Igene Initiates AstaXin(R) Shipments From Mexico
COLUMBIA, Md., March 18 /PRNewswire/ -- Igene Biotechnology, Inc. (OTC Bulletin Board: IGNE - news) announced today that it has begun production of commercial quantities of its natural astaxanthin product, AstaXin(R), at its contract manufacturing facility in Mexico. The Company stated that shipments to satisfy existing orders will commence by the end of the month. AstaXin(R) is a natural source of astaxanthin pigment which is added to the diets of farm raised salmon to give them the characteristic color of wild salmon.
From Profile:
Revenues for the year ended December 31, 1997 decreased from $66,573 in 1996 to $14,394 in 1997. This decrease in overall revenue of 78% resulted from a decrease in domestic sales of ClandoSan(r) of $28,697, caused by reduced marketing efforts for this product during 1997; and one-time technology services fees of $23,482 which were earned only in 1996. The Company hopes to find a licensee and to make marketing arrangements with distributors for ClandoSan(r) in the future, but has continued to focus its efforts on its AstaXin(r) product during 1997. No commercial quantities of AstaXin(r) were available during 1996 and 1997. During 1997 the Company signed a contract with a manufacturer to produce AstaXin(r) and began production in January 1998. The Company expects to have sales of AstaXin(r) by June 30, 1998, however, there can be no assurance that any such sales will occur or that they will be material. |
