BioExx Specialty Proteins Ltd.
TSX : BXI

BioExx Specialty Proteins Ltd.

November 05, 2013 17:30 ET

BioExx Announces Novel Food Status & Company Sale Process Update

European Novel Food Ingredient Update

TORONTO, ONTARIO--(Marketwired - Nov. 5, 2013) - BioExx Specialty Proteins Ltd. ("BioExx" or the "Company") (TSX:BXI), announces that the European Food Safety Authority ("EFSA"), has concluded their scientific opinion on the safety of Isolexx™ "rapeseed (canola) protein isolate" as a Novel Food Ingredient. The panel concluded that the rapeseed protein isolate is safe under BioExx's proposed uses and use levels and that the biological value of rapeseed and soy protein, determined by the PDCAAS (protein digestibility corrected amino acid score), appears to be similar.

In their Opinion, the panel noted the source and nature of the novel food, the absence of a nutritional disadvantage at the proposed uses and use levels, and the absence of toxicologically relevant effects in studies with rats. The panel also considers that the risk of sensitisation to rapeseed cannot be excluded and that it may be likely that rapeseed protein could trigger an allergic reaction in mustard allergic subjects. However, the panel accepted that Isolexx™ is safe under the proposed conditions of use and did not impose any restrictions to the use levels or range of foods in which the protein maybe used.

The next and final step is for the European Commission to draft the Implementing Decision authorizing rapeseed protein to be placed on the market as a novel food ingredient in the European Union. The Member States will be required to vote on the decision. The Company expects this process to be concluded favourably and in the next 3 to 4 months.

Company Sale Process Update

The Company also announces that it has completed the initial steps of the sales process, including canvassing approximately 100 potentially interested parties throughout North America and Europe relating to the sale of the Company. To date, several interested parties have executed non-disclosure agreements and the Company is in active discussion with these parties with the intent of closing a sale no later than December 31, 2013. The Company has set November 15th, 2013 as a deadline for receiving bids from all interested parties.

About BioExx Specialty Proteins Ltd.

Headquartered in Toronto, Canada, BioExx is focused on the separation of oil and high-value proteins from oilseeds for global food, beverage, nutrition, and other markets. BioExx employs trade secret, patented and patent-pending technologies to enable the improved separation of proteins from oilseeds. BioExx believes that these processes cumulatively have the potential to make a valuable contribution to global food and protein supply while maintaining an environmentally sustainable footprint.

To find out more about BioExx Specialty Proteins Ltd. (TSX:BXI), please visit www.bioexx.com or contact us at info@bioexx.com.

The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for BioExx's products, the availability of funding, the efficacy of its technology, and the anticipated costs of BioExx's plant construction and operation. These forward-looking statements are made as of the date hereof and BioExx does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from BioExx's expectations and projections.

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