Investing.com - A product made by Beyond Oil (CSE:BOIL) could mitigate the health risks associated with repeated frying of cooking oils, according to an expert medical opinion cited by the food technology group on Wednesday.
In a statement, the company said the opinion from Ilan Ron, a clinical professor of medical oncology and radiotherapy at Tel Aviv Medical (TASE:BLWV) Center, argued that there is "a link between reused frying oil and increased cancer risk, especially in organs of the gastrointestinal tract."
Beyond Oil noted that Ron received a one-time monetary compensation from the firm for his research and medical opinion, adding that this is "customary in the industry."
Ron’s opinion also concluded that there is a "clear scientific rationale" for conducting an in-depth evaluation of methods to reduce "harmful compound levels in frying oil, including through advance technological interventions" such as oil filtration, Beyond Oil said.
During repeated use of oil, "several hazardous" compounds like free fatty acids, aldehydes and ketones can accumulate, Ron flagged.
Ron then assessed the efficacy of a Beyond Oil powder additive used in frying oils. Through a series of controlled experiments, Ron said that the product led to "low levels" of free fatty acids and a "significant reduction of carcinogens."
"Oil treated with Beyond Oil after extended use (22–51 days) shows quality close to fresh oil," Ron said in his opinion.
Beyond Oil, which is listed on the Canadian Securities Exchange, has described itself as a food-tech innovation business that aims to "mitigate health risks, improve sustainability, and reduce costs for food service companies."
In its first quarter ended on March 31, Beyond Oil reported a 660% jump in revenue versus a year earlier to $1.01 million, eclipsing total sales registered in its entire 2024 fiscal year. In particular, the company pointed to "traction" in the U.S. market and expansion in Europe thorugh a range of new agreements with distributors in the region.
Still, it posted a net loss of $11.01 million, primarily due to non-cash expenses amounting to $9.89 million.
Earlier this year, Israel-based institutional investor Clal Financial Management announced a CAD $10.49 million investment to acquire 3 million Beyond Oil shares. The deal’s issue price of CAD $3.498 per share represented a 10% premium to the stock’s closing price on March 11.
Shares of Beyond Oil were last trading at CAD $3.15, according to the Canadian Securities Exchange.