IntroductionNewCo, in association with the New University of Technology & Science (“NUTS”), has undertaken R&D activities, under the name “O3FA Project”, to study the organisms suitable algae from Australia that may be capable of producing Omega-3 polyunsaturated fatty acids (“Omega-3”) on a commercial scale. The first two phases of R&D (Proof of concept and laboratory scale) have been completed and the research undertaken has been crowned with success. Say no to plagiarism. Get a tailor-made essay on 'Why violent video games should not be banned'?Get the original essayProgress and resultsAfter testing hundreds of potential algae samples, NUTS identified an Australian heterotrophic microalgae ("algae") particular which develops quickly: approximately 50 grams of biomass in dry weight (DS) per liter per 10 day cycle. Additionally, laboratory testing of the algae has indicated that: high levels of lipid oils (approximately 50% of PS biomass) are present, of which approximately 50% are Omega-3s (DHA, DPA and EPA), Significant amounts of squalene and carotenoids (antioxidants) are also present. Due to the high ratio of omega-3 to biomass, it may be possible to produce an omega-3 pharmaceutical product directly from dried algae powder, without the need for solvent extraction, and biomass Algae can be spray dried successfully, retaining the component oils and omega-3s in the dried cell wall. As a result, NewCo made the decision to initially focus on commercializing Omega-3 as a stable powder produced by drying algal biomass and then encapsulating the powder. If this proves viable, and much will depend on the results of moving from laboratory to commercial production, then we believe NewCo's algae powder could be a potentially valuable new pharmaceutical product targeting the human supplement market, in competition with fish oil. capsules. By encapsulating the powder, a person taking 4 capsules per day is estimated to consume the recommended adult daily intake of 500 mg of omega-3. NOTE: This document is a mixture of fact and fiction and was created as a 1 example of project evaluation techniques applied to a potential biotechnology opportunity, within the framework of Science Commercialization, 2018. Currently, most omega-3 as a human supplement is sold as a component of oil extracted from krill, anchovies or other fish. Such oil may not be environmentally sustainable, contain contaminants such as mercury and other heavy metals, and may not be suitable for the vegan market. Raw fish oils generally do not contain high volumes of omega 3 (to allow the powder to be sold as a pharmaceutical product in Australia, with a listing from the Therapeutic Goods Administration (TGA), the algae must first be registered as an “authorized new food). " under Schedule 25 of the Australia-New Zealand Food Standards Code (FSANZ). In other words, the seaweed must be recognized as a food. This will require testing for toxicity and bioavailability (absorption) NUTS has the facilities to undertake these tests. It does not anticipate that the testing or recognition of the algae as a novel food will be difficult to achieve. And, more importantly, there are precedents for two other species of algae, similar but not identical to NewCo algae, which have already been recognized as novel foods. These algae are currently in use...