TerraVia’s Algae Butter, Which Can Replace Palm Oil and Hydrogenated Oils, Receives FDA GRAS No Questions Letter
13 April 2017 - 10:30PM
Business Wire
Algae Butter Is A Revolutionary New Structuring
Fat For Use in Bakery, Spreads, and Confectionery
TerraVia Holdings, Inc. (NASDAQ:TVIA) announced today that it
has received a generally recognized as safe (GRAS) no questions
letter from the U.S. Food and Drug Administration for its Algae
Butter. This response paves the way for commercialization of this
revolutionary structuring fat through its joint venture partner,
Bunge North America.
Algae Butter is a palm-free, non-hydrogenated, vegan solution
for bakery, spreads and confectionery applications. It delivers
outstanding performance and enhanced sensory experience due to its
quick melting feature. It also provides clean taste and can reduce
saturated fat by up to 50 percent in most applications.
“The food industry has been searching for a replacement for palm
and hydrogenated vegetable oils that maintains quality, taste and
functionality and also meets their rigorous criteria for
sustainable sourcing,” said Mark Brooks, Senior Vice President,
TerraVia. “We believe Algae butter is a game changer for the
structuring fats industry in terms of sustainability and
nutrition.”
Algae Butter is exclusive to TerraVia and Bunge. It will be
produced by the TerraVia and Bunge joint venture, SB Oils, and
marketed in the U.S. by Bunge North America.
“We are excited to be offering this innovative solution as an
additional choice to our foodservice and food processor customers
in the U.S.,” said Mark Stavro, senior director of marketing, Bunge
North America. “The potential of the product to meet so many on
trend demands has been met with strong levels of interest from a
number of our food customers.”
About TerraVia
TerraVia Holdings, Inc. (NASDAQ:TVIA) is a plant-based food,
nutrition and specialty ingredients company that harnesses the
power of algae, the mother of all plants and earth’s original
superfood. With a portfolio of breakthrough ingredients and
manufacturing, the Company is well positioned to help meet the
growing need of consumer packaged goods and established and
emerging food manufacturers to improve the nutritional profile of
foods without sacrificing taste, and to develop select consumer
brands. The Company also manufactures a range of specialty personal
care ingredients for key strategic partners. Headquartered in South
San Francisco, the Company’s mission is to create products that are
truly better for people and better for the planet. For additional
information, please visit TerraVia’s website
at www.terravia.com.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 about TerraVia, including statements that involve risks and
uncertainties concerning: the attributes of its algae butter
ingredient, including as to its properties, nutrition, performance
and sustainability; the ability of the ingredient to be
incorporated into applications and to enable certain results in
those applications; the future adoption of its ingredient; future
demand for plant-based foods and nutrition; the impact of using its
ingredients in products; commercialization and production plans;
market acceptance of its products by food producers and consumers;
and TerraVia's ability to maintain its relationships with its
partners. When used in this press release, the words "will," "can,"
"anticipate," "intends" and other similar expressions and any other
statements that are not historical facts are intended to identify
those assertions as forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any such
statement may be influenced by a variety of factors, many of which
are beyond the control of TerraVia, that could cause actual
outcomes and results to be materially different from those
projected, described, expressed or implied in this press release
due to a number of risks and uncertainties. Potential risks and
uncertainties include, among others: TerraVia's limited operating
history; its limited history in commercializing products;
implementation risk in deploying new technologies; its limited
experience in constructing, ramping up and operating commercial
manufacturing facilities; its ability to sell its products at a
profit; delays related to start-up and ramp-up of production
facilities; its ability to manage operational costs at production
facilities; its ability to enter into and maintain strategic
collaborations; successful product trials by its customers and
market acceptance of its products by end-users; its ability to
obtain requisite regulatory approvals; and its access, on favorable
terms, to any required financing. Accordingly, no assurances can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they will have on the results of operations or financial
condition of TerraVia. In addition, please refer to the documents
that TerraVia Holdings, Inc. files with the Securities and Exchange
Commission, including its Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q, as updated from time to time, for a
discussion of these and other risks. You are cautioned not to place
undue reliance on forward-looking statements, which speak only as
of the date of this press release. TerraVia is not under any duty
to update any of the information in this press release.
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TerraVia Holdings, Inc.Katie
Ringerpress@terravia.comorRF|BinderAtalanta
RaffertyAtalanta.Rafferty@rfbinder.com