OTTAWA, Ontario--(BUSINESS WIRE)--Avivagen Inc. (TSXV:VIV) (“Avivagen”) has announced that it has entered into an agreement with the research subsidiary of COFCO Biotechnology Co. Ltd. (“COFCO”) pursuant to which COFCO will assist Avivagen with the approval process necessary to enter the Chinese market. With over 12,000 employees, COFCO is a leading supplier of agri-products to the Chinese market, with more than $17.5 billion in annual sales in 2018. Under the agreement, COFCO will work with Avivagen in China, supporting efforts to obtain approval for the sale of OxC-beta™ Livestock for use with broilers in the country.
“We are very excited to have COFCO spearhead the approval process of OxC-beta™ Livestock within China, the world’s largest feed production market,” says Kym Anthony, Chief Executive Officer, Avivagen. “COFCO has highly respected leadership in the regulatory process. We are confident that we will obtain the necessary approvals to offer OxC-beta™ Livestock in China, creating a considerable sales opportunity in this massive market.”
COFCO Biotechnology will assist Avivagen with all aspects of the approval process in China, including designing all protocols required for trials of OxC-beta™ Livestock necessary to secure approval for use in broiler feed. COFCO has confirmed to Avivagen that the current position of the Chinese government is to ban all antibiotics in livestock feed by July 2020.
“As we have witnessed an increase in demand for OxC-beta™ Livestock within the Philippines over the past year and securing new orders within Taiwan, Thailand and Malaysia, obtaining approval in China would add considerably to an already sizeable opportunity for Avivagen in the region,” adds Anthony. “With the majority of Asia moving to ban all in-feed antibiotics as growth promoters in livestock, we are positioned strongly to capitalize on the region’s growing desire for safer and more effective alternatives.”
Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general health and performance. It is a public corporation traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada and Charlottetown, Prince Edward Island. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.
About OxC-beta™ Technology and OxC-beta™ Livestock
Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about carotenoids, compounds that give certain fruits and vegetables their bright colours, and is a non-antibiotic means of maintaining optimal health and growth. OxC-beta™ Livestock is a proprietary product shown to be effective and economic as an alternative to the antibiotics commonly added to livestock feeds. OxC-beta™ Livestock is currently available for sale in the Philippines, Taiwan, Thailand, New Zealand, Mexico, Australia, Malaysia and the U.S.
Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.
About COFCO Biotechnology Co. Ltd.
COFCO Biotechnology Co. Ltd. is a leading producer, processor and distributor of agricultural products in China. COFCO Biotechnology provides fuel ethanol, edible alcohol, starch, modified starch, starch sugar, citric acid, monosodium glutamate, polylactic acid and its by-products, and to the Chinese market. A division of COFCO Corporation, one of China’s leading suppliers of agri-products with grain, oil, sugar and cotton, COFCO Biotechnology has a market capitalization of more than $11 billion, and had sales in excess of $17.5 billion in 2018.
Forward Looking Statements
This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions. Statements set out in this news release relating to the expectation that Avivagen will be successful in obtaining the approvals to sell OxC-beta Livestock in China, the possibility that Avivagen will sell OxC-beta Livestock in China, expected growth of demand and sales of OxC-beta within China or the Asia-Pacific market in general, the possibility for deployment or launch of OxC-beta™ Livestock in new jurisdictions around the world or for it to replace antibiotics in livestock feeds as well as fill a critical need for health support in certain livestock applications where antibiotics are precluded, the possibility of additional jurisdictions banning in-feed antibiotics as growth promoters in livestock, Avivagen’s intention to accelerate market access and the commercial uptake of its OxC-beta™ Livestock product and the size of market opportunities are all forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. For instance, approval to sell OxC-Beta Livestock in China may not be granted or may not be granted in the time frames anticipated, obtaining approval may not result in sales or orders for Avivagen’s products in China, field trials may not have anticipated outcomes, demand for Avivagen’s products in the Asia-Pacific market in general may not continue to grow and could decline, Avivagen’s products may not gain market acceptance or regulatory approval in new jurisdictions or for new applications and may not be widely accepted as a replacement for antibiotics in livestock feeds, new market access may not occur in the timeline or manner expected by Avivagen and the market opportunities may not be as large as Avivagen anticipates due to many factors, many of which are outside of Avivagen’s control. Readers are referred to the risk factors associated with the business of Avivagen set out in Avivagen’s most recent management’s discussion and analysis of financial condition available at www.SEDAR.com. Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright © 2019 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.