Mirexus Biotechnologies received a $1-million loan from the federal government to get its operations off the ground
Guelph, Ont. – A startup company in the bioproducts sector received a $1-million investment from the federal government.
Agriculture and Agri-Food Canada (AAFC) says in a statement that Mirexus Biotechnologies will use the funds to “establish operations in Guelph and commercialize a new micro-filtration process that will directly benefit Ontario sweet corn growers.”
Mirexus was founded by four researchers from the University of Guelph who discovered and isolated glycogen from sweet corn using their own patented process, says the statement.
Glycogen is a key ingredient for personal care and cosmetic products, and is in demand around the world. Mirexus will primarily be exporting it.
And the company will be buying 4,500 more tonnes of corn from Ontario growers overs the next 10 years.
The company broke ground on the new plant in September. Phil Whiting, president and CEO of Mirexus, says in the statement that the new plant “will allow us to produce our unique material for markets around the world, leading to exciting applications in natural cosmetics, high-performance nutrition and new human and animal health.”
Mirexus has 18 full-time employees and says it expects to create up to 72 full-time jobs in the next 10 years.
AAFC says that over the next 15 years, the global market for bioproducts is estimated to reach $200 billion.