Pond Technologies Inc. to Produce COVID-19 Rapid Diagnostics Test, Scale up Algae-Based Tech in new Agreement with Fortune 500 Company

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

In a major step forward both in the fight against COVID-19 and for the up-and-coming Ontario-based environmental, social and governance (ESG) company Pond Technologies Inc. (OTCQB: PNDHF) announced a CAD $1 million agreement with a major North American oil and gas company to grow COVID-19 antigens that will be used to develop a rapid diagnostics test for the virus. 

The deal could make a highly accurate, rapid diagnostics test kit commercially available as well as help Pond scale its technology and production of innovative, algae-grown therapeutics and wellness products. 

A Rapid COVID-19 Diagnostics Test Grown from Algae

As part of the agreement, Pond will grow COVID-19 antigens from a unique strain of algae that the company cultivates. The North American oil and gas company will provide Pond with CA$150,000 on signing and the balance of the CA$1 million in installments as Pond achieves production milestones in volume and quality. 

Once it achieves its target production capacity for the antigens, Pond hopes to conclude an agreement with a diagnostics test kit manufacturer to make a commercially available rapid COVID-19 test using the algae-grown antigens. 

Pond Builds Revenue Momentum to Fund Other Therapeutic Uses for Algae Technology

The revenue generated from the sale of this rapid COVID-19 test and other algae-grown antigens or antibodies will help fund other revenue-generating products Pond is working on. 

While major players like ExxonMobil XOM have already been looking into the potential of algae as an eco-friendly biofuel, Pond has developed a diverse portfolio of algae-based products across multiple markets, all while providing a readily available means of reducing CO2 emissions today. 

The ESG company uses algae to trap CO2 emissions and transform them into commercially and medically valuable algae-grown products, like the COVID-19 test it’s developing now. This elegant solution allows Pond to offer effective, low-cost carbon sequestering as well as provide a better way to grow the complex therapeutic proteins pharmaceutical companies use in a broad range of treatments, including those for diabetes, cancer and some infectious diseases.. 

Because proteins can perform more complex and specific functions than chemicals, they’re often more effective and come with fewer harmful side effects. Currently, drug developers rely on genetically modified yeast, bacteria or mammalian cell lines to grow the proteins that form the basis of those treatments. However, these methods can be difficult to scale and don’t always reliably produce the kind of complex human proteins needed.

Algae, on the other hand, is simpler to grow at scale and, with the advent of fast and reliable gene sequencing and gene editing technology like CRISPR/CAS-9, it’s easier to genetically engineer algae to produce human proteins. Because algae mirrors many of the secondary structures seen in higher organisms, it’s also better suited for making the right proteins with the right folding on a consistent, reliable basis. 

The Fortune 500 agreement acts as an important source of validation for the technology Pond uses to grow antigens and other proteins. The company is already in talks with other multinational companies and expects this deal could ramp up momentum leading to more revenue generating opportunities that will help Pond scale this technology further. The deal also will enable Pond to continue diversifying its portfolio with the development of other medical therapeutics and diagnostics, nutritional supplements and wellness products — all while continuing to remove thousands of tons of CO2 emissions and other gases with this same algae in the process.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.