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Holista CollTech signs health food R&D agreement with Red Rooster operator

Holista CollTech signs health food R&D agreement with Red Rooster operator

Holista CollTech (ASX: HCT) has signed an exclusive two year research and development agreement with Quick Service Restaurant Holdings to develop healthier food without using chemical additives.

Under the agreement, Holista will supply its proprietary ingredients to Quick Service for joint research and development, with the aim of integrating Holista’s technology into Quick Service’s product pipeline.

Quick Service is the operator of the brands Red Rooster, Chicken Treat and Oporto.

The collaboration covers three patents; a potato chip that absorbs less fat during frying, a low-sodium salt and a low GI bread that digests and absorbs carbohydrates slowly, while releasing glucose more gradually into the bloodstream.

Holista will supply the natural ingredients for the three formulations, all of which are Asian ingredients listed by Australia’s Therapeutic Goods Administration and the United States Food and Drug Administration as “Generally regarded as safe”.

The company conducted initial research on the ingredients in the United Kingdom, India and Malaysia, and undertook validation at the University of Western Australia as part of the commercialisation project.

Holista will be responsible for all costs of research and development, which is currently expected to be about $820,000.

The company will receive milestone payments from Quick Service for a portion of these costs, and will seek research and development grants to assist in funding the costs.

The two companies have also agreed to a preferential supply arrangement for a further five years beyond the initial two year exclusivity agreement.

Holista is a biotechnology food ingredient specialist with operations in Australia and Asia.

Under the agreement, Holista will not sell its ingredients or products to any competitor of Quick Service within the Australian market.

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Holista Colltech Ltd Timeline

September 19 2017

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