The programme of works contract provides for fermentation scale up and optimization of IBC's proprietary production systems for selected specialty chemicals of biological origin after the designer enzyme for the specific chemical has been created.
The contract calls for a combination of cash and IBC restricted stock to Angel based upon deliverable milestones achieved.
Dr. Gurinder Shahi Ph.D., Chief Technologist of IBC, states, "Angel is a perfect scale up partner for us. They have an excellent reputation and strong cpabilities in areas that are synergistic to our needs."
"Working together, we expect to accelerate the process of bringing high value chemicals that are produced using IBC's patented designer enzyme technology to market."
"We are very pleased to work with IBC and their exciting new technology. We look forward to assisting IBC develop, produce and manufacture many chemicals at lower costs and with less impact to the environment than traditional chemical production methods," said Gordon Sherriff, Chief Operating Officer of Angel.
"We are extremely confident in our team's ability and expertise to meet their needs and deliverables."