecular transformation to enable relatively low-value substrates to be converted into high-value chemicals, often in a single step. The technology provides a cost-effective, environmentally friendly method for existing chemical companies to streamline production steps while also decreasing or eliminating toxic byproducts and emissions. Preliminary market analysis shows that this technology can biologically manufacture over 15,000 commercially available chemicals. These include a variety of alcohols, aldehydes, ketones, and carboxylic acids with certain characteristics.
IBC now retains the exclusive rights to utilize this advanced technology for all applications and industries, worldwide, for the life of the patents, with the exclusion of one non-core application that is being retained by the University. Through their ALCHEMx Production Platforms(TM), which incorporate the Cytochrome P-450 Biocatalytic and FPP Biosynthesis science, IBC can biologically produce chemicals for the flavors and fragrances, fine chemicals, bio-fuel, pharmaceuticals, agricultural, bio-pesticides, cosmeceuticals, bio- materials and bio-polymer industries.
Additionally, the new agreement incorporates two new complementary patented technologies: Oxidizing Aromatic Compounds, which is effective in the production of pharmaceutical intermediates and detoxification of bio-hazardous materials (including PCBs), and Oxidation by Hydrogen Peroxide, which enhances core technology, allowing for more efficient production by the Cytochrome P- 450 Designer Enzyme.
“This license expansion provides IBC with tremendous additional value by expanding our capability to increase partner and customer relationships well beyond our previous potential. The new agreement also includes additional licensed technology that further strengthens IBC’s ability to lower costs, increase margins and provide our chemical industry partners with additional compounds to include in their product line, therefore giving them a significant competitive advantage in the marketplace,” said Andy Badolato, CEO of IBC.
Mr. Badolato continued, “We now have a core treasure chest of intellectual property and patents that can be applied to successfully develop and commercialize biologically derived compounds that are applicable to all industries. With the transformation now taking place to seek out and convert to biological production methods, we are well positioned to become a leading solutions provider to the chemical industry.”
“Oxford Scientists have spent many years developing these technologies and believe IBC has the foundation, team and relationships in place to successfully commercialize and implement them across a broad range of industries and applications. We are excited to expand and grow our relationship with this company,” said Dr. David Churchman, Project Manager, Physical Sciences at Isis Innovation Limited, the technology transfer company of Oxford University.
About ISIS Innovation Limited
Isis Innovation, Oxford University’s wholly-owned technology transfer company, is one of the most successful university technology transfer companies in the UK. Over the last six years the University has realised £45 million selling shares in spin-outs. On average Isis files one new patent per week and spins out a new company every couple of months.
About Industrial Biotechnology Corporation
Industrial Biotechnology Corporation (IBC) commercializes proprietary technologies and intellectual property in the emerging field of biologically produced chemicals. We believe these technologies enable IBC to more efficiently manufacture high-value chemicals at significantly lower costs, with a higher purity and with a substantially lower environmental impact than traditional methods. Through licensing, partnerships, and direct sales via multiple distribution channels to several industries, IBC seeks to bring to market new and established chemicals that are in high demand for use in the flavors and fragrances, fine chemicals, pharmaceuticals, cosmeceuticals, agricultural, biopesticides, bio-energy, biomaterials and biopolymer industries. IBC’s pioneering and state-of-the-art biological production methods can replace large manufacturing facilities, many of which employ hazardous processes and toxic materials in their chemical production. These innovative methods involve fewer production steps, and through the use of “designer” enzymes and proprietary production systems, may enable IBC to produce greater yields of high-purity, natural compounds at significantly lower costs. We believe these processes can be readily scaled up to large commercial production levels. The company has assembled a team of leading scientists, management and industry leaders to implement these new technologies. IBC has a comprehensive technology and licensing acquisition strategy, and seeks to establish research and development partnerships with leading universities and corporations in the industrial biotechnology field to develop commercially viable, biological-based solutions and related intellectual property patents. For more information about Industrial Biotechnology Corporation, please visit its website at http://www.industrialbiotechnology.com .
Forward-Looking Statements
Certain matters discussed in this press release are “forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words such as “expects,” “should,” “believes,” “anticipates” or words of similar import. Similarly, statements that describe Industrial Biotechnology Corporation’s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of Industrial Biotechnology Corporation, as appropriate, which could cause actual results to differ materially from those currently anticipated. Although Industrial Biotechnology Corporation believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward- looking statements are only made as of the date of this press release and Industrial Biotechnology Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contact: Industrial Biotechnology Corporation Jack Hensley Vice President, Public & Investor Relations 2033 Main Street Sarasota, FL 34237 941-925-2500 jhensley@industrialbiotechnology.com
Source: Industrial Biotechnology Corporation
