Functional Technologies Corp. – V.FEB:CDX
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Website : https://www.functionaltechcorp.com/s/home.asp
Share outstand : 51,744,444
Market cap : 12.42 Million
Company Overview :
Functional Technologies is a bioindustrial company focused on providing innovative and proprietary solutions to high-impact problems in the global food, beverage and healthcare industries, by capitalizing on its core competencies in microorganism-based technologies and platforms. Through extensive fundamental and applied research programs, Functional Technologies has developed several proprietary yeast-based technology platforms that enable a yeast strain’s natural and innate functions to prevent the formation of common contaminants. Functional Technologies’ lead products are a suite of wine yeasts that prevent the formation of hydrogen sulphide (H2S), colourless volatile gas and a natural by-product of wine fermentation that causes a distinctive, unpleasant noxious odour in wine, beer and other yeast-fermented beverages. It is one of the most common occurring sensory defects in winemaking worldwide, and is a widespread and costly quality-control problem in commercial wine production. Through its subsidiary, Phyterra Yeast Inc., Functional Technologies’ H2S-preventing wine yeasts were launched in the commercial wine yeast market in 2010, with introductory sales occuring in more than 400 commercial wineries in the U.S., South America and Europe in the past two years. The Company’s second lead product, at a pre-commercial stage, is a yeast-based platform that prevents the formation of acrylamide in carbohydrate-rich foods. Acrylamide is a World Health Organization (WHO) Group 2A carcinogen that is generated naturally as a byproduct of frying, baking or toasting carbohydrate-rich processed foods such as bread and baked goods, potato chips, French fries, cookies and baby food. First emerging as a public health concern as a widespread food contaminant in 2002, acrylamide mitigation is a major objective of food safety organizations worldwide. Functional Technologies’ proprietary yeast-based acrylamide solution enhances the natural ability of yeasts to degrade asparagine, the main precursor substance of acrylamide. The Company is in discussions and working with industry partners to develop commercial applications for its acrylamide-preventing yeasts in a variety of food sectors. Headquartered in Vancouver, BC, Functional Technologies also has research and development programs in Prince Edward Island (PEI). The Company also maintains a technical marketing presence with fully support capabilities in Napa, California and marketing & sales in Stuttgart, Germany.
The Company: Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries, for which viable solutions are lacking. The Company’s platform technologies improve the performance of innate yeast functions to primarily prevent the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by various global agencies as dangerous substances (e.g. carcinogens, neurotoxicants or reproductive toxicants). Lead technologies: The Company’s lead technologies include yeasts that prevent and reduce the formation of the carcinogen and reproductive toxicant acrylamide, and the foul-smelling hydrogen sulphide (H2S), by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as baked and fried foods, and fermented alcoholic beverages. Drivers to adoption of our products exist as a result of the business risks (e.g. litigation and/or brand equity loss) and increasing regulatory vigilance associated with the contaminants. Large market opportunities: By addressing critical needs affecting multiple food sectors, our proprietary yeast products impact multi-billion dollar global markets, providing multiple revenue stream opportunities. For example, given the widespread impact of acrylamide as it affects numerous food products, including bakery and cereal products, processed potato products, biscuits, snack foods, coffee and baby foods, the estimated cumulative downstream impact is greater than US$800 billion. The baker’s yeast market is considered a natural, directly addressable, adopter market for Functional Technologies’ acrylamide-preventing (AP) yeasts, given seamless adoption and direct replacement potential. The baker’s yeast market alone is estimated to be greater than US$2.0 billion annually. Additional food sectors however, such in snack foods and processed potato products, represent lucrative new markets in which the Company’s yeasts could be utilized. Business strategy: Functional Technologies’ technology platforms enable the strategic pursuit of intellectual property and patent protection, similar to many biopharma or nutraceutical products. Based on the large scale and scope of the applications associated with the Company’s AP yeast products, the pursuit of out-licensing models are viewed as being the most appropriate. As the Company’s wine yeasts present premium priced products in a niche market, where the margin potentials are high, the current approach is to utilize a hybrid distributor-technical support sales model. We anticipate growth to continue in increasing the customer base and demonstrating the platform nature of the H2S-preventing technology by the growing product portfolio offered by the Company. Properties that favour adoption: The use of yeasts in food and beverage processing has been well established for thousands of years and are considered safe. Functional Technologies’ yeasts have also received GRAS (Generally Recognized As Safe) designations by the U.S. FDA, and although GRAS status nor regulatory trials are required prior to commercialization, Functional Technologies is committed to reaching or exceeding regulatory standards of quality and care. Consequently, the Company believes its proprietary yeast solutions offer the potential for relatively seamless adoption into food processing protocols. The ability to manufacture and produce large quantities of yeasts lends to the expectation that the adoption of Functional Technologies’ proprietary yeast solutions should be minimally disruptive to the end-user and food producer’s cost of goods. Growing validation: Helping to validate the commercial opportunities and the technologies supporting the Company’s products, Functional Technologies’ AP yeasts have demonstrated impressive and compelling efficacy data, with up to 95%+ reduction in certain applications. These yeasts are already in testing partnerships with several large global companies in various sectors, and additional collaborations are in discussions to begin. Meanwhile, the Company’s H2S-preventing wine yeasts enjoyed encouraging market adoption by more than 75 U.S. wineries in its introductory season in 2010, and we look forward to growing the Company’s market penetration in this industry.
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NEWS
| September 24, 2012 |
Functional Technologies Reports Increase in Non-Brokered Private Placement |
| September 20, 2012 |
Functional Technologies Announces Letter of Commitment from Leading Global Yeast Producer for Initial Production and Supply of Acrylamide-Preventing Yeast |
| September 17, 2012 |
Functional Technologies Announces Internal Promotion of Chief Technology and Innovations Officer and Board Changes |
| September 14, 2012 |
Functional Technologies Launches New Selectively Bred Phyterra(tm) Hydrogen Sulphide (H2S) -Preventing Wine Yeasts in Ten Countries |
| September 13, 2012 |
Functional Technologies Announces Launch of Hydrogen Sulphide-Preventing Wine Yeasts for Commercial Sale in Canada, Positive Data from Independent Wineries |
| September 05, 2012 |
Functional Technologies Announces GRAS Submission on Acrylamide Yeast has been Accepted by the US Food and Drug Administration |
| August 09, 2012 |
Functional Technologies Closes First Tranche of Private Placement |
| July 30, 2012 |
Functional Technologies Reports Third Quarter 2012 Financial Results |
| July 19, 2012 |
Functional Technologies Reports Signing of Agreements to Divest Non-Core Assets |
| July 16, 2012 |
Functional Technologies Reports Financings |
| July 09, 2012 |
Patent Allowances Received for Hydrogen Sulphide-Preventing Wine Yeasts |
| July 03, 2012 |
Functional Technologies Appoints International Food Industry Executive to Advisory Board |
| May 15, 2012 |
Functional Technologies Joins the OTCQX |
| May 03, 2012 |
Functional Technologies Announces New Wine Yeast Strains, Features to Complement Portfolio |
| May 01, 2012 |
Functional Technologies Reports Growing Industry Interest for its Acrylamide-Preventing Yeasts |
| April 30, 2012 |
Functional Technologies Reports Second Quarter 2012 Financial Results |
| April 05, 2012 |
Functional Technologies Reports Management Change |
| April 04, 2012 |
Functional Technologies Signs LOI to Divest Non-Core Assets, Cut Non-Essential Spending |
| February 28, 2012 |
Functional Technologies Announces First Quarter 2012 Financial Results |
| February 27, 2012 |
Functional Technologies Reports Positive Data with Acrylamide-Preventing Yeasts in Mixtures for Commercial Extruded Starchy Food Products |
| February 08, 2012 |
Functional Technologies Files GRAS Notification for Acrylamide-Preventing Yeast |
| January 31, 2012 |
Functional Technologies Announces Management Changes to Facilitate Strategic Relationship Development Efforts |
| January 11, 2012 |
Functional Technologies Appoints Executive with Experience in the Beverage and Biotech Industries as Chief Operating Officer |
| January 09, 2012 |
Functional Technologies Appoints Interim CFO |