As reported earlier in the quarterly reports in 2019 and 2020, HBC have had feedback that the application to Health Canada for Qualified Health Claims for its Salmon Protein Hydrolysate (ProGo®) is progressing very well and a positive and final conclusion is expected before the end of October 2020. After final approval, ProGo® will be the first non-iron based product on the market to maintain healthy levels of ferritin and hemoglobin for prevention of iron deficiency. The process has been longer than originally expected, a result of the COVID-19 crisis and the need for healthcare systems to prioritise work focused on the management of that disease.

The application to Health Canada is based on two studies of ProGo® in adults (18 years and older). Trial 1 was conducted in 48 otherwise healthy adults with iron deficiency anemia. Trial 2, a smaller, supporting study for safety, was conducted in 14 healthy adults with normal blood counts, i.e. non-anemic subjects. Of note, ProGo® contains minimal iron (3mg/kg) and is therefore free from the gastrointestinal side effects seen with iron tablets such as nausea, constipation and a metallic taste.

About ProGo®

ProGo® is produced via HBC’s patented enzymatic hydrolysis of salmon offcuts (left-over “waste” of the fish after filleting). The resulting peptides and amino acids are more easily handled by the body with a resulting 98% bioavailability (absorption). Beyond nutrition, the peptides have shown significant bioactivity positively impacting numerous body systems including anti-inflammatory and antioxidant effects, gastrointestinal protection, weight loss and aiding the maintenance of healthy blood counts. Ongoing trial work continues to further assess the health benefits of ProGo® and to identify the bioactive peptides driving the beneficial effects.

For further information, please contact:

James Berger, Head of Investor Relations & Strategy of Hofseth BioCare ASA
Phone: +41 79 950 1034
E-mail: jb@hofsethbiocare.no

Dr. Crawford Currie, Medical R&D at Hofseth BioCare ASA
Phone: +44 7968 195497
E-mail: cc@hofsethbiocare.no

About Hofseth BioCare ASA:

HBC is a Norwegian biotech company that develops high-value ingredients and finished products. Ingredients are further developed into discovery and pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are development towards a Gastro-Intestinal (GI) Protective Medical Food, Medical Food to help treat age-related Sarcopenia, and future phase 1 studies on treatment of Anemia and NEC-IBS with Salmon Protein Hydrolysate fractions.

The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Mumbai, Palo Alto and Tokyo.

HBC is listed on Oslo Stock Exchange Axess list with ticker "HBC". More information about Hofseth BioCare at hofsethbiocare.com and facebook.com/hofsethbiocare


This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act