Saturday, August 26, 2023
Ceapro Inc., publicly traded as CZO on TSX-V and as CRPOF on OTCQX, a burgeoning biotechnology enterprise specializing in the development and commercialization of active ingredients for the healthcare and cosmetic sectors, has announced a significant amendment to its existing agreement with the prominent multinational corporation Symrise AG, headquartered in Germany. The focus of this amendment lies in the distribution and commercialization of Ceapro's premium active ingredients to major international players within the cosmetic market. The original agreement, initially set for a three-year term from January 1, 2022, has been effectively extended, now spanning until December 31, 2026.
Central to this revised agreement is Symrise's commitment to procure minimum annual quantities of Ceapro's invaluable active ingredients. While the precise financial intricacies of the amendment have not been publicly disclosed, both parties express their satisfaction with the extension and enhancement of their collaboration. Gilles Gagnon, serving as Ceapro's President and CEO, has expressed his contentment with the deal's extension, emphasizing its role in not only securing their ongoing cosmeceuticals base business but also in catalyzing the development of novel products. Notably, this includes the creation of an innovative powdered iteration of oat beta glucan, an achievement borne out of collaborative efforts over the preceding months. Gagnon also underscores the agreement's pivotal role in sustaining their leadership positions amidst a dynamically evolving market landscape while effectively meeting the demands of an increasingly discerning customer base.
Timothy Kenny, the Global President of Cosmetic Ingredients at Symrise, concurs with the sentiment of an enduring partnership characterized by progress. He underscores the extensive history of collaborative product development shared by Ceapro and Symrise, affirming that this enhanced commitment marks a pivotal milestone in their ongoing collaboration. Kenny further emphasizes the agreement's strategic role in bolstering a resilient foundation for their future endeavors and the mutual pursuit of value creation.
In conclusion, the extension of this agreement stands as a testament to the enduring partnership between Ceapro and Symrise. Both companies celebrate this accomplishment as a reflection of their shared commitment to innovation and excellence within the cosmetic industry.
