Icelandic company Zymetech, which develops and manufactures formulations containing marine-derived enzymes for therapeutic application, received the 2015 Iceland Innovation Prize yesterday morning.
Minister of Industry and Commerce Ragnheiður Elín Árnadóttir presented Zymetech’s research and development manager Ágústa Guðmundsdóttir, who is also a professor of food chemistry at the University of Iceland, with the prize.
“Zymetech uses digestive enzymes from North Atlantic cod and has that way been able to create a valuable byproduct from an ingredient which until now has mostly been thrown out. Thus, the company has developed a product which multiplies the cod’s value,” reads a press release from Icelandic Research Fund Rannís, Innovation Center Iceland and NSA Ventures.
“Zymetech produces many kinds of skin and beauty products sold under the various brands of the company’s associates, in addition to the Pensim lotion, which is probably its best-known product in Iceland. The company is now working on the development of medicine for treatment of certain skin ailments, such as swelling, rash, cracked skin and for the healing of wounds,” the press release reveals.
When picking the winner, the company’s position in the market is considered, the value of the product, whether the company is likely to stay in business and whether it serves as encouragement for others.