COLUMBIA, Md., Jan 12, 2009 (BUSINESS WIRE) -- [b]Igene Biotechnology, Inc. (OTC:IGNE) today announced an agreement with Archer Daniels Midland Company (NYSE: ADM) to form a joint venture, Naturxan, L.L.C. The new company will produce natural- source astaxanthin,[/b] which is widely used in the aquaculture industry. The partnership will bring together ADM's expertise in production and logistics with Igene's extensive knowledge of astaxanthin technology.
Astaxanthin is a naturally occurring nutrient that is essential to impart the characteristic red color to farmed fish. Most available astaxanthin is produced via a chemical route, but Naturxan's natural-source astaxanthin is produced using natural Phaffia yeast through fermentation. It has been approved as a feed ingredient in Chile, Canada, the United States, Japan and Europe.
The market for this natural source of astaxanthin is enjoying exciting growth. Customers, who are involved in the production of farm-raised fish such as salmon and trout, are seeking alternatives to the synthetic products currently available. Naturxan will combine Igene's technology and ADM's production prowess to meet the growing demand for natural products.
About IGENE Biotechnology
Igene has been specializing in research to adapt naturally found chemicals to productive applications. It is headquartered in Columbia, Maryland. Its shares trade on the NASD OTC Bulletin Board under IGNE.
SOURCE: Igene Biotechnology, Inc.
Igene Biotechnology, Inc. Edward Weisberger, 1-800-346-6421 or 410-997-2599 firstname.lastname@example.org