Significant exclusive distribution agreement with IMCD for 16 territories globally including the USA & Canada
Ålesund, Norway, 1st December 2020.
Hofseth BioCare (“HBC”) has today signed a comprehensive distribution contract with leading speciality chemicals and ingredients distributor IMCD, for HBC’s marine branded products. The agreement covers sixteen territories worldwide including the US & Canada, most of South America, including Argentina, Brazil and Mexico, as well as Australia, New Zealand, South Africa and Turkey.
The distribution contract with IMCD follows soon after the granting of a unique set of label claims for ProGo® in North America, centred around the prevention of iron deficiency anaemia. Bioactive Peptides™ are in the unique position of being the first and only non-iron containing product in the US market to maintain healthy levels of ferritin and hemoglobin.
“Our product will be a better alternative for millions of people who struggle with negative side effects or poor effect of traditional iron supplementation. For Hofseth BioCare, we see vast market opportunities crystalize,” says Crawford Currie, Head of Medical R&D, in Hofseth BioCare.
The distribution agreement is an important next step for HBC towards the global distribution of nutritional and nutraceutical grade products. IMCD’s activity is the sales, marketing and distribution of human & pharma grade raw materials through extensive local networks, market intelligence and technical expertise. HBC maintains the right to sell products for use as ingredients for Nestle-owned brands including Garden of Life in the United States.
IMCD’s dedicated team of Nutra experts will offer technical advice and formulation support to reformulate HBC products in response to consumer-led trends or market demands. The products are produced via HBC’s patented enzymatic hydrolysis of salmon offcuts, the left-over “waste” of the fish after filleting. The process runs at low temperatures to minimize oxidation and maximize the health benefits of the products.
The products included in the distribution agreement are:
- ProGo® Nutrition - Salmon Protein Hydrolysate; a soluble peptide powder derived from the hydrolysis of the protein fraction of salmon off-cuts. The powder contains more than 97% hydrolysed protein, suitable for sports, endurance and recovery nutrition and can be used in powder formulations, bars, drinks and tablets.
- ProGo Medical – Bioactive peptides; a soluble peptide powder derived from the hydrolysis of the protein fraction of salmon off-cuts. The product is sold into the US market with 6 unique structure function claims* and into Canada, with four unique Qualified Health Claims**.
- CollaGo® Collagen Peptides: A soluble Type I & III Collagen Peptide powder to help support healthy skin, muscles and arteries. Recent studies have shown its benefit for beauty enhancement including hair, skin and nails as well increasing energy and wellbeing.
- CalGo® Collagenic Hydroxyapatite: a collagen calcium powder containing 24% Type II Collagen, 19% calcium hydroxyapatite and 9% elemental Phosphorus to support bone and joint health. It can be used as tablets, powders and other formats.
- OmeGo® Unrefined Salmon Oil containing all the elements present in whole salmon: Omega 3 (EPA, DHA and DPA), Omegas 5, 6, 7, 9 & 11, natural antioxidants and no added antioxidants with 4 years shelf life. It provides broad antioxidant and anti-inflammatory effects and is beneficial for maintaining healthy cholesterol and cardiovascular function. HBC has identified a non-Omega fraction in the oil that attenuates eosinophil effector function. Preclinical work in asthma is ongoing. The oil can be formulated in soft gel caps and other formats.
* “supports healthy ferritin and hemoglobin levels”, “helps maintain iron-rich blood”, “promotes energy utilization”, “supports red blood cell production”, “supports gastrointestinal and immune system health”, “assists in iron absorption from your daily diet”
**“helps maintain healthy levels of ferritin and hemoglobin”, “helps maintain healthy levels of blood components required for oxygen transport”, “provides antioxidants for the maintenance of good health” and “helps promote healthy skin”
The HBC product range is non-GMO, antibiotic-free with steam the only by-product of the manufacturing process.
Bora Turan, Nutraceuticals Director from IMCD says: “HBC’s sustainable, unique and clinically studied products, as well as their continuous investments in R&D and quality, perfectly complement our existing science-based product portfolio and our vision. With unique selling points and impressive health claims, we are confident that the addition of HBC’s products to our portfolio will incite a lot of interest amongst our customers. IMCD has a long-established business in the Americas as well as the other territories related to this agreement, and our experienced team of Nutra experts have a profound knowledge of the consumer trends that are driving these local markets. With the support of our application labs across the Americas, EMEA and Asia-Pacific, we are looking forward to collaborating with HBC and utilizing their products to formulate trend-based finished concepts that our customers can swiftly launch to market, meeting consumer demands for a multitude of health needs.”
Roger Hofseth says: “This is another significant milestone for HBC, to enter into an exclusive agreement with one of the world’s leading nutraceutical and pharmaceutical distributors. This announcement is testament to the investments in R&D and science the company has made over the years. The recently approved health claims are starting to grab the attention of leading players in the healthcare market. IMCD has a phenomenal presence globally, but particularly in North America where we expect them to have success in opening doors for our medical grade nutrition ingredients and we look forward to getting to work immediately.”
For further information, please contact:
James Berger, Head of Investor Relations & Strategy of Hofseth BioCare ASA
Phone: +41 79 950 1034
Dr. Crawford Currie, Medical R&D at Hofseth BioCare ASA
Phone: +44 7968 195497
+31 6 14 79 6610
About IMCD Group:
The IMCD Group is a global market-leader in the sales, marketing and distribution of speciality chemicals and ingredients. Its result-driven professionals provide market-focused solutions to suppliers and customers across EMEA, Americas and Asia-Pacific, offering comprehensive product portfolios ranging from home, industrial and institutional care, personal care, food & nutrition and pharmaceuticals to lubricants & fuels, coatings and construction, advanced materials and synthesis.
The IMCD Group realised revenues of EUR 2,690 million in 2019 with nearly 3,000 employees in over 50 countries. IMCD's dedicated team of technical and commercial experts work in close partnership to tailor best in class solutions and provide value through expertise for around 49,000 customers and a diverse range of world class suppliers. IMCD shares are traded at Euronext, Amsterdam (IMCD).
For further information, please visit www.imcdgroup.com.
About Hofseth BioCare ASA:
HBC is a Norwegian biotech company that develops high-value ingredients and finished products. Ingredients are further developed into discovery and pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are development towards a Gastro-Intestinal (GI) Protective Medical Food, Medical Food to help treat age-related Sarcopenia, and future phase 1 studies on treatment of Anemia and NEC-IBS with Salmon Protein Hydrolysate fractions.
The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Menlo Park and Tokyo.
HBC is listed on Oslo Stock Exchange list with ticker "HBC". More information about Hofseth BioCare at hofsethbiocare.com and facebook.com/hofsethbiocare
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act