Cyanotech OK'd to sell BioAstin in Europe
The approval gives the isle company unlimited access to 27 nations with 487 million people
Cyanotech Corp., a maker of nutritional products out of microalgae, has won approval to sell its BioAstin Natural Astaxanthin product in the European Union.
The Kona-based company, which has been seeking to grow the market for BioAstin, said yesterday the approval will allow the importation of BioAstin into all of the 27-member countries and will give Cyanotech unlimited access to a market with 487 million people.
"Europe is the ideal market for BioAstin," said Gerald Cysewski, Cyanotech chief executive . "Europe's demographics in terms of age, income and education levels match perfectly with BioAstin's uses and benefits."
BioAstin has been shown in some company studies to be more than 500 times stronger than Vitamin E and is used as an anti-inflammatory. Clinical trials also have shown it to be effective in reducing symptoms of carpal tunnel syndrome, rheumatoid arthritis and other ailments.
"We felt it was important to officially register BioAstin's active ingredient 'astaxanthin' for our customers' benefit as part of our commitment to maintain BioAstin as the leading brand of natural astaxanthin in the world," Cysewski said.
Cyanotech's stock jumped 11.8 percent, or 19 cents, yesterday to close at $1.80, its highest price in nearly three weeks.
The company, which recently restated earnings, is expected to report its delayed fiscal 2007 third-quarter earnings sometime this month.
In fiscal 2006, Cyanotech had a net loss of $391,000 on $11.1 million in revenue for the year ending March 31, 2006.