SYDNEY, AUSTRALIA AND RESEARCH TRIANGLE PARK, NC – May 19, 2016
Global leading health food provider Sanitarium Health and Wellbeing Company of Australia (‘Sanitarium’) and Panacea BioMatx Inc. of Research Triangle Park, NC (‘Panacea’) today announced the signing of a license agreement for Panacea’s on demand automated personalized nutrition system. Associated with the license agreement, an investment of up to $1 Million USD in notes convertible into Panacea’s preferred shares will be made. Existing local Panacea investors have also agreed to match this investment on similar terms.
Sanitarium gains exclusive rights in Australia and New Zealand for the use of Panacea’s patent pending data driven robotic technology and formulation process that enables high speed production of personalized nutritional products and formulation software services. Sanitarium may also license in other territories in future by way of mutually agreed arrangements.
Panacea has developed a “pill free” system to deliver personalized formulas of vitamins, minerals, oils, or herbs, blended with a user selected food, and delivered in convenient packets. With its cloud based formulation software, optimal dosage of ingredients for an individual become a formula that is sent to its proprietary robotic system, that makes a 30-day supply on demand in minutes.
Panacea is finalizing arrangements with a major US hospital group to jointly develop medical uses for individualized formulas to address specific nutrient deficiencies as part of preventative therapy for their bariatric, oncology, and cardiovascular patients. Sanitarium plans to explore such applications in Australia where its owner also operates Sydney Adventist Hospital. The companies also will explore opportunities for personalized wellness in consumer markets as the demand evolves.
Sanitarium became a global leader in the fields of wellness and nutrition by promoting plant-based eating before it became trendy, and offering wellbeing services throughout Australia under the Vitality Works brand. In caring for the health and wellbeing of all Australians, Sanitarium continues to be involved in the creation of breakfast foods, non-dairy beverages, spreads and a large variety of healthy plant based foods. Sanitarium plans to explore how it can use its expertise in healthy foods in the development of specialized bases for Panacea’s system.
Kevin Jackson, Chief Executive Officer of Sanitarium stated, “Sanitarium is keenly aware of the rapidly advancing science field of how genomic and variations in metabolism are factors in the nutritional and medical needs of individuals. We foresee an era in which this knowledge combined with personalization technology will provide a new preventative path to wellness. This agreement with Panacea supports our participation in moving personalization from concept to economic availability.”
Edison Hudson, Chief Executive Officer of Panacea explained the importance of this agreement, saying “Sanitarium is a century old entity respected for their strong ethics and dedication to improving individual health. Their foresight about the benefits of personalization for both nutrition and medicine led to our discussions over the past two years and to this agreement. We are elated to have such an outstanding global partner to help commercialize the enormous potential benefits of personalization.”
For more questions or additional information please contact:
Deon Joubert, Executive General Manager, [email protected]
Edison Hudson, CEO, Panacea BioMatx, [email protected]