\nAvivagen Inc. (TSXV:VIV, OTCQB:VIVXF) (\u201cAvivagen\u201d or the \u201cCorporation\u201d), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that enhance feed intake and safely support immune function, thereby supporting general health and performance, has announced its unaudited financial results for the first quarter of 2021. Unless otherwise noted, all figures are in Canadian currency.\n<\/p>\n
\nMilestones achieved during Q1 2021 include:\n<\/p>\n
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- \nSecured sizeable recurring order (6 tonne total at 500kg\/month) with Transformadora Agricola de Alimentos S.A. de C.V in Mexico. Product will begin shipping to the customer in April, 2021.\n<\/li>\n
- \nFinalized shipping arrangements for previously announced 10 tonne order with Industrias Melder in Mexico.<\/p>\n
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- \nProduct to be shipped commencing Q2, 2021, resulting in 1.5 tonnes of orders from Mexico-based clients (Melder & Transformadora) per month, a dramatic increase from total fiscal 2020 sales.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
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- \nFulfilled more than 2 tonnes in orders with customers in the Philippines, Taiwan and Thailand.\n<\/li>\n<\/ul>\n
\nSubsequent to the quarter Avivagen also announced it had:\n<\/p>\n
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- \nCompleted an oversubscribed bought deal financing of $7.5 million.\n<\/li>\n
- \nSigned an agreement with Meyenberg International Group to expand efforts into five Central and South American markets, building on accelerating growth in the Mexican market to date.\n<\/li>\n
- \nLaunched Dr. Tobias Beta Blend<\/i>, Avivagen\u2019s first nutraceutical, designed and developed to promote advanced immune support for humans, with Mimi\u2019s Rock Corp. on Amazon.com.\n<\/li>\n<\/ul>\n
\n\u201cWe have just finished our largest volume and sales year for OxC-betaTM<\/sup> and have already announced order volumes for the upcoming year that are larger than all of 2021. As timing of orders and shipping realities mean these numbers aren\u2019t reflected in our Q1 results, what these accomplishments show is that the year ahead is very bright for Avivagen,\u201d says Kym Anthony, Chief Executive Officer, Avivagen Inc.\n<\/p>\n
\n\u201cSubsequent to quarter end we completed the largest bought deal financing in our history. We are continuing to grow important client relationships and sales volume in Mexico, and recently expanded our efforts in Central and South America, spearheaded by Meyenberg International Group,\u201d added Anthony. \u201cWe are grateful to our shareholders for their role in the important work we are doing to remove antibiotics from the food chain, and we look forward to rewarding their faith in Avivagen.\u201d\n<\/p>\n
First Quarter January 31, 2021 Financial Results
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<\/b>The Company\u2019s unaudited Financial Statements for the first quarter ended January 31, 2021 and the accompanying Management\u2019s Discussion and Analysis have been filed on the System for Electronic Document Analysis and Retrieval and are available via its website (www.sedar.com<\/a>). The financial information for the first quarter ended January 31, 2021 should be read in conjunction with the Company\u2019s unaudited Financial Statements as well as its Management\u2019s Discussion and Analysis for the first quarter ended January 31, 2021.\n<\/p>\n\nThe Company reported revenues of $261,987 ($247,805 in the quarter ending January 31, 2020) and a comprehensive loss of $(1,266,300) for the quarter ending January 31, 2021. This compares to a comprehensive loss in the quarter ending January 31, 2020 of $(1,331,780). Revenues in the quarter do not include recent large orders of OxC-betaTM<\/sup> Livestock from Industrias Melder (10 tonnes) and Transformadora Agricola de Alimentos S.A. de C.V in Mexico (six tonnes), both which should commence shipping in Q2 and will begin to be reported in the Company\u2019s financial results in Q2 2021. As at January 31, 2021, the Company reported total assets of $1,424,927 (current assets of $1,064,378), total liabilities of $7,476,587, and shareholders\u2019 deficit of ($6,051,660).\n<\/p>\n
\nSignificant financing inflows after the quarter ending January 31, 2021, was an offering of 15,000,000 units of the Company at $0.50 per unit for aggregate gross proceeds of $7,500,000. The offering closed on February 16th<\/sup>, 2021.\n<\/p>\n
\nEach unit consisted of one common share in the capital of the Company (each a \u201cCommon Share\u201d) and one half of one Common Share purchase warrant (each whole warrant, a \u201cWarrant\u201d). Each Warrant will be exercisable to acquire one Common Share until February 16, 2024 at an exercise price of $0.75 per share. The net proceeds of the Offering will be used to fund research and development expenses, sales and marketing costs, product registration, interest expense, working capital and general corporate purposes.\n<\/p>\n
About Avivagen
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<\/b>Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications. By unlocking an overlooked facet of \u03b2-carotene activity, a path has been opened to safely and economically support immune function, thereby promoting general health and performance in animals. Avivagen is a public corporation traded on the TSX Venture Exchange under the symbol VIV and on the OTCQB Exchange in the U.S. under the symbol VIVXF, and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com<\/a>. The contents of the website are expressly not incorporated by reference in this press release.\n<\/p>\nAbout OxC-beta\u2122 Technology and OxC-beta\u2122 Livestock
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<\/b>Avivagen\u2019s OxC-beta\u2122 technology is derived from Avivagen discoveries about \u03b2-carotene and other carotenoids, compounds that give certain fruits and vegetables their bright colours. Through support of immune function the technology provides a non-antibiotic means of promoting health and growth. OxC-beta\u2122 Livestock is a proprietary product shown to be an effective and economic alternative to the antibiotics commonly added to livestock feeds. The product is currently available for sale in the United States, Philippines, Taiwan, New Zealand, Thailand, Mexico, Brazil, Australia and Malaysia.\n<\/p>\n\nAvivagen\u2019s OxC-beta\u2122 Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta\u2122 Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.\n<\/p>\n
Forward Looking Statements
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<\/b>This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions \u201caim\u201d, \u201canticipate\u201d, \u201cappear\u201d, \u201cbelieve\u201d, \u201cconsider\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cif\u201d, \u201cintend\u201d, \u201cgoal\u201d, \u201chope\u201d, \u201clikely\u201d, \u201cmay\u201d, \u201cplan\u201d, \u201cpossibly\u201d, \u201cpotentially\u201d, \u201cpursue\u201d, \u201cseem\u201d, \u201cshould\u201d, \u201cwhether\u201d, \u201cwill\u201d, \u201cwould\u201d and similar expressions. Statements set out in this news release relating to the anticipated shipment date, revenue recognition timing and total size of recurring orders received from customers, anticipated sales volumes for 2021, Avivagen Inc.\u2019s expected financial performance in 2021, the possibility for OxC-beta\u2122 Livestock to replace antibiotics in livestock feeds as well as fill a critical need for health support in certain livestock applications where antibiotics are precluded and the size of market opportunities<\/i>are all forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. For instance, demand for Avivagen\u2019s products may not continue to grow and could decline, Avivagen\u2019s products may not be widely accepted as a replacement for antibiotics in livestock feeds, <\/i>despite receipt of purchase orders<\/i> delivery or fulfillment of orders of product could be delayed for a number of reasons, some of which are outside of Avivagen\u2019 s control, which could result in anticipated future shipments <\/i>and revenues from such sales being delayed or in the most serious cases eliminated, actions taken by Avivagen\u2019 s customers and factors affecting the business and financial viability of Avivagen\u2019 s customers can have a negative impact on the expectation of future sales and revenues, and market opportunities may not be as large as Avivagen anticipates, all due to many factors, many of which are outside of Avivagen\u2019s control. Readers are referred to the risk factors associated with the business of Avivagen set out in Avivagen\u2019s most recent management\u2019s discussion and analysis of financial condition available at www.SEDAR.com<\/a>. Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.<\/i><\/p>\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.<\/i><\/p>\n
\nCopyright \u00a9 2021 Avivagen Inc. OxC-beta\u2122 is a trademark of Avivagen Inc\n<\/p>\n
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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210303005752\/en\/<\/a><\/span><\/p>\n
\nAvivagen Inc.
\n
Drew Basek
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Director of Investor Relations
\n
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6
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Phone: 416-540-0733
\n
E-mail: d.basek@avivagen.com<\/a><\/p>\n\nKym Anthony
\n
Chief Executive Officer
\n
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6
\n
Head Office Phone: 613-949-8164
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Website: www.avivagen.com<\/a><\/p>\nKEYWORDS:<\/b> North America Canada<\/p>\n
INDUSTRY KEYWORDS:<\/b> Biotechnology Agriculture Natural Resources Health Veterinary<\/p>\n
MEDIA:<\/b><\/p>\n
\n","protected":false},"excerpt":{"rendered":"
Avivagen Inc. Announces Results for the First Quarter Ending January 31, 2021 OTTAWA, Ontario–(BUSINESS WIRE)– Avivagen Inc. (TSXV:VIV, OTCQB:VIVXF) (\u201cAvivagen\u201d or the \u201cCorporation\u201d), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that enhance feed intake and safely support immune function, thereby supporting general health and performance, has announced its unaudited financial results for the first quarter of 2021. Unless otherwise noted, all figures are in Canadian currency. Milestones achieved during Q1 2021 include: Secured sizeable recurring order (6 tonne total at 500kg\/month) with Transformadora Agricola de Alimentos S.A. de C.V in Mexico. Product will begin shipping to the customer in April, 2021. Finalized shipping arrangements for previously announced 10 tonne order … <\/p>\n
- \nFulfilled more than 2 tonnes in orders with customers in the Philippines, Taiwan and Thailand.\n<\/li>\n<\/ul>\n
- \nProduct to be shipped commencing Q2, 2021, resulting in 1.5 tonnes of orders from Mexico-based clients (Melder & Transformadora) per month, a dramatic increase from total fiscal 2020 sales.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n