Feds invest $1M in bioproducts start-up building Guelph, Ont. manufacturing plant
Mirexus broke ground on the new facility west of Toronto in September after securing $12 million in financing from a number of investors
GUELPH, Ont.—An Ontario bioproducts start-up has secured $1 million from the federal government as it builds its first manufacturing plant in Guelph, Ont.
Agriculture and Agri-Food Canada disclosed the funding for Mirexus Biotechnologies Inc. Nov. 24.
The company uses a new micro-filtration process to extract glycogen—an ingredient in cosmetic and skin care products—from sweet corn.
Mirexus broke ground on the new manufacturing plant west of Toronto in September after securing $12 million in financing from a number of investors.
“The new plant will allow us to produce our unique material for markets around the world, leading to exciting applications in natural cosmetics, high performance nutrition and new human and animal health,” Phil Whiting, the company’s president and CEO, said in a statement.
Founded by four researchers from the University of Guelph, Mirexus currently has 18 full-time workers. It expects that figure to increase to 90 over the next 10 years. The Guelph plant’s demand for raw materials will also benefit Ontario corn growers; the company plans to buy 4,500 tonnes of corn over the next decade.
Mirexus expects to complete work on the new plant by June.