Burcon Enters into Production Agreement with Partner Manufacturer to Produce Hempseed Protein
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2023) - Burcon NutraScience Corporation (TSX: BU) ("Burcon" or the "Company"), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce that, due to overwhelming customer demand, it has entered into a production agreement with its partner manufacturer to bring the world's first high purity 95% hempseed protein isolate to market.
Under the terms of the agreement, Burcon will combine its proprietary equipment with the existing infrastructure and manufacturing capabilities of its contract partner to commercially produce the innovative hempseed protein isolate. We expect to complete the process validation trials and begin commercial production in early 2024. This strategic collaboration is a capital-light approach expected to rapidly bring our hempseed protein to market to meet the increasing demand for this exceptional high purity protein ingredient.
"We are very pleased with the market reception and with the efforts from both teams at Burcon and HPS Food and Ingredients during the market development phase," said Kip Underwood, Burcon's chief executive officer. "Burcon is excited to take the lead on the next commercial production phase. Our partnership with HPS continues to drive the rapid commercialization plans of our hemp technology. Speed-to-market remains a top priority for us and we are confident we can deliver to our customers an excellent commercial product."
Burcon and HPS believe the 95% hempseed protein isolate is poised to set a new benchmark for high-purity premium protein ingredients. Based on market data and internal estimates, there is a multi-billion dollar addressable market for high purity hempseed protein with a potential commercial opportunity that exceeds $100 million for Burcon and HPS. The global hemp-based food market is projected to double in the next five years, growing at a rate of over 15%. Burcon and HPS expect that the 95% hempseed isolate will perform well in various applications including beverages, sport nutrition, snacks, bars, baked goods and plant-based dairy.
For inquiries regarding product samples and information, prospective customers are encouraged to reach out to HPS Sales Team here.
About Burcon NutraScience Corporation
Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. Our proteins exhibit superior functionality, taste and nutrition, making them ideal ingredients for food formulators. With over two decades of experience, Burcon has amassed an extensive patent portfolio covering its specialty plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. Burcon is striving to become a vertically integrated provider of specialty plant-based protein solutions that delivers on health, nutrition and sustainability. Supporting the growing trend towards a plant-based diet, Burcon is developing premium protein ingredients that we believe are better for you and better for the planet. For more information, visit burcon.ca.
Forward-Looking Information Cautionary Statement
The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements or forward-looking information can be identified by words such as "anticipate," "aim", "intend," "plan," "goal," "project," "estimate," "expect," "believe," "future," "likely," "may," "should," "could," "will" and similar references to future periods. All statements included in this release, other than statements of historical fact, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from Burcon's plans and expectations include the implementation of our business model and growth strategies; trends and competition in our industry our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; and other risks and factors detailed herein and from time to time in the filings made by Burcon with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in Burcon's annual information form for the year ended March 31, 2023 and its other public filings with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Any forward-looking statement or information speaks only as of the date on which it was made, and, except as may be required by applicable securities laws, Burcon disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although Burcon believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and, accordingly, investors should not rely on such statements.
Industry and Investor Contact
Paul Lam
Director, Investor Relations and Communications
Burcon NutraScience Corporation
Tel (604) 733-0896, Toll-free (888) 408-7960
plam@burcon.ca www.burcon.ca
Media Contact:
Steve Campbell, APR
President
Campbell & Company Public Relations
Tel (604) 888-5267
TECH@CCOM-PR.COM
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