Health Canada Grants BioHarvest Sciences License for VINIA Sales in Canada

Rhea-AI Summary

BioHarvest Sciences receives Canadian product license for VINIA® nutraceutical product

Positive

• VINIA® receives Canadian product license, allowing BioHarvest Sciences to sell the product in Canada
• VINIA®'s expansion into additional geographies is part of BioHarvest's sales growth strategy
• Health Canada's review results in favorable approvals on VINIA's functional claims

Negative

• None.

• Significant milestone marking the beginning of VINIA® geographical expansion beyond Israel and the US
• Further validation from global health authorities of BioHarvest's Botanical Synthesis Technology Platform
• Canadian Sales and Marketing to begin in early 2024

Vancouver, British Columbia and Rehovot, Israel--(Newsfile Corp. - October 10, 2023) - BioHarvest Sciences Inc, (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) ("BioHarvest" or "the Company") announces that VINIA®, its flagship nutraceutical product derived from red grape cells, has received its Canadian product license from Health Canada's Natural and Non-Prescription Health Products Directorate. This Product License authorizes BioHarvest Sciences to sell VINIA® in Canada. The expansion of the reach of VINIA® into additional geographies (beyond Israel and the US) is one of the important factors in the sales growth strategy of BioHarvest for the years to come.

"We are pleased that VINIA® has been granted its Canadian product license on schedule, and that Health Canada's review resulted in favourable approvals on VINIA's functional claims," stated CEO Ilan Sobel, adding, "Canada is an integral step in our global expansion strategy, and our Canadian product license will accelerate our growth in this health-conscious market by enabling us to directly target Canadian consumers locally with a strong on-line and local retail presence."

The Health Canada License includes the approval of compelling health claims that supports VINIA's clinically proven health benefits:

• Helps to maintain and/or support cardiovascular health
• Helps support endothelial function
• Helps maintain endothelium-dependent vasodilation, which contributes to normal blood flow
• Source of an antioxidant/Provides an antioxidant that helps fight/protect (cells) against/reduce (the oxidate effect of/the oxidative damage by/cell damage caused by) free radicals

VINIA® was launched into the US in 2021, and its rapidly growing customer base is being built via a "direct-to-consumer" and "direct-to-doctor" model, with the product purchased online, at www.vinia.com and on www.Amazon.com, as well as being available at many of the top integrative medicine centers in the US. BioHarvest Sciences expects Canadian sales to include similarly optimized e-commerce sales and direct-to-doctor sales, with the potential for a retail vertical, to capitalize on Canada's well established Health Product distribution networks.

Future Global Expansion

Following the Canadian launch, BioHarvest is targeting further expansion into other major global markets including the USD $40 Billion Dollar Chinese Health Supplement market, where it expects to initially build a strong presence via cross border e-commerce marketplace platforms.

About VINIA®

VINIA® is the first commercially released product developed using BioHarvest's proprietary Botanical Synthesis platform, which can consistently produce patentable botanical compositions without growing the plant itself. The platform can elicit (increase) specific active phytochemicals to achieve concentrations many times what is found in nature, making this technology efficient and economic. VINIA® contains multiple polyphenols, including Piceid Resveratrol, with an amount in each daily 400mg capsule that is equivalent to 1,000 grapes, resulting in a powerful nutraceutical that has been clinically proven to significantly increase arterial dilation. In late 2023 and early 2024, BioHarvest is expecting to launch several new product verticals that include VINIA®, which will include functional coffee, protein bars, and sports hydration products.

About BioHarvest Sciences

BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at an industrial scale, without the need to grow the plant itself. BioHarvest is currently focused on leveraging its botanical synthesis technology to develop the next generation of science-based and clinically proven therapeutic solutions, within two major business verticals - nutraceutical health and wellness products such as dietary supplements, and development of plant cell-based Active Pharmaceutical Ingredients (API's) that focus on specific medical indications.

BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer

For further information, please contact:
Dave Ryan, VP Investor Relations & Director Phone: 1 (604) 622 -1186
Email: info@bioharvest.com

Forward-Looking Statements

Information set forth in this news release might include forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Launching new products is subject to risks and uncertainties including the risk that the market will not accept the product or that government approvals required for sale or import of the products will not be obtained. There is no assurance the company will enter the Chinese market or that Chinese market entry will be successful, as consumer preferences and acceptance may be different than in the Company's existing markets. Global expansion may require expenditure of significant financial resources which cannot be assured and may require business and product licensing and approvals that are difficult to obtain. There is no assurance of success of proposed new product verticals because consumer preferences are difficult to forecast and may be subject to rapid unexpected changes and evolutions which could impact product acceptance.

All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183497

FAQ

What is the news about?

The news is about BioHarvest Sciences receiving a Canadian product license for their nutraceutical product VINIA®.

What is VINIA®?

VINIA® is a nutraceutical product derived from red grape cells.

What does the Canadian product license authorize?

The Canadian product license authorizes BioHarvest Sciences to sell VINIA® in Canada.

What are some of VINIA®'s health benefits?

VINIA® helps maintain cardiovascular health, supports endothelial function, and provides antioxidants to fight against free radicals.

What is BioHarvest's sales growth strategy?

BioHarvest plans to expand the reach of VINIA® into additional geographies and target major global markets.

What is the potential market for BioHarvest in China?

BioHarvest aims to enter the USD $40 Billion Dollar Chinese Health Supplement market via cross border e-commerce marketplace platforms.