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EnWave Signs Technology License and Joint Development Agreement with GEA Lyophil GmbH to Advance REV™ Technology for Pharmaceutical Applications
January 22, 2020, 6:30 am
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”), today announced signing a technology license and joint development agreement (the “JDA”) with GEA Lyophil GmbH (“GEA Lyophil”), a global manufacturer and marketer of freeze-dry units for the pharmaceutical and biotech industries, to accelerate the potential commercialization of EnWave’s Radiant Energy Vacuum (“REV™”) technology in the pharmaceutical industry. The Company signed a collaboration and license option agreement with GEA Lyophil in July 2018 and the two parties have been working closely with EnWave’s existing pharmaceutical partner since that time to discuss and strategize the next steps of development towards prospective commercialization.
Under the JDA, EnWave will formally collaborate with GEA Lyophil to scale-up and refine GMP-pharma REV™ machinery, leveraging GEA Lyophil’s deep expertise and intellectual property in GMP-pharma equipment manufacturing. The JDA will allow for the integration of EnWave’s proprietary freezeREV® pharmaceutical drying technology into GEA Lyophil’s industry-leading equipment design and manufacturing capabilities for the pharmaceutical industry. If successful, GEA Lyophil will leverage its robust pharmaceutical industry network to manufacture, market and sell REV™ machinery for use on a global basis for pharmaceutical applications. Under the terms of the JDA, GEA Lyophil will pay EnWave an undisclosed royalty on the sale of any future GMP-pharma REV™ machinery.
This collaboration between EnWave and GEA Lyophil, including the design and manufacture of next generation scaled-up REV™ machinery that uses the proprietary intellectual property of both parties, aims to allow EnWave’s current pharmaceutical partner to conduct clinical trials for several vaccines. If successful, GEA Lyophil will solicit the purchase of commercial-scale GMP-pharma REV™ equipment from this partner and from other pharmaceutical companies. EnWave would be entitled to a royalty in the form of a percentage of all equipment manufactured and sold as part of commercialization of the technology under the JDA.
The JDA also allows EnWave to focus on its current core competencies in the global food and cannabis industries, reduces the resources necessary to pursue meaningful monetization of its REV™ technology in the pharmaceutical industry and leverages an industry technical and commercial leader in GEA Lyophil.
About GEA Lyophil GmbH
GEA Lyophil GmbH is part of the GEA group of companies. GEA is one of the largest technology suppliers for food and pharmaceutical processing, and a wide range of other industries. The global group specializes in machinery, plants, as well as process technology and components. GEA provides sustainable solutions for sophisticated production processes in diverse end-user markets and offers a comprehensive service portfolio.
For more information about GEA, please visit www.gea.com.
EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with innovative, disruptive companies in multiple verticals for the use of REV™ technology. The company has signed over thirty royalty-bearing licenses to date. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snack products in the United States, including the Moon Cheese® brand.
EnWave has introduced REV™ as a disruptive dehydration platform in the food and cannabis sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.
EnWave currently offers two distinct commercial REV™ platforms:
- nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour; and
- quantaREV® which is used for continuous, high-volume low-temperature drying.
More information about EnWave is available at www.enwave.net.
Brent Charleton, CFA
President and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
Dan Henriques, CPA, CA, Chief Financial Officer at +1 (604) 835-5212
Deborah Honig, Corporate Development at +1 (647) 203-8793
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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