In a news release, life sciences company Avivagen Inc. (VIV:TSX.V; VIVXF:OTCQB), which develops and commercializes natural antibiotic-free feed products for livestock, companion animal and human applications, announced audited financial results for its fiscal year ended October 31, 2020.
The company's President and CEO Kym Anthony remarked, "By all measures, Avivagen achieved considerable regulatory, customer, corporate and financial success in 2020...We've secured record breaking orders for OxC-beta™ from customers in established markets and received regulatory approval in key markets in Asia and South America. The successes achieved this year position Avivagen very strongly for continued growth worldwide, as we grow recurring order sizes and add new customers and partners in important feed production markets around the globe."
Avivagen discussed several of the highlights of its operational activities in the year noting that it secured approval for OxC-beta Livestock in Malaysia in December 2019 and commented that the Malaysian market's total annual feed production was 4.8 million metric tons in 2019. During the same month, the firm executed an agreement with COFCO Biotech to support the approval process in China. The company stated that COFCO is a leading supplier of agricultural products to the Chinese market and notched sales of more than $17.5 billion in 2018. The firm said it also was granted approval in June 2020 to sell its products in Brazil, which it noted is the world's third largest feed production market.
The firm added that it reached numerous milestones with new and existing customers over the course of the year and noted that it secured its first orders from several countries including Malaysia in December 2019, Mexico in March 2020 and Brazil in August 2020.
In April 2020, Avivagen secured new sales of OxC-beta Livestock in Taiwan and Thailand and then received its largest sales order to date, a three-tonne order from UNAHCO in the Philippines. UNAHCO added another even larger record four-tonne order in October 2020.
In May 2020, a Mexico-based customer placed orders totaling two tonnes and later in September 2020 finalized a record ten-tonne order of OxC-beta from Industrias Melder with delivery schedule to commence in early 2021.
The company reported that for FY/20 it achieved revenues of CA$1,177,857, compared to CA$977,451 in FY/19. The firm stated that it posted a comprehensive loss of CA$4,751,287 in FY/20, versus a loss of CA$4,836,420 in FY/19.
The company advised that in January 2020 it secured two separate private placements totaling CA$3 million. The firm also indicated that its shares began listing on the OTCQB® Venture Market, which is increasing the company's exposure to U.S. investors.
The firm advised that its OxC-beta technology is derived from its β-carotene and other carotenoid discoveries. The company noted that these compounds, which support immune function, are what give many fruits and vegetables their bright colors. Avivagen stated that OxC-beta provides a non-antibiotic means of promoting health and growth. The company listed that its OxC-beta Livestock product is safe and effective and is approved for use in Australia, Brazil, Malaysia, Mexico, New Zealand, the Philippines, Taiwan, Thailand and the U.S.
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