Prof Holt told the Bay of Plenty Times last year that New Zealand had the potential to harvest multi-billion dollar returns from pharmaceutical honey applications.
HoneyLab focused almost exclusively on pharmaceutical applications for medical honey and bee venom, and devoted about 80 per cent of available funding to research.
"Our aim is to develop intellectual property in terms of product research that we can license to major global pharmaceutical companies," he said.
The company's products were produced from kanuka honey, rather than the manuka honey that is more commonly associated with medical benefits. Professor Holt said honey from both manuka and kanuka contained significant anti-microbial qualities.
Although the company was not interested in building up its own branded range, it had taken three basic products through development and manufacturing to prove the concept. Tauriko-based nutraceuticals manufacturer Health House manufactures the products for HoneyLab.
Prof Holt said that while the bee venom products were important, the main focus of the business was on developing honey-based treatments.