U.S. Markets open in 8 hrs 46 mins

Triton Algae Innovations Announces $5 Million Series-A Financing

SAN DIEGO, CA--(Marketwired - September 04, 2013) - Triton Algae Innovations, Ltd, a pioneer in the field of synthetic biology, today announced the completion of its Series-A equity financing of $5 million. The investment was made by Heliae Technology Holdings, Inc., a leader in the production of algae to create high-value products. This funding round will be used to support Triton's ongoing research and development programs, expansion of Triton's PhycoLogix™ platform, and commercialization of Triton's first product, PhycoShieldTM.

Triton Algae Innovations has developed the world's foremost synthetic biology platform for the production of high value proteins in algae. Triton's PhycoLogix™ platform uses algae to produce novel products with advantages over traditional protein expression systems. Algae are unique because they can produce compounds that other organisms cannot, can be safely consumed without modification, and can be cultivated at large scale inexpensively. Triton's platform thus represents a paradigmatic shift in the way proteins are developed and delivered, satisfying a market that cannot be met by traditional platforms. Triton is already producing complex proteins, enzymes, and other biologics that are cost-effective and have immediate applications in agricultural, pharmaceutical, and other retail markets.

Triton's first product line is PhycoShieldTM, a line of proteins that will save millions of human and animal lives. Triton's first PhycoShieldTM product is Mammary Associated Amyloid (MAA), a protein found in colostrum that stimulates production of a mucus coating in the digestive tract. This coating is known to prevent colonization of pathogenic bacteria that would result in the onset of diarrheal diseases. Triton's MAA has the potential to address diarrheal diseases worldwide, which account for over two million human deaths each year, are the leading cause of infant mortality, and kill approximately 20% of the world's livestock. Triton's MAA is will be commercially available in 2014. 

Triton is also developing products for clinical oncology applications. Triton's oncology products are therapies that have been developed by Dr. Stephen Mayfield, Triton's scientific founder, over the past decade and have shown high efficacy in treating cancers.

Triton's team brings an unprecedented level of expertise in advanced algal biology. Triton was founded by algae biotechnology pioneers, Drs. Jason Pyle and Stephen Mayfield, who also founded the leading algae biofuels company, Sapphire Energy. Dr. Pyle is Triton's Chief Executive Officer (CEO) and Chairman; Dr. Mayfield is Triton's Chief Scientific Officer (CSO). In his prior role as CEO of Sapphire Energy, Dr. Pyle raised $350 million in private and public funds and created $1 billion in shareholder value. Dr. Mayfield is a world-renowned algal scientist, and the John Doves Isaacs Chair of Natural Philosophy in the Department of Biology at UC San Diego, and previously held a professorship at The Scripps Research Institute, where he was also the Associate Dean of Biology.

"Triton is the result of over 20 years of academic and private sector research," said Dr. Pyle, CEO of Triton. "Dr. Mayfield's ground-breaking research has culminated in Triton's proprietary technology for easy and rapid production of proteins that have applications in numerous markets worldwide. I am proud to lead Triton's pioneering work in this field, and look forward to bringing our first product to market next year."

About Triton Algae Innovations

Headquartered in San Diego, Triton Algae Innovations has created the world's foremost algal platform for producing high value proteins and other biologics. Triton's cutting edge PhycoLogixTM technology is quickly bringing algae to the forefront of protein production. Proteins produced through the PhycoLogixTM process will be used in pharmaceuticals, nutraceuticals, cosmetics, and human and animal health and nutrition products, such as antibacterials, vaccines, hormones, and antioxidants. Triton's first product, Mammary Associated Amyloid (MAA), is a mammalian colostrum protein with high value in addressing intestinal diseases in pets, livestock, and humans. MAA will be commercially available in 2014. For more information, please visit www.tritonai.com.

The following files are available for download: