Growth of the nutraceutical business is based on extensions of product lines and product formulations, expansion of geographical market areas and penetration of additional market segments.
"Based on past research results regular vitamin E has been the dietary supplement of choice for heart health although some more recent publications have questioned its effectiveness. In comparison, the results of Phosphagenic's preclinical studies with Phospha E show that it is likely to be beneficial in preventing the development of cardiac disease," said Dr Pattison.
Phospha E is said to lower LDL cholesterol reduction and prevent build-up of atherosclerotic plaques.
"We believe this research will underpin the growth of Phospha E in the nutraceutical market," added Dr Pattison.
He added that the firm is working with regulatory consultants to gain approval for markets including Europe, China, Japan, Korea and Australia.
Phosphagenics currently licences use of the its vitamin E product to US-based Zila Nutraceuticals, which recently announced increased sales for its Ester E brand in the US in the first three months of the year.
International Specialty Products (ISP) is using the ingredient in its branded Vital ET product for the global personal care market. The firm has conducted a number of clinical trials confirming the efficacy of Vital ET as an anti-inflammatory agent, with beneficial effects on conditions such as razor rash and acne treatment.
The Australian firm has also signed a letter of intent to partner with Swisse Vitamins on its home market. A product launch is expected in Australia following regulatory approval.
To provide product for anticipated Phospha E sales and to allow the company to control and optimize process knowledge, it has built a pilot plant in Melbourne. It is currently further refining processes and formulations for nutraceutical applications, targeting full production capability by the end of this year.
This will involve the completion of scale-up of our current reactor and an agreement with an existing GMP producer for contact manufacturing.
"Progression to our own processing facility is anticipated as sales volumes grow in the years ahead," commented Dr Pattison.