October 31, 2022
Guelph, ON – Mirexus Biotechnologies Inc., the manufacturer of PhytoSpherix® (PHX), a corn-derived nanomaterial, has completed the sale of substantially all of its assets over multiple transactions. The largest of these transactions is the sale of Mirexus’ core intellectual property for PHX and its applications in personal care and nutraceuticals to Mibelle Biochemistry, a Swiss personal care ingredients manufacturer. Mibelle’s press release can be found here. Mirexus has committed to producing PHX for Mibelle under contract in its factory in Guelph while Mibelle re-configures its own factory to produce the material in Europe.
Mirexus CEO Phil Whiting said: “Mirexus has been a challenging yet rewarding journey for me and many other people with whom I have had the pleasure to work over the last nine years. It is gratifying to know that PHX has a bright future in the hands of Mibelle. They were one of many large ingredients players that saw the value of PHX and made offers to acquire our patents, but we always believed that Mibelle was the best fit.”
Managing Partner of GreenSky Capital Greg Stewart, who served as the Chairman of Mirexus’ Board of Directors said: “Phil Whiting guided Mirexus through many challenges, both large and small. He put together a team of diligent professionals to whom we would like to extend our thanks. While we envisioned more growth before an exit, our conviction that Mirexus’ intellectual property had significant value proved to be accurate, thanks in no small part to the efforts of Phil and or Kevin Gallagher of Kevin Gallagher Consulting, who assisted with the sale of the company’s intellectual property. We’re thrilled to be making a positive return to GreenSky limited partners and other direct investors.”
Mirexus was founded by four scientists at the University of Guelph. Under the leadership of physics Professor John Dutcher, PHX was discovered, isolated, and characterized by Dr. Anton Korenevski, Dr. Oleg Stukalov, and Dr. Erzebet Papp-Szabo. Over the years, over 50 superb scientists and energetic students participated in the development of the science behind the commercial applications of PhytoSpherix®.
ABOUT MIREXUS BIOTECHNOLOGIES INC.
Mirexus Biotechnologies Inc. is a safe and natural biomaterials company based in Guelph, Ontario that developed a novel nanotechnology based on polysaccharide nanoparticles that can be used in a wide variety of markets ranging from cosmetics to nutraceuticals to biomedical applications in animal and human health.
Mibelle Biochemistry designs and develops unique, high-quality actives for the beauty, nutraceutical and food industry which are based on naturally derived compounds and extensive scientific expertise. This independent business unit within the Mibelle Group was founded in 1991 by Dr. Fred Zülli in Buchs, Switzerland. In a short period of time, Mibelle Biochemistry has developed an excellent reputation throughout the world as a creator of innovative active ingredient concepts as well as being a real expert in the fields of biotechnology and biochemistry. Its broad line of actives is available in more than fifty different countries around the globe.
ABOUT GREENSKY CAPITAL INC.
GreenSky Capital Inc. is an award-winning Toronto-based firm that makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, II, III and IV. Our principals bring a combination of experience in technology, entrepreneurship, law and finance to high-growth potential companies and dedicated entrepreneurs. Learn more about GreenSky at greenskycapital.com.