Coronado Explorations has announced that its wholly owned subsidiary Naturol Inc has commenced a product research and development program through its Canadian subsidiary Naturol (Canada) Ltd. with the Prince Edward Island Food Technology Center (FTC) based in Charlottetown, Prince Edward Island, Canada.
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The FTC is a recognized world-class facility providing a range of innovative, leading-edge services to the agri-food and seafood processing industries. Its resources include project management, laboratory analysis, technical support, applications development and biomass extraction technology, and it has produced a number of successful, innovative food products via its commercially oriented research and development programs.
Under the terms of the product research and development program, it is estimated that the initial partnership will cost a total of C$360,000 (US$225,934), of which Canada’s National Research Council will contribute C$120,000. Together with other Canadian Federal and Provincial grants, Naturol’s net contribution is anticipated to cost approximately C$135,000.
Through the joint development program, the FTC and Naturol will research and develop a number of new proprietary products for the pharmaceutical and nutraceutical industries. Initially the research will focus on natural resources indigenous to the Atlantic region of Canada.
Phase one of the research program will include:
-Developing a new and improved, patented applied process for extraction of Taxanes from Canadian Yew trees. Taxanes are the precursors for Paclitaxel, a widely used, powerful anti-cancer drug.
-Optimizing Naturol’s unique patented ability to produce natural Astaxanthin pigment from processing of seafood shell waste. Wild salmon, shrimp and trout receive their pink coloration from Astaxanthin in their natural diet. Farmed fish are fed a synthetic chemical dye substitute, sales of which now exceed C$150m annually. Naturol believes it can produce natural Astaxanthin at a significantly lower cost to the chemical dye alternative.
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By GlobalDataPaul McClory, chairman and CEO, said: “Naturol is very fortunate indeed to have access to one of the premier food technology centers in the world.
“This program will allow Naturol to access on a highly costs effective basis, a world-class laboratory with some of the finest scientists and technicians in the agri-food industry.
“Through this collaborative effort, the PEI FTC will become the principal source of product development for Naturol’s expanding basket of proprietary extraction technologies as well as opening up additional commercial opportunities in the agro-industrial arena through the FTC’s established client base.”
Naturol Inc. is dedicated to becoming a global leader in the commercialization of technology for the production of low cost, high-quality extracts from natural materials. Its proprietary technologies offer a benign and cost-effective alternative to current extraction technologies and will produce high-quality extracts to be used in the US$2.4bn US market for pharmaceutical, nutraceuticals, flavors and fragrances.
