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Avivagen Announces Q3 Financial Results and Proposed Extension of Warrants
OTTAWA, Sept. 05, 2018 (GLOBE NEWSWIRE) -- Avivagen Inc. (TSXV:VIV) (“Avivagen” or the “Corporation”), 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, today reported its financial results for Q3, 2018. Unless otherwise noted, all figures are in Canadian currency. The Company’s July 31, 2018 third quarter-end financial statements and its management discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval (SEDAR) and are available via its website (www.sedar.com).
2018 Q3 Results
For the nine-month period ended July 31, 2018, the Company reported revenues of $726,288 compared to $190,027 in the prior nine-month period ended July 31, 2017, representing an increase of $536,261 or 282%, and a comprehensive loss from continuing operations of $3,292,922. The Company reported revenues of $364,213 and a comprehensive loss from continuing operations of $1,031,779 for the three-month period ended July 31, 2018.
As at July 31, 2018, the Company reported total assets of $3,628,655, total liabilities of $2,455,052 and shareholders’ equity of $1,173,603.
Significant cash inflows in the nine-month period ended July 31, 2018 included a private placement for gross proceeds of $4,058,500, which was completed on November 30, 2017. Each of the 4,058,500 units issued consisted of one common share and one-half common share purchase warrant for a unit price of $1.00 each. Each whole warrant entitles the holder to acquire one common share of the Company at a purchase price of $1.20 for a period of three years commencing from November 30, 2017. The Company also drew the remaining $800,000 from its credit facility with the Bloom Burton Healthcare Lending Trust.
In the three-month period ended July 31, 2018, 185,629 agent warrants were exercised at $0.60 per warrant for gross proceeds of $111,377. The warrants had an expiry date of June 1, 2018. The Company also settled an obligation through the issuance of 107,944 common shares.
The Corporation also announced that it will be requesting approval from the TSX Venture Exchange for the extension of the expiration date of warrants exercisable to purchase 1,163,738 common shares at $1.00 per share which were originally issued on December 16, 2014 and warrants exercisable to purchase 2,774,991 common shares at $0.90 per share which were originally issued on June 1, 2016. These warrants currently have an expiration date of October 1, 2018. Subject to TSX Venture Exchange approval, the new date of expiry of these warrants will be January 31, 2019. All other terms of such warrants will remain unchanged.
Avivagen Inc. 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.
About OxC-beta™ Technology and OxC-beta™ Livestock
Avivagen’s OxC-beta™ technology arises from Avivagen’s discoveries about carotenoids, compounds that give certain fruits and vegetables their bright colors. Specifically, Avivagen has discovered the naturally occurring compound that is the actual source of β-carotene’s non-vitamin A activity and uses the synthetic version of the compound as the source of activity of Avivagen’s OxC-beta™ products. Importantly, the OxC-beta™ compound 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 registered and available for sale in the Philippines, Taiwan and Thailand.
About Vivamune™ Health Chews (Vivamune)
Vivamune is an all-in-one chew that can dramatically simplify a pet’s supplement routine. Featuring a newly-discovered, novel immune-supporting active ingredient, OxC-beta™, Vivamune targets joints, skin and digestive health all in a single, tasty chew a pet will love. Vivamune is available for sale in the United States. For more information, visit www.vivamunehealth.com.
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 about the proposed extension of warrants as set out in this news release are forward- looking statements. 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. Extension of the warrants is subject to TSX Venture Exchange Approval. 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.
For more information:
Director of Investor Relations
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6
Chairman & Interim CEO
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6
Head Office Phone: 613-949-8164
Copyright © 2018 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.