TORONTO, ONTARIO -- (Marketwired) -- 06/18/13 -- BioExx Specialty Proteins Ltd. ("BioExx" or the "Company") (TSX: BXI), today announced that it has received two Notices of Allowance from the United States Patent and Trademark Office ("USPTO") for two separate patent applications related to its canola and rapeseed protein products and processing technologies. A Notice of Allowance from the USPTO is a written notification that a patent application has cleared internal review and is pending issuance.
BioExx has received a Notice of Allowance for a patent application covering the production of food-grade protein isolates and concentrates from oilseed meals, such as canola and rapeseed. This application is currently proceeding to patent grant.
The application protects the Company's unique process for the production of a food-grade protein isolate and concentrate. Importantly, the application also protects the protein product itself (i.e. the chemical signature of the protein), which encompasses the Company's Isolexx® protein.
Isolexx® is a protein isolate with a purity of over 90%, and has exceptional functionality across a range of applications, high solubility across a broad pH range, and an excellent and well-balanced nutritional profile. Isolexx® represents a novel and sustainable vegetable protein source, produced through a completely clean and natural process without exposure to noxious chemicals and solvents. It is well suited to the replacement of whey, milk, and soy proteins in a diverse mix of food and beverage uses.
"We are pleased to have cemented our claim to this very valuable intellectual property. Although there has been a substantial amount of canola protein work done by many companies around the world, over many years, it has always been limited to very small scales. This patent is the foundation of the extensive intellectual property we have developed through implementation and experience at a large scale. It represents the only commercially scalable and economically viable food-grade canola protein technology in the world. That is an enormous achievement and we are very proud," said Chris Schnarr, CEO of BioExx.
The patent application for the Company's hydrolyzed protein, Vitalexx®, was filed as a separate divisional application and remains pending.
Process for Preparing Protein Concentrates from Toasted Oilseed Meal
The Company has also received a Notice of Allowance for a patent application protecting processes for the production of protein concentrates from toasted oilseed meal.
This application protects the Company's unique process for the production of primarily feed-grade protein concentrates, derived from the heat-treated (or "toasted") meal which is a by-product of the conventional canola and rapeseed oil extraction industry. Canola and rapeseed oil processing is an enormous global industry, whose by-product meal is sold as low value animal feed due to the thermal damage to the resident proteins during the oil extraction process. In the presence of such damage, it is not viable to produce high-purity food-grade protein from the meal. However, the Company's process enables the concentration of protein in the toasted meal to levels which can enable its use in high-end feed applications, such as aquaculture and specialty feed diets, thus adding significant value. The Company's intention is to license this technology to conventional oilseed processors.
About BioExx Specialty Proteins Ltd.
Headquartered in Toronto, Canada, BioExx is focused on the separation of oil and high-value proteins from oilseeds for global food, beverage, nutrition, and other markets. BioExx employs trade secret, patented and patent-pending technologies to enable the improved separation of proteins from oilseeds. BioExx believes that these processes cumulatively have the potential to make a valuable contribution to global food and protein supply while maintaining an environmentally sustainable footprint.
To find out more about BioExx Specialty Proteins Ltd. (TSX: BXI), please visit www.bioexx.com.
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for BioExx's products, the availability of funding, the efficacy of its technology, and the anticipated costs of BioExx's plant construction and operation. Furthermore, there can be no guarantees that any agreement will be signed with a strategic partner. These forward-looking statements are made as of the date hereof and BioExx does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from BioExx's expectations and projections.
BioExx Specialty Proteins Ltd.
Chief Executive Officer
(416) 588-4442 x111
(416) 815-0700 x238
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