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Avivagen Inc. Announces Results for the Third Quarter Ending July 31, 2022
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Rhea-AI Sentiment
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Rhea-AI Summary
Avivagen Inc. (TSXV:VIV, OTCQB:VIVXF) reported its unaudited financial results for Q3 2022, ending July 31. The company generated $48,606 in net revenues, a significant drop from $878,811 in Q3 2021. Comprehensive losses increased to $(1,901,453) compared to $(1,209,130) the previous year. For the nine-month period, revenues totaled $408,201, also down from $1,300,412. Total assets stood at $1,660,004 against total liabilities of $6,920,903, resulting in a shareholders' deficit of $(5,260,899). Ira Levy was appointed as interim CFO.
Positive
Appointment of Ira Levy as interim CFO, bringing over 15 years of experience.
Negative
Net revenues decreased to $48,606 from $878,811 year-over-year.
Comprehensive loss increased to $(1,901,453) from $(1,209,130) year-over-year.
Nine-month revenues dropped to $408,201 from $1,300,412 in 2021.
Total liabilities of $6,920,903 compared to total assets of $1,660,004, resulting in a shareholders' deficit of $(5,260,899).
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 third quarter of 2022.
Third Quarter July 31, 2022, Financial Results
The Company’s unaudited Financial Statements for the third quarter ended July 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 third quarter ended July 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 third quarter ended July 31, 2022
The Company reported net revenues of $48,606 and a comprehensive loss of $(1,901,453) for the three-month period ended July 31, 2022. This compares to revenues of $878,811 and a comprehensive loss of $(1,209,130) in the three-month period ended July 31, 2021.
For the nine-month period ended July 31, 2022, the Company reported net revenues of $408,201 and a comprehensive loss of $(4,757,982). This compares to revenues of $1,300,412 and a comprehensive loss of $(4,673,079) in the nine-month period ended July 31, 2021.
As at July 31, 2022, the Company reported total assets of $1,660,004 (current assets of $1,545,391), total liabilities of $6,920,903, and shareholders’ deficit of $(5,260,899).
The company also announced the appointment of Mr. Ira Levy as interim CFO, effective immediately. Mr. Levy has over 15 years of experience in a wide range of high-growth, early-stage companies, both public and private, with an MBA from the Schulich School of Business in addition to his professional designation as a Chartered Accountant.
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 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.
