A Guelph-based start-up company that has patented a process for isolating glycogen from sweet corn for cosmetic products is receiving $1 million in federal funding.
Guelph MP Lloyd Longfield made the announcement at Mirexus Biotechnologies on Friday.
“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,” noted Mirexus president and CEO Phil Whiting.
Mirexus was founded by four researchers from the University of Guelph who discovered a way to isolate glycogen from sweet corn using water and energy. Glycogen is a main ingredient in many cosmetic and personal care products.
The company broke ground on its new plant in Guelph on September 28th. It currently has 18 employees and expects to grow to 72 full-time positions in the next 10 years.
AAFC says the company will be buying 4,500 tonnes of sweet corn from Ontario growers over the next 10 years.
The $1 million repayable investment was made through the AgriInnovation Program under Growing Forward 2.