In a bid to develop new products from MaxSimil technology by combining it with plant derivatives and other nutraceutical ingredients, Relevium Technologies (TSX-V:RLV)(OTCQB:RLLVF) has teamed up with fellow Canadian Neptune Wellness Solutions (TSX:NEPT)(NASDAQ:NEPT).
MaxSimil, a product of Neptune, is a fish oil monoglyceride omega 3 technology designed to enhance the absorption of lipid and lipid-soluble ingredients in the production of nutraceuticals.
The agreement between Relevium and Neptune has an initial two-year term and spells out for two products to be developed in the first year and six during the second year. The pact covers product development, supply and commercialization for Canada and the United States.
As part of its R&D contribution, Relevium will pay Neptune a 2.5% royalty on net sales each quarter.
"The MaxSimil technology could prove to be a real differentiator for products marketed through our subsidiaries BGX Health and Biocannabix Health and their brands," said Relevium CEO Aurelio Useche in today's announcement on the partnership.
"I strongly believe that this exciting new partnership will help us further unlock this patented technology’s full potential while extending its reach to a broader consumer base," added Francois-Karl Brouillette, Neptune’s VP, Science and Innovation.
Venture-listed shares of Relevium were up 4.4% at 23.5 cents in Monday action as the 1:00 hour approached in Toronto. Shares of TSX-listed Neptune were flat at $3.52.
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