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Avivagen Inc. Announces Results for the First Quarter Ending January 31, 2022
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Rhea-AI Summary
Avivagen Inc. (TSXV:VIV, OTCQB:VIVXF) reported its unaudited financial results for the first quarter ended January 31, 2022. The company achieved net revenues of $271,157, a slight increase from $261,987 in the same quarter of 2021, but suffered a comprehensive loss of $(1,552,852), up from $(1,266,300) year-over-year. Total assets stood at $2,543,905 with total liabilities of $8,004,737, resulting in a shareholder deficit of $(5,460,832). Subsequent activities included receiving regulatory approval in Vietnam and raising $5.678 million through a private placement.
Positive
Net revenue increased to $271,157 from $261,987 year-over-year.
Received regulatory approval in Vietnam, opening new market opportunities.
Completed a private placement raising $5.678 million, helping to manage existing debts.
Negative
Comprehensive loss increased to $(1,552,852) from $(1,266,300) year-over-year.
Total liabilities remain high at $8,004,737, contributing to a shareholder deficit of $(5,460,832).
OTTAWA, Ontario--(BUSINESS WIRE)--
Avivagen Inc. (TSXV:VIV, OTCQB:VIVXF) (“Avivagen”), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that safely enhances feed intake and supports immune function, thereby supporting general health and performance, has announced its unaudited financial results for the first quarter of 2022.
First Quarter January 31, 2022, Financial Results
The Company’s unaudited Financial Statements for the first quarter ended January 31, 2022, and the accompanying Management’s Discussion and Analysis have been filed on the System for Electronic Document Analysis and Retrieval and are available via its website (www.sedar.com). The financial information for the first quarter ended January 31, 2022, should be read in conjunction with the Company’s unaudited Financial Statements as well as its Management’s Discussion and Analysis for the first quarter ended January 31, 2022.
The Company reported net revenues of $271,157 (compared to $261,987 in the quarter ending January 31, 2021) and a comprehensive loss of $(1,552,852) for the quarter ending January 31, 2022. This compares to a comprehensive loss in the quarter ending January 31, 2021, of $(1,266,300). As at January 31, 2022, the Company reported total assets of $2,543,905 (current assets of $2,388,574), total liabilities of $8,004,737, and shareholders’ deficit of ($5,460,832).
Subsequent to the end of the quarter, the company received regulatory approval in Vietnam, as well as completed a private placement of debentures and shares for gross proceeds of $5.678 million. The proceeds from the debenture and share offering were used by Avivagen to retire principal and interest outstanding pursuant to existing debentures and for transaction expenses.
The Company also provided an update with respect to the payment of annual maintenance fees on the debentures issued in April 2019. The Company has opted to pay the maintenance fee of $2,280 owing in respect of such debentures in cash rather than paying in shares as previously announced.
About Avivagen
Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general health and performance. It is a public corporation traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.
About OxC-beta™ Technology and OxC-beta™ Livestock
Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about β-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™ 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, Mexico, Taiwan, New Zealand, Thailand, Brazil, Australia, and Malaysia.
Avivagen’s OxC-beta™ 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™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.
Forward Looking Statements
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 “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions. Statements set out in this news release relating to Avivagen’s expectations as to the possibility for OxC-beta™ 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 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, Avivagen’s products may not gain market acceptance or regulatory approval in new jurisdictions or for new applications and may not be widely accepted as a replacement for antibiotics in livestock feeds, in each case due to many factors, many of which are outside of Avivagen’s control. Readers are referred to the risk factors associated with the business of Avivagen set out in Avivagen’s most recent management’s discussion and analysis of financial condition available at www.SEDAR.com. 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.
Neither 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.
