The collaboration will begin immediately and conclude in late 2016, and includes an option to expand the ingredient focus. LOral will pay Evolva research fees during the project period. Additionally, Evolva is eligible to receive milestone payments based on achieving research objectives.
Leveraging its proprietary yeast and fermentation platform, Evolva can produce high-value ingredients that would otherwise be highly problematic or inaccessible to industry due to cost, functionality, supply chain, or sustainability issues. Luc Aguilar, Global Head of LOrals Biotechnologies Department, said Evolvas biotech platform on yeast design, optimisation and fermentation could end in new cosmetic ingredients bringing a real breakthrough for our customers.
This collaboration further validates the broad industry applications potential of our technology platform and industry awareness of Evolvas unique value proposition in health, wellness, and nutrition ingredient development, Evolva CEO Neil Goldsmith said. We look forward to working with LOral. We are confident that together we can leverage new and sustainable production routes to improve this ingredients sustainability profile, reduce its production costs, improve its supply chain predictability, and increase its formulation flexibility in cosmetics, he added.