EDMONTON, ALBERTA, CANADA – Kimmo Lucas, President and CEO of Cevena Bioproducts, Inc., has announced that the company has secured funding in the amount of $6.0 million ($4.8 million USD), one of the largest health and nutrition financings in Canada this year.
According to Lucas, the funds will ensure Cevena's successful commercialization of Viscofiber®, the highest quality B-glucan concentrate available to the food and dietary supplement markets. This novel, clinically proven ingredient offers unsurpassed heart-health and satiety benefits to the supplement and food markets. Viscofiber® is Cevena’s lead product that was recently launched in the United States. “Cevena’s core mission is to improve human health through effective, scientifically proven products,” Lucas says. “Our customers expect superior quality research, strong patent protection and marketing support with outstanding quality, ‘a given.’ This investment enables us to continue to exceed expectations and to provide consumers with a safe, effective and convenient means of keeping themselves heart-healthy.”
The Business Development Bank of Canada’s Venture Capital Group led the round and was joined by Golden Opportunities Fund (Saskatoon, Sask). The syndicate also included existing investors Foragen Technologies Limited Partnership (Saskatoon, Sask) and AVAC, Ltd. (Calgary, AB). Lucas notes that these investors “were chosen based upon their expertise in the agri-food/supplement area as well as the synergies they bring to Cevena Bioproducts and our flagship technology employed to produce our lead product, Viscofiber®.”
“We are excited to be working with a company with management of this caliber, and to have the opportunity to invest in the rapidly growing field of science-based natural ingredients for the health and nutrition markets,” says Gary Bantle, Director, Life Sciences at BDC Venture Capital. “Cevena is clearly representative of the dynamic and leading edge companies in which BDC invests and we are pleased to have led this round of financing.”
“The leading edge technology in Cevena immediately grabbed our attention,” comments Grant Kook, CEO/Chairman of Golden Opportunities Fund Inc. We are now excited for management to move forward on its strategy with this round of financing.”
About Cevena Bioproducts Inc.
Technically advanced grain-based ingredients for nutritional products are the focus of Cevena Bioproducts, headquartered in Edmonton, Alberta, Canada with offices in Saskatoon, Saskatchewan. The company’s core mission is to improve human health and well-being through the research, technology and marketing of scientifically sound, superior nutraceutical. Its lead product Viscofiber® high -glucan concentrate is derived from oats and barley via a patented fractionation process that yields the richest, highest quality beta-glucan ingredient on the market today. Viscofiber® is in clinical trials to prove its efficacy in addressing healthy cholesterol levels and maintaining a healthy glycemic response for heart health-conscious consumers. Further clinical research will illuminate its efficacy for gastrointestinal health and satiety. For more information, log on to www.cevena.com.
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company’s development cycle, from start-up through expansion, with a focus on technology-based business that have high growth potential and that are poised to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 different companies. It currently manages over $500 million in venture capital assets invested in life sciences, telecommunications, information technology and advanced technologies. www.bdc.ca
About Golden Opportunities Fund
Golden Opportunities Fund is Saskatchewan’s first and largest Provincial Labour Sponsored Fund. The company has completed 53 investment transactions in 37 different Saskatchewan growth companies across a variety of industry sectors for diversification impacting thousands of jobs throughout Saskatchewan communities. (www.goldenopportunities.ca)