- Pond Technologies ( OTCQB:PNDHF ) has received a $350,000 milestone payment under its contract with a major undisclosed Fortune 500 Oil and Gas company signed in August 2021.
- The company met the milestone after it extracted recombinant proteins from algae that performed on par or better than conventional proteins in a lateral flow diagnostic test. Lateral flow tests in August 2022 showed that Pond's algae-based recombinant proteins were able to test for COVID antibodies and were more reactive than conventionally manufactured proteins.
- Pond has now received $580,000 to date from the contract. It has been making weekly deliveries of recombinant proteins to the project consortium for testing since the start of 2022.
- Grant Smith, Pond's CEO, said: "The successful completion of this milestone is a major step for Pond's biotech division which remains an exciting piece to the overall Pond technology suite. Although, we remain extremely focused on commercialization of our algae growing, carbon capturing technology, the versatility of the technology has allowed us to explore multiple synergistic verticals such as biotech, which can produce meaningful revenue opportunities.
- "We have now proven that we can grow functional recombinant proteins in algae, and that they work as well or better than what is available in the current market. Now that we have successful results, Pond can work towards scaling production to complement our verticals of service, with the goal of increasing sustainable revenue generation with existing and new customers."
- Shares are up +20.32% shortly before 10:45AM ET.
For further details see:
Pond gets $350,000 milestone payment under sustainable tech contract