Avivagen Inc. Announces Results for the Third Quarter Ended July 31, 2022
OTTAWA, Ontario–(BUSINESS WIRE)–Avivagen Inc. (TSXV: VIV, OTCQB: VIVXF) (“Avivagen”), a life sciences company focused on the development and commercialization of products for livestock, companion animals and human applications that safely improve food intake and support immune function, supporting overall health and performance, announced its unaudited financial results for the third quarter of 2022.
Third quarter financial results as of July 31, 2022
The Company’s unaudited financial statements for the third quarter ended July 31, 2022 and accompanying MD&A have been filed on the Electronic Document Retrieval and Analysis System and are available on 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 and its MD&A for the third quarter ended July 31, 2022.
The Company reported net revenue of $48,606 and comprehensive loss of $(1,901,453) for the three-month period ended July 31, 2022. This compares to revenue of $878,811 and comprehensive loss of ( $1,209,130) for the three-month period ended July 31, 2021.
For the nine-month period ended July 31, 2022, the Company reported net income of $408,201 and an overall loss of ($4,757,982). This compares to revenues of $1,300,412 and an overall loss of $(4,673,079) for the nine-month period ended July 31, 2021.
As of 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 a shareholders’ deficit of ($5,260,899).
The company also announced the appointment of Mr. Ira Levy as interim Chief Financial Officer, effective immediately. Mr. Levy has over 15 years of experience in a wide range of high-growth start-up companies, both public and private, with an MBA from the Schulich School of Business in addition to his professional designation as a Chartered Accountant.
Avivagen is a life sciences company focused on the development and commercialization of products for livestock, companion animals and human applications that, by safely supporting immune function, promote overall health and performance. It is a public company listed on the TSX Venture Exchange under the symbol VIV and headquartered in Ottawa, Canada at the partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com. The content of the website is 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’s discoveries of β-carotene and other carotenoids, compounds that give certain fruits and vegetables their vibrant colors. By supporting immune function, the technology provides a non-antibiotic way to promote health and growth. OxC-beta™ Livestock is a proprietary product proven to be an effective and economical alternative to 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 eliminate all antibiotics from food as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product works as well and, sometimes, in some respects, better than antibiotics in feed.
This press release contains certain forward-looking statements based on management’s current expectations. Forward-looking statements involve risks and uncertainties associated with Avivagen Inc.’s business and the environment in which the company operates. All statements contained herein that are not statements of historical fact can be considered forward-looking, including those identified by the expressions “objective”, “to anticipate”, “appear”, “to believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intention”, “objective”, “hope”, “likely”, “may”, “to plan”, “maybe”, “potentially”, “to chase”, “seem”, “should”, “whether”, “will be”, “would” and similar expressions. Statements set forth in this press release regarding the potential for OxC-beta™ Livestock to replace antibiotics in livestock feeds as well as address a critical health support need in certain livestock applications where antibiotics are excluded and the size market opportunities is all ahead – look at the 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 example, Avivagen‘s the products may not be accepted by the market or approved by regulatory authorities in new jurisdictions or for new applications and may not be widely accepted as substitutes for antibiotics in livestock feeds, in each case due to many factors, many of which are external to Avivagen‘control. Readers are referred to the risk factors associated with Avivagen’s business described in Avivagen‘s most recent management‘s discussion and analysis of the financial situation available on www.SEDAR.com. Except as required by law, Avivagen undertakes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither the 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 © 2022 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.