LCY Technology Corp (4989.TT)

[dalesio_98]

LCY Biosciences shifting focus as product demand dwindles
By Josh Boyce
January 26, 2023 7:08am

https://blackburnnews.com/sarnia/sarnia-news/2023/01/26/lcy-biosciences-shifting-focus-product-demand-dwindles/

“That’s definitely a possibility,” he said. “We’re not going to exit succinic acid permanently although it’s all based on demand. If we see good demand and there’s a good market then we’ll evaluate the situation at that time and make a decision if we’re going to go back to succinic acid.”

Senior HR Manager Jennifer St. Jean said as a result of the shift, about 30 employees at the Vidal Street plant have been permanently laid off.

“We’re not closing our doors,” said St. Jean. “We’ve retained a core group of professionals that will escalate the development of our new bio-based pipeline products that have reached the mature stable state in the piloting and qualification stages.”

St. Jean said the company is actively hiring for positions like executive sales staff, animal feed, fermentation and engineering scientists.

LCY Biosciences bought the plant for $4.34 million in 2019 as part of BioAmber’s court-ordered liquidation process.

BioAmber declared bankruptcy and shut its doors in 2018.

-------

A once defunct Sarnia bioplastics plant has risen from the ashes
LCY’s Sarnia plant currently has 51 employees, mostly engineers and operators, and it’s working on plans to expand in the Chemical Valley, he added.