Australian biotech firm Nanollose is set to continue developing alternatives to leather based on microbial cellulose. This includes the development of plastic-free vegan leather material.
In January, the company received an order for $36,000 for a custom made, laboratory scale batch of material.
Nanollose is also preparing for its third pilot spin with Birla Cellulose for Nullarbor fibre technology, following the success of its second pilot spin.
Executive chairman Dr Wayne Best said its second pilot has significantly advanced the company's development and understanding of the Nullarbor fibre technology.
He said Nanollose is looking forward to gaining additional feedback from industry counterparts, including those within the fashion industry, on the second pilot, prior to the commencement of a third spin later this quarter.
The second pilot production comes amid the extension of Nanollose’s collaboration with Birla Cellulose for an additional two years.
“This will provide the Company the opportunity to pursue ongoing commercial opportunities for our technology, alongside a leading multinational group,” Dr Best said. “It also provides a clearer development runway to accelerate commercialisation.”
Dr Best said Nanollose’s achievements in the first quarter of 2023 has provided a strong foundation for the remainder of the year.
“Notably, the Company secured its first US patent, which is a very important step in protecting our innovative technology in the world’s largest consumer market,” Dr Best said. “Further, our offering was recognised by receipt of the prestigious Cellulose Fibre Innovation of the Year Award 2023, which highlights the considerable potential the Company has amongst industry peers.”
The company reported a cash balance of $486,000 at the end of the quarter (ending March 31). It expended a gross total of $291,000 and recieved a total of $14,000.
Capital expenditure comprised of R&D ($153,000), advertising and marketing ($47,000), staff costs ($26,000), administrative and corporate costs ($79,000) and interest received ($6,000), and receipts from customers ($8,000).