Ottawa, ON /GlobeNewswire/ March 6th, 2019 / – Avivagen Inc. (TSXV:VIV) (“Avivagen” or the “Corporation”) reported today its unaudited financial results for Q1 2019.
For the three-month period ended January 31, 2019, the Corporation reported revenues of $322,125 – a doubling of revenues compared to revenues of $143,201 for the three-month period ended January 31, 2018 – and a comprehensive loss from continuing operations of $(1,141,797). As at January 31, 2019, the Company reported total assets of $2,118,600, total liabilities of $3,083,798 and shareholders equity of $(965,198).
“With the recent signing of our partnership with CSA Animal Nutrition and launch into the US market with our antibiotic free growth alternative, we are well positioned to continue our growth in 2019. We will continue to focus on growing our sales in OxC-beta™ Livestock (“OxC-beta”), securing additional country regulatory approvals, and signing additional distribution deals. We will also look to expand approved markets for companion animal and our partner network while watching the human health opportunity closely,”said Kym Anthony, Chairman and Interim CEO of Avivagen Inc.
“With an expected growing client base and increasing revenues, we are ideally positioned to capitalize on critical mass with customers in 2019 and beyond, which we expect will lead to expanding revenues and cash flow over the coming years.”
For further information on Avivagen's public disclosure file, consult SEDAR at www.sedar.com.
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 registered and available for sale in the United States, Philippines, Taiwan, New Zealand and Thailand.
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.
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, Canada, Philippines and Taiwan. 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 OxC-beta’s ability to replace antibiotics commonly added to livestock feeds or to fulfill the global mandate to remove in-feed antibiotics as growth promoters, Avivagen’s continued growth in sales, client base and revenues, additional regulatory approvals being sought or anticipated, the possibility for additional distribution deals and the potential to expand markets and applications for Avivagen’s products 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 the gain market acceptance or regulatory approvals necessary to fulfill the global mandate to remove in-feed antibiotics as growth promoters; Avivagen’s plans to expand into different applications, including human applications, markets, geographic regions may not be as successful as Avivagen hopes, if at all; Avivagen may not be successful in entering into new distribution agreements or distribution agreements may not result in anticipated sales; regulatory approvals may not be granted in the territories or timelines anticipated, if at all; anticipated sales, revenue, client base and cash flow growth may not materialize within the time frames anticipated or at all. Readers are referred to Avivagen’s latest annual information form and management’s discussion and analysis available at www.sedar.com for a discussion of risks associated with its business. 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:Avivagen Inc.
Director of Investor Relations
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Phone: 416-540-0733
Chief Executive Officer
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Head Office Phone: 613-949-8164