MADISON, SD (KELO.com) — It’s a company that appears to be coming back from the edge of failure with a name change and a new focus. Raising shrimp in South Dakota and Minnesota is still at the core of Tru Shrimp’s plans, but there’s a new wrinkle. The company is now known as Iterro Life Sciences. CEO Brian Knochenmus says the discovery of a substance in the shells of shrimp – chitosan – has changed the picture for the company.
Most people think of shrimp as food. We normally discard the shells. But for Tru Shrimp, the shell is expected to generate two-thirds of the company’s revenues. The chitosan contained in the shell has many uses.
Knochenmus says the company still plans to build a facility near Madison to raise shrimp. They’re raising capital to finance the project.
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