Marinova was nominated in two categories, the Innovation in New and Emerging Industries Award, sponsored by the Rural Industries Research and Development Corporation, and the Technology and Innovation Award, sponsored by the Australian Institute of Agricultural Science and Technology.

 

Mr Aird said that Marinova was a fine example of a Tasmanian company using innovative methods to develop and market products for which there is a large demand.

 

“In its 14^th year, these awards celebrate excellence, innovation and leadership in agribusiness, particularly during such challenging financial times.

 

“Since 2006, Marinova’s Cambridge extraction facility has been developing medical and nutritional applications from brown seaweed harvested in Tasmania, Canada and Argentina.

 

“The company has already generated more than $20 million in export earnings for the State.

 

“With a strong focus on research and development, environmentally sustainable production and staff development, Marinova’s exemplary work ethic has now been rewarded.”

 

Marinova Managing Director Paul Garrett said that it was the first time the company had entered the awards.

 

“We are one of the first marine biotechnology companies to be recognised in these awards, representing a coming of age for the industry.

 

“Our process uses bioactive polysaccharide extracts (fucoidans) from brown seaweed as active ingredients in nutritional capsule and tablet products, wellbeing beverages and topical cosmetics.

 

“The global skincare market alone is set to exceed US$44 billion in sales by 2010, and we are the world’s only supplier of organic, Halal and Kosher certified fucodian products.

 

“We are excited to receive the award and believe it will translate into future opportunities for new and existing product lines,” Mr Garrett said.