Periodic Reporting for period 3 - SMILE (Slimming and Memory-Booster MIcroaLgae Extract)
Reporting period: 2019-01-01 to 2019-07-31
The SMILE project Phase 2 aims at developing microalgae-based innovative natural marine ingredients based on recently discovered bioactive compounds, with scientifically demonstrated benefits on weight management and cognitive functions. Through an innovative and patented technology, MICROPHYT produces sustainably and markets unique bioactive compounds extracted from the untapped diversity of microalgae. SME Instrument Phase 2 first objectives are (i) production and characterization of several batches of SMILE ingredients (iii) demonstration of SMILE ingredients safety with required studies by authorities (iii) demonstration of SMILE ingredients benefits with pre-clinical and clinical studies.
During the third period, Microphyt conducted the following activities:
1) Writing of the SMILE New Dietary Ingredient dossier and submission to the FDA
Microphyt has wrote a complete notification dossier for one of its ingredients. Microphyt has ensured the follow up of this task with regular exchanges with regulatory experts who supported the dossier. The notification was submitted on the 9th of July and accepted by the FDA on the 20th of September.
2) Internalization of the downstream process (DSP) in Microphyt
Microphyt has completely internalized the full industrial process to product SMILE ingredient. Microphyt has also updated its quality system after an evaluation visit conducted last December.
3) Launch of new efficacy studies
Microphyt has launched new efficacy studies regarding prevention of the cognitive declin and weight management in order to complete proof already obtained.
1) Writing of the SMILE New Dietary Ingredient dossier and submission to the FDA
Microphyt has wrote a complete notification dossier for one of its ingredients. Microphyt has ensured the follow up of this task with regular exchanges with regulatory experts who supported the dossier. The notification was submitted on the 9th of July and accepted by the FDA on the 20th of September.
2) Internalization of the downstream process (DSP) in Microphyt
Microphyt has completely internalized the full industrial process to product SMILE ingredient. Microphyt has also updated its quality system after an evaluation visit conducted last December.
3) Launch of new efficacy studies
Microphyt has launched new efficacy studies regarding prevention of the cognitive declin and weight management in order to complete proof already obtained.
Main results are described in the previous section.
Besides, as regards socio-economic impacts of the SMILE project, Microphyt has continued the communication strategy around the benefits of SMILE ingredients. For examples, Microphyt participated as exhibitor to Vitafoods and more than 20 customers were also visited to present them the SMILE range.
Also, Microphyt is continuously working on improving quality management and sustainability. The EnVol Label which engages the company sustainably in an action plan for the preservation of the environment was reviewed in 2019. Microphyt has also requested for a second evaluation of its quality management system in order to identify improvement suggestions.
In addition, Microphyt raised €28.5 million to develop its portfolio of microalgae-based natural solutions for nutrition and well-being. This investment was co-led by Sofinnova Partners and Bpifrance, through the “Sociétés de projets Industriels” funds (“SPI fund”), together with IXO-Private Equity and Sofilaro. The existing investors, Supernova Invest, Demeter Partners and Irdi Soridec, renew their confidence in the company by participating in this round. The funds will be used to accelerate the development of the products portfolio, to expand sales network globally, as well as to increase production capacity of Microphyt’s industrial platform.
Besides, as regards socio-economic impacts of the SMILE project, Microphyt has continued the communication strategy around the benefits of SMILE ingredients. For examples, Microphyt participated as exhibitor to Vitafoods and more than 20 customers were also visited to present them the SMILE range.
Also, Microphyt is continuously working on improving quality management and sustainability. The EnVol Label which engages the company sustainably in an action plan for the preservation of the environment was reviewed in 2019. Microphyt has also requested for a second evaluation of its quality management system in order to identify improvement suggestions.
In addition, Microphyt raised €28.5 million to develop its portfolio of microalgae-based natural solutions for nutrition and well-being. This investment was co-led by Sofinnova Partners and Bpifrance, through the “Sociétés de projets Industriels” funds (“SPI fund”), together with IXO-Private Equity and Sofilaro. The existing investors, Supernova Invest, Demeter Partners and Irdi Soridec, renew their confidence in the company by participating in this round. The funds will be used to accelerate the development of the products portfolio, to expand sales network globally, as well as to increase production capacity of Microphyt’s industrial platform.