Martek Biosciences Corporation (Nasdaq: MATK) announced today that now all of its DHA omega-3 products have been approved by Health Canada for use as food ingredients in most foods. The approval allows for per serving levels of not less than 8 mg and not more than 100mg of Martek's DHA. Martek's DHA omega-3 oils are marketed to consumers and appear as an ingredient on food packaging under the brand name life'sDHA(TM).
"Martek will be better equipped to compete for the DHA-enriched food market in Canada with this additional approval," said Steve Dubin, Martek's CEO. "Now, more people will be able to benefit from Martek's life'sDHA(TM), a vegetarian source of DHA omega-3 that can be incorporated into many foods without affecting the taste of the finished product."
Martek's life'sDHA(TM) contains the long-chain polyunsaturated fatty acid DHA (docosahexaenoic acid), the key omega-3 fatty acid for brain, eye and heart health and function. Numerous scientific studies demonstrate that people of all ages, from infants to adults, may benefit from an adequate supply of DHA omega-3 in the diet. Yet, despite its importance, natural food sources of DHA omega-3 are limited, making it difficult for many people to get enough DHA omega-3 in their diets.
In June 2006, another DHA omega-3 product by Martek was also approved by Health Canada for use as a food ingredient. Martek's DHA oils have been approved for use in infant formula in Canada since 2002.
Foods fortified with DHA omega-3 are a growing source of DHA omega-3 in the diets of people around the world. The recent Health Canada approval of Martek's life'sDHA(TM) for use in food products at significant levels in a variety of foods will make it easier for food companies to offer products in Canada that contain meaningful levels of DHA omega-3. Life'sDHA(TM) can be added at significant levels to most foods and beverages without impacting stability or sensory characteristics.
Most other DHA omega-3 products approved at significant levels for food use in Canada are derived from fish oil. Martek's life'sDHA(TM) is unique in the market because it is derived from a sustainable and vegetarian source. Made from microalgae under tightly controlled manufacturing conditions, life'sDHA(TM) is free of oceanic contaminants that may be present in certain fish or fish oils. Microalgae are the only vegetarian source of DHA omega-3, the key omega-3 for brain and eye development and function.
Martek Biosciences Corporation (Nasdaq: MATK) is a leader in the innovation and development of DHA omega-3 products that promote health and wellness through every stage of life. The Company produces life'sDHA(TM), a vegetarian source of the omega-3 fatty acid DHA (docosahexaenoic acid), for use in foods, beverages, infant formula, and supplements, and ARA (arachidonic acid), an omega-6 fatty acid, for use in infant formula. For more information on Martek Biosciences, visit http://www.martek.com.
Sections of this release contain forward-looking statements concerning, among other things, expectations regarding product acceptance, customer plans, Martek's competitive position in Canada, and the economic impact to Martek of Health Canada's acceptance of Martek's life'sDHA(TM) as a food ingredient. These statements are based upon numerous assumptions which Martek cannot control and involve risks and uncertainties that could cause actual results to differ. For instance, Martek cannot predict with certainty what its customers' future actions will be or whether the effect of the Health Canada acceptance would impact Martek's long-term competitive position. These statements should be understood in light of the risk factors set forth in the Company's filings with the Securities and Exchange Commission, including, but not limited to, Part II, Item 1A of the Company's Form 10-Q for the fiscal quarter ended July 31, 2006 and other filed reports on Form 10-K/A, Form 10-Q and Form 8-K.