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BioExx Signs Development Agreement with Hormel

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By: Sean Moloughney

Editor, Nutraceuticals World

BioExx Specialty Proteins Ltd., Toronto, Ontario, Canada, has signed a product development and sales license agreement with Hormel Foods Corporation and its Century Foods International division, Sparta, WI. Under the agreement, which covers the U.S. and Canada, the companies will co-develop BioExx proteins in various new products which will be manufactured and marketed by Century to the sports nutrition industry.

Example products would include meal replacements, dietary supplements, weight-loss aids, powdered protein supplements, nutritional beverages and custom formulations.

Century has been granted a non-exclusive license to purchase BioExx proteins immediately to meet its own needs and those of its clients. In addition, where BioExx requires agglomeration and instantizing for protein sales to its other customers, it will retain Century to provide those services.

The agreement also specifies terms of a separate supply agreement to be entered into by the parties within one year whereby, subject to Century meeting minimum purchase requirements from BioExx, Century will have an exclusive right to market products for sports nutrition applications based on BioExx proteins to a pre-defined list of existing clients serviced by Century.

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