Avivagen Inc. Announces Results for the Second Quarter Ending April 30, 2023
OTTAWA--(BUSINESS WIRE)-- Avivagen Inc. (TSXV:VIV) (“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 Second quarter of 2023.
“The Special Committee continues to examine all potential alternatives, including a strategic sale, in whole or in part, of the company”, said Kym Anthony, Avivagen CEO. “To date, Avivagen has received numerous responses from firms wishing to engage in preliminary discussions regarding such alternatives”.
Second Quarter April 30, 2023, Financial Results
The Company’s unaudited Financial Statements for the second quarter ended April 30, 2023, 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 second quarter ended April 30, 2023, should be read in conjunction with the Company’s unaudited Financial Statements as well as its Management’s Discussion and Analysis for the second quarter ended April 30, 2023
The Company reported net revenues of $77,683 and a comprehensive loss of $(1,244,829) for the three-month period ended April 30, 2023. This compares to revenues of $88,438 and a comprehensive loss of $(1,303,677) in the three-month period ended April 30, 2022.
For the six-month period ended April 30, 2023, the Company reported net revenues of $143,722 and a comprehensive loss of $(2,398,759). This compares to revenues of $359,595 and a comprehensive loss of $(2,856,529) in the six-month period ended April 30, 2022.
As of April 30, 2023, the Company reported total assets of $324,686 (current assets of $266,140), total liabilities of $8,633,272, and shareholders’ deficit of $(8,308,586).
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, Mexico, Philippines, Taiwan, New Zealand, Thailand, Australia and Malaysia. OxC-beta™ has been fed to over 46.6 million food animals (poultry, swine, and dairy cattle), 133,820 dogs and 4,000 people.
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 modifications to and execution of the Company's business plan, the review and availability of potential strategic opportunities for the Company, the abilities and anticipated success of the Strategic Committee, planned future communication , expectation as to further adoption of or orders for the Company’s products, the possibility that trials underway could lead to additional orders in the future and the possibility for OxC-beta™ Livestock to replace antibiotics in livestock feeds as growth promoters are 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, risks and uncertainties regarding strategic alternatives including the terms of their availability whether they will be available at all, and the effects of their implementation, the Strategic Committee may not have the results anticipated, unforeseen factors could limit the growth of the Company and the adoption of its products, customers are under no obligation to make additional orders and may not order increasing quantities of the Company’s products, partnerships may not be as successful as hoped, trials may not be successful or may not lead to additional adoption of the Company’s products, 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 as growth promoters in livestock feeds, all of which could occur due to many factors, many of which are outside of Avivagen’s control. The customer referred to in the press release is under no obligation to order Avivagen products in the future. 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.
Copyright © 2023 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.
Source: Avivagen Inc.