Drug delivery company BioDelivery Sciences has formed a new subsidiary, Bioral Nutrient Delivery (BND), to market its technology for soy-derived nutrients for use in food applications.
BND will focus on the nano-encochleation delivery technology, based on soy-derived phospholipids and calcium, for the processed food and beverage industries which has been developed by BioDelivery.
BioDelivery said it intends to grant BND an exclusive global sub-license to its Bioral technology for use in the food sector.
The company has already granted the new unit a $500,000 loan to cover organization expenses and initial working capital requirements. BND was legally formed on January 8, 2003 as a Delaware limited liability company. BioDelivery will oversee management of the unit through its appointed board of directors.
BioDelivery also announced that a registration statement has been filed with the Securities and Exchange Commission to distribute rights in order to separate BND, the technology it proposes to license from BioDelivery, and the processed food and beverage opportunity from the rest of BioDelivery's businesses. This will allow the two businesses to act separately.