The algae may not be greener on the other side. Executives at
Algisys LLC are looking at sites in Ohio for the Cleveland biotech startup's first manufacturing plant.
No timeline or other details about the site selection process have been disclosed.
Algisys specializes in cost-effective growth and harvesting of algae for the production of nutritional oils and high protein biomass. These " algal omega-3 oils" and high protein additives are used for the multi-billion-dollar supplement, food and beverage, pharmaceutical, pet food, and animal feed markets.
Current industry practice is to obtain the nutritional oils from fish, which eat algae.
Algisys has an exclusive global license on the intellectual property and technology created at Virginia Tech by Dr. Zhiyou Wen, its chief science officer, over a 12-year period.
Things are moving fast for the company incorporated in July, 2009.
"We have letters of intent from prospective customers, we are looking at manufacturing facilities in Ohio, we have secured new funding, and we will be one of the presenters at the
Ohio Early Stage Summit VI put on by the
Ohio Capital Fund," said Matthew M. Minark, vice president of business development.
Algisys has received funding from
BioEnterprise in Cleveland, the
Center for Innovative Food Technology in Toledo, and
Tower Wealth Management in Shaker Heights.
Plus, this summer, Algisys got funding from the
Cuyahoga County New Product Development and Entrepreneurship Loan Fund; this spring it was awarded a National Science Foundation Small Business Innovation Research Phase I grant.
Sources: Matthew M. Minarik and Charles L. Roe, Algisys LLCWriter: Gabriella Jacobs