Avivagen Inc. Announces Results for Fiscal Year Ending October 31, 2019
OTTAWA, Ontario--(BUSINESS WIRE)--Dec 19, 2019--
Avivagen Inc. (TSXV:VIV) (“Avivagen” or the “Company”) today reported its audited financial results for the year ended October 31, 2019. Unless otherwise noted, all figures are in Canadian currency.
The Company’s audited year end Financial Statements and its Management’s Discussion and Analysis for the year ended October 31, 2019 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 year ended October 31, 2019 should be read in conjunction with the Company’s Financial statements as well as its Management’s Discussion and Analysis for the year ended October 31, 2019.
The Company reported revenues of $977,451 and a comprehensive loss from continuing operations of $(4,836,420) for the year ended October 31, 2019. As at October 31, 2019, the Company reported total assets of $1,887,679 (current assets of $1,716,112), total liabilities of $5,143,894 and shareholders’ deficit of ($3,256,215).
Significant cash inflows in the fiscal year consisted of senior secured debentures of $5,378,000. The senior secured debentures bear interest at 10% per year, payable quarterly in cash. The Company will also pay an annual credit maintenance fee of 2% in cash or shares at the Company’s discretion. Purchasers of the senior secured debentures also received an aggregate of 1,342,206 common shares of the Corporation.
Avivagen’s Recent Announcement with the research subsidiary of COFCO Biotechnology Co. Ltd. (“COFCO”)
Under the agreement, COFCO will work with Avivagen in China, supporting efforts to obtain approval for the sale of OxC-beta™ Livestock for use with broilers in that country. The agreement is structured such that Avivagen has agreed to pay COFCO a total of approximately CDN $38,000 in three instalments. The final report and other deliverables are expected to be received by the end of June 2020.
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 and Charlottetown, Prince Edward Island. 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 carotenoids, compounds that give certain fruits and vegetables their bright colours, and is a non-antibiotic means of maintaining optimal health and growth. OxC-beta™ Livestock is a proprietary product shown to be effective and economic in replacing the antibiotics commonly added to livestock feeds. OxC-beta™ Livestock is currently available for sale in the United States, Philippines, Taiwan, New Zealand, Thailand, 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 growth promoters, the potential for OxC- beta™ to receive approval for use in China and the payment an deliverable terms of the COFCO agreement 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, 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 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.
Copyright © 2019 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191219005876/en/
CONTACT: For more information:
Director of Investor Relations
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6
Chief Executive Officer
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6
Head Office Phone: 613-949-8164
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: GENERAL HEALTH SCIENCE HEALTH RESEARCH
SOURCE: Avivagen Inc.
Copyright Business Wire 2019.
PUB: 12/19/2019 11:20 PM/DISC: 12/19/2019 11:20 PM