WINNIPEG (Reuters) – Shares of BioExx Specialty Proteins Ltd. surged more than 10 percent before easing off highs Aug. 9 after the company said that it has produced the world’s first commercial-scale canola protein at a purity level fit for human consumption.
The Canadian agri-food company said it produced protein at its Saskatoon plant with purity levels averaging 95.8 percent and 94.8 percent at two testing labs.
The production run recovered protein from 1.3 million tonnes of canola meal.
“We believe that these results are highly encouraging and support our positive view that the company can deliver on its target yields from the process,” Peter Prattas, an analyst at Fraser Mackenzie, who follows the company, wrote in a note to clients.
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The proteins, which are called isolates and will be marketed as Isolexx, are suited for use in nutrition bars and would compete against soy, pea and whey proteins.
BioExx chief executive officer Chris Carl said the company has achieved an important milestone, but there is much work ahead to bring the Saskatoon plant into full continuous operation and to complete certifications.
The company will likely sell initial proteins into the livestock feed market while awaiting certifications needed to sell products for human food, Prattas said.
BioExx shares rose as high as $2.24 on the Toronto Stock Exchange on Aug. 9 before easing back to a gain of 5.4 percent, or 11 cents, at $2.14.
