Advitech secures $1.4m funding for Botaneco subsidiary
Investment to fund further development of Hydresia oleosome products
Advitech Inc has reached an agreement with investment company AVAC Ltd for up to $1.4m in funding for its subsidiary Botaneco Speciality Ingredients Inc. According to Advitech, funding will be paid in instalments over a 24-month period upon the achievement of specific milestones and be channelled into the development of next generation, plant seed-derived Hydresia oleosome products, as well as the implementation of production capacity initiatives to scale up manufacturing operations.
In return, Botaneco has agreed to provide AVAC royalty payments – starting from the quarter ending 31 March 2013 – on all gross revenues until an aggregate return up to a maximum of two times the gross amount invested by AVAC is remitted.
“AVAC has been a valued strategic partner, beginning with its 2007 start-up investment in Botaneco’s early stage commercialisation and now for our continued development and growth,” comments Advitech president and ceo Michael Stangel.
