BioHarvest Sciences Inc. (NASDAQ:BHST) said it has signed a contract to develop a plant-based fragrance compound using its patented Botanical Synthesis technology, marking the company’s entry into the multi-billion-dollar fragrance and scents industry.
The contract, with an undisclosed commercial partner, targets the development of a compound derived from a threatened plant species facing overharvesting and habitat loss.
BioHarvest said it used its AI-assisted research platform to identify the species most likely to yield a viable cell bank for future production.
Under the Stage 1 agreement, BioHarvest will apply its Botanical Synthesis platform to replicate and multiply the plant’s fragrance-producing cells in laboratory petri dishes. If successful, the project would advance to Stage 2, involving liquid media production, a step toward potential volume manufacturing.
"This agreement expands the reach of our Botanical Synthesis platform into the high-value fragrance space, adding to our growing pipeline of pharmaceutical and nutrition-focused CDMO projects," said Ilan Sobel, CEO of BioHarvest.
“Fragrance compounds like these drive billions in global sales, and this contract is further validation of BioHarvest's ability to deliver scalable, high-impact solutions across industries whilst playing an important role in conserving threatened rare plant species and protecting the planet for generations to come.”
The deal includes milestone-based payments and is covered by a non-disclosure agreement for Stage 1, the company said.
Chairman and CDMO Services Division president Dr. Zaki Rakib said the contract could mark “a breakthrough in how highly sought-after botanical products are produced,” and represents a first step into a new vertical for the company’s technology.
The new contract adds to BioHarvest’s growing CDMO portfolio, which also includes pharmaceutical and nutrition projects.