Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


BLIS Technologies Achieves a Major International Milestone

BLIS Technologies Achieves a Major International Milestone

Dunedin based biotechnology company, BLIS Technologies Ltd (NZX: BLT) advised shareholders at its Annual General Meeting that it has achieved a significant company milestone today with its oral probiotic called BLIS K12 by obtaining GRAS status, which now enables this probiotic to be included as an ingredient in food products within the United States.

The US Food and Drug Administration (FDA) requires all ingredients used in food manufacturing to obtain a standard for safety, which is referred to as GRAS (Generally Recognised As Safe). Until now the Company’s BLIS K12 probiotic has only been able to be sold as a dietary supplement, but today’s announcement of GRAS status, will dramatically expand market opportunities for the company and enable the BLIS K12 probiotic to be marketed and sold to all food manufacturers in the United States.

The programme has taken two years to achieve and follows an FDA-approved process that allows a company to obtain GRAS status by consulting with an independent panel of world leading experts in disciplines such as microbiology and toxicology to determine if the BLIS K12 probiotic meets the FDA’s stringent criteria for safety.

Dr Barry Richardson, CEO of BLIS Technologies believes that this also makes it easier for the company to market into other countries because GRAS status is well recognised internationally as a gold standard for ingredient safety. The BLIS K12 probiotic is already approved as a food ingredient in both Australia and New Zealand but its GRAS status in the United States effectively launches this novel probiotic ingredient into the global market for food manufacturing. BLIS Technologies Ltd wishes to acknowledge the support of New Zealand’s Ministry of Science and Innovation in providing funding assistance for one of the pivotal safety studies, which has now set the global standard for safety with oral probiotics.

The company has plans to immediately start promotion to food manufacturers such as ice cream, yoghurt and other dairy producers in the United States. Dr Richardson also told shareholders that the company has acquired Dunedin based ice-cream company, The Gourmet Ice Cream Co. Ltd. He indicated that this investment in the ice-cream manufacturer was a strategic investment for two reasons. Firstly, it provided necessary cash flow to assist in the global roll out of BLIS K12 to food manufacturers, now this ingredient has achieved GRAS status and secondly, the ice-cream manufacturer will provide an excellent opportunity to get the probiotic BLIS K12 into frozen dairy products and help to create a novel new category of ice-cream with a specific health benefit for consumers.

Dr Richardson advised shareholders that a persistently high New Zealand dollar and lower than expected sales for the Company’s branded ingredients, BLIS Technologies would likely sustain an increased operating deficit in the current financial year. Accordingly, additional funding will be required to cover the forecast operating deficit and ensure that an appropriate capital structure is maintained, which will provide additional working capital as well as fund the development of innovative food applications and the acquisition of the Gourmet Ice Cream Co. Ltd.

It is the intention of the Board of Directors to initiate a Share Purchase Plan in conjunction with a share placement on the same terms to eligible investors. The terms of the Share Purchase Plan including the price for new shares will be announced in coming weeks.

In an additional move to ramp up its commercial activities, Dr Richardson also explained to shareholders that the company has now launched a new e-commerce capability to its website. The BLIS Technologies’ company website has now started selling its own pharmacy based products directly to consumers throughout New Zealand and overseas over the internet.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>


Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>


Chartered Accountants: COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted

Three months of COVID-19 lockdown and investment turmoil has done little to knock confidence in New Zealand capital markets and listed companies with overall investor sentiment very similar to 2019, an investor survey held in mid June shows. However, ... More>>


Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>


Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>


XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>


Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>


Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>


RNZ: Economic Activity And Business Confidence Bouncing Back

Two surveys from ANZ show business confidence and economic activity have rebounded, but uncertainty about the future remains extreme. More>>


NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>


Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>


Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>


Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>

DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>