SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--TerraVia (NASDAQ:TVIA) a plant-based food, nutrition and specialty ingredients company today announced that Health Canada has issued an approval for its Whole Algal Protein ingredient for food use in Canada. With this approval, TerraVia has successfully achieved regulatory approval for its portfolio of AlgaVia® Whole Algae Ingredients, including AlgaVia® Whole Algal Protein and AlgaVia® Whole Algal Flour, for food use across North America.
“TerraVia continues to achieve regulatory clearance for its algae food ingredients across regulatory bodies and geographies,” said Mark Brooks, SVP, Food & Ingredients. “Health Canada’s approval of our protein-rich whole algae ingredient provides new opportunities for customers across Canada, Mexico and the United States to respond to consumer demand for food and beverages containing plant-based protein.”
AlgaVia® Protein-Rich Whole Algae is unique among plant-based proteins as it is a whole food ingredient containing over 60% vegan protein plus a rich collection of fiber, lipids and micronutrients. It’s free of known allergens, gluten-free, non-GMO and has a neutral flavor profile and texture, making it a great option for fortifying food products that meet current consumer demand.
According to Mintel’s “Alternative’s Everywhere” trend report, nearly 30 percent of Americans say they are eating more non-animal sources of protein. The growing trend toward plant-based proteins is due to the increasing popularity of vegetarian and vegan diets and demand for allergen-free protein sources. TerraVia’s AlgaVia® Protein-Rich Whole Algae can address a key market need for new, alternative plant-based proteins that are vegan and free of known allergens as well as provide an innovative solution for sustainable sources of protein.
AlgaVia® Lipid-Rich Whole Algae is a trans-fat and cholesterol free lipid powder that helps enable the creation of healthier products with satisfying taste and textures. This alternative healthier fat source can enable the reduction or full replacement of dairy fats, oil and egg yolks.
Both AlgaVia® Protein-Rich Whole Algae (whole algal protein) and AlgaVia® Lipid-Rich Whole Algae (whole algal flour) are also classified as Generally Recognized as Safe (GRAS) in compliance with US FDA regulations concerning substances for food use.
TerraVia is a plant-based food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth's original superfood. With a portfolio of breakthrough ingredients and manufacturing, the Company is well positioned to help meet the growing need of consumer packaged goods and established and emerging food manufacturers to improve the nutritional profile of foods without sacrificing taste, and to develop select consumer brands. The Company also manufactures a range of specialty personal care ingredients for key strategic partners. Headquartered in South San Francisco, the Company's mission is to create products that are truly better for people and better for the planet. For additional information, please visit TerraVia's website at www.terravia.com.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about TerraVia, including statements that involve risks and uncertainties concerning: the attributes of its ingredients, including as to nutrition, taste, texture and sustainability; the future adoption of its ingredients; future demand for plant-based foods and nutrition; the impact of using its ingredients in products; consumer demand and the market opportunities for its products; its commercialization and production plans; its ability to innovate; market acceptance of its products by food producers and consumers; and TerraVia's ability to maintain its relationships with its partners. When used in this press release, the words "will," "can," "anticipate," "intends" and other similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statement may be influenced by a variety of factors, many of which are beyond the control of TerraVia, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Potential risks and uncertainties include, among others: TerraVia's limited operating history; its limited history in commercializing products; implementation risk in deploying new technologies; its limited experience in constructing, ramping up and operating commercial manufacturing facilities; its ability to sell its products at a profit; delays related to start-up and ramp-up of production facilities; its ability to manage operational costs at production facilities; its ability to enter into and maintain strategic collaborations; successful product trials by its customers and market acceptance of its products by end-users; its ability to obtain requisite regulatory approvals; and its access, on favorable terms, to any required financing. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of TerraVia.
In addition, please refer to the documents that TerraVia Holdings, Inc. files with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, as updated from time to time, for a discussion of these and other risks. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. TerraVia is not under any duty to update any of the information in this press release.