Praise for fledgling Manawatu operation

For Immediate Release April 5th 2007

Praise for fledgling Manawatu operation

Recognition as a high-calibre contender for a first-time national biotechnology award has left a Manawatu-based initiative in good spirits.

Speirs Nutritionals Limited is soon to begin production of a breakthrough omega-3 supplement - without a fishy taste or smell - for use in popular foods including yoghurt, snack bars and sauces. High global demand, worth millions of dollars, is anticipated.

Rodney Wong, Speirs Nutritionals’ Chairman of the Board, said he was surprised and delighted the company was a finalist for the inaugural Deal of the Year award, decided recently.

The annual prize is bestowed by NZBio, New Zealand’s biotechnology industry organisation.

The Manawatu joint venture, formed just five months ago, was acknowledged for its pioneering work with the fish-derived nutrient, which is consistently found to have a positive effect on brain function and mental health.

Speirs’ micro-encapsulation process produces an odourless, tasteless emulsion. A $2.7 million, export-focused factory in Marton should begin production in May.

“Our company is still at a start-up phase, so to have this sort of recognition from our external peers is hugely encouraging for us,” said Mr Wong.

The joint venture comprises Massey University and two campus-associated ventures, food research group the Riddet Centre and The Bio Commerce Centre. Also involved is Speirs Foods, a division of Palmerston North-based investment company, Speirs Group Limited.

“The business is structuring itself for growth and it is a very exciting period for us,” Mr Wong said. “To even be recognised at this early stage for this award was an honour.”

NZBio chief executive Brian Ward, of Wellington, said the awards illustrate the extent of opportunities now emerging from biotechnology and acknowledges those companies that are at the forefront of creating value from biotechnology.

“Speirs Nutritionals is a great example of a New Zealand company partnering with a university’s world-leading science to create a new level of value in international markets,” he said.

“Speirs Nutritionals and Massey’s Riddet Centre together have the potential to be part of a rapidly growing international market for omega-3 and functional foods.”

Deal of the Year had six shortlisted nominees and was announced at the NZBio Conference in Auckland in March. The inaugural award went to Dr Colin Green of CoDa Therapeutics.

ENDS

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