Avivagen Inc. (VIV:TSX.V) announced in a news release it received another order for two metric tons of its product, OxC-beta Livestock, from UNAHCO, its partner and a feed manufacturer in the Philippines. This is UNAHCO's third such order in the past 10 months.
"The Asia-Pacific market represents a significant growth region for Avivagen and OxC-beta Livestock," Avivagen CEO Kym Anthony said in the release. "This third substantial order by UNAHCO in the past year shows the steadily increasing demand and recurring revenue experienced in the region."
The company noted that "OxC-beta Livestock has the potential to eliminate the use of antibiotics as growth promoters in livestock feed, a problem requiring an urgent solution and which represents a multi-million-dollar market opportunity worldwide."
The Asia-Pacific region produces nearly 400 million metric tons of feed each year, which constitutes more than one-third of the metric ton global feed market. Avivagen expects uptake of OxC-beta to increase as the company seeks regulatory approvals in additional jurisdictions.
The company recently received approval to sell OxC-beta Livestock for "certain applications in Mexico and became eligible to sell OxC-beta Livestock in the United States."
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