Avoca Signs Supply Agreement with Synthetic Genomics, Inc. to Become Domestic Source of Natural Astaxanthin

KEARNY, N.J. and LA JOLLA, Calif., June 20, 2014 /PRNewswire via COMTEX/ Avoca, Inc., a division of Pharmachem Laboratories, Inc., has formed a supply agreement with Synthetic Genomics, Inc. (SGI), a privately held company developing and commercializing genomic driven solutions and products in a variety of industries, to extract and commercialize natural astaxanthin from a strain of algae developed by SGI. The multi-year supply agreement also provides Avoca with exclusivity for product sales in North America. Pharmachem Laboratories will be responsible for marketing and sales. SGI is developing this product through their Genovia Bio business unit, which is responsible for the development and commercialization of algal-based food, chemical and fuel products. Financial details were not disclosed. According to David Peele, President of Avoca, This agreement will make us one of just a handful of vertically integrated, domestic producers of astaxanthin, with SGI providing sufficient algae
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