Ceapro Announces Renewal of a Long Term License and Distribution Agreement With Symrise
Symrise is leading global provider of active ingredients for the distribution and commercialization of Ceapro's high value active ingredients in the cosmetic market
EDMONTON, ALBERTA -- (Marketwired) -- 04/06/16 -- Ceapro Inc. (TSX VENTURE:CZO) ("Ceapro" or "the Company") a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced the signing of a new long term agreement with German-based multinational, Symrise AG, for the distribution and commercialization of Ceapro's high value active ingredients to major key international players in the cosmetic market.
The financial terms of the agreement were not disclosed. However, Symrise will provide Ceapro with financial support under the form of a significant line of credit until January 1, 2019.
"Symrise is a long-term partner of Ceapro, and we are very pleased to have renewed this Agreement. Their continued partnership and financial support should enable us to accelerate the growth of our cosmeceuticals base business. We are delighted for the vote of confidence towards our Company and especially for the recognition of the quality and uniqueness of Ceapro's products to be manufactured in our new and larger capacity facility in Edmonton," said Gilles Gagnon, President and CEO of Ceapro. "We are confident that our partnership with Symrise, one of the most respected players in our industry, will continue to equally aid in the achievement of our common goals," he added.
"Ceapro and Symrise have a long-standing relationship in product development that has benefitted both companies over the years," said Eder Ramos, President, Cosmetic Ingredients Division, Symrise AG. "We see great value in this partnership and are very pleased to have secured the renewal of this agreement, which will continue to pave the way for future developments that should benefit both companies in creating value."
About Ceapro Inc.
Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and "active ingredients" from oats and other renewable plant resources.
Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company's website at www.ceapro.com.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Ceapro Inc.
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Source: Ceapro Inc.
Released April 6, 2016