Burcon NutraScience Corp.: Q4 &Year 2013 Results

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Vancouver, British Columbia — Burcon NutraScience Corporation (TSX: BU, NASDAQ: BUR), a leader in functional, renewable plant proteins, reported results for the fiscal fourth quarter and year ended March 31, 2013.

Fiscal 2013 Operational Highlights

·   Burcon’s manufacturing and marketing partner for CLARISOY™ soy protein, Archer Daniels Midland Company (ADM), opened and is operating the first commercial-scale plant for CLARISOY production and reported first commercial sales. CLARISOY is the world’s first transparent and clean-tasting plant-based protein for low pH beverages.

·   CLARISOY 150 was launched at the 2012 IFT Annual Meeting & Food Expo as the first extension to ADM’s CLARISOY product line.

·   Several CLARISOY-based prototype products were introduced, from Harmony Soymilk to Orange Mango Cooler.

·   CLARISOY won the 2012 InterBev ‘Best Beverage Ingredient Concept’ award.

·   Burcon began construction on a Peazazz® pea protein semi-works production facility to provide the large quantities of Peazazz required by customers and potential partners for evaluation and product development, as well as to demonstrate production from scalable, commercial-level manufacturing equipment.  Construction was recently completed and is now in the process of commissioning.

·   In fiscal 2013, Burcon filed nine new inventions and received patent grants for four U.S. patents and 38 patents from other countries. Subsequent to the end of the fiscal year, the company was issued three additional patents, bringing the company’s patent portfolio to 241 issued patents in various countries, including 41 in the U.S., as well as more than 425 active patent applications, including 84 additional U.S. patent applications.

Management Commentary

“Fiscal 2013 was a transitional year for Burcon, as we began to emerge from our development stage and enter the commercial phase of our growth,” said Johann F. Tergesen, Burcon’s president and COO. “Several significant events with ADM and CLARISOY have signaled this transition, particularly the opening of ADM’s first CLARISOY commercial-scale production plant and their subsequent first commercial sales and shipments of CLARISOY.

“We are just now beginning to realize the tremendous market potential created by the unique characteristics of CLARISOY, with this providing an exciting outlook ahead. The industry has also begun to take notice, with CLARISOY winning the 2012 InterBev ‘Best Beverage Ingredient Concept’ award, and more recently, the2013 Food Innovation Award from the Canadian Institute of Food Science and Technology.

“Our simultaneous pursuit of commercializing Peazazz, our second market-ready protein, led to the construction and recent completion of our own semi-works plant for the pea protein. Opening this plant is truly a watershed event for Peazazz, as well as for our other patented processes that can produce exceptionally versatile proteins from a variety of edible oilseeds, grains or legumes. While this semi-works plant will utilize commercial-scale equipment, it will only be used to produce the large quantity samples of Peazazz required for market development activities. Producing Peazazz in multiple, non-consecutive batches will demonstrate how this unique protein can be reliably and economically produced, and the plant will serve as a functional model for potential manufacturing partners.

 “In fiscal 2013, we also continued to strengthen our intellectual property portfolio around our proprietary processes with several new patents and patent applications. The effort to protect our IP continues, as does our pursuit of perfecting the technologies that make our proteins already so exceptional.

“Together, the events and accomplishments in fiscal 2013 have set Burcon on a strong course in the coming year. Our opportunities for growth are numerous, supported by the value proposition of our unique protein technology as well as the quality of customers and potential partners with whom we are currently engaged.”



Fiscal Fourth Quarter and Full Year Financial Results (Dollars in Canadian)

Revenues totaled $23,500 in the fourth quarter, as compared to $7,000 in the prior quarter, and none in the same year-ago quarter. The marginal revenues reflect the company’s development phase status during the year as it continues to transition to the commercial stage. Revenues for the full fiscal year totaled $30,300, compared to none in fiscal 2012. Revenues were derived entirely from royalty payments from ADM for CLARISOY.

While ADM reported its first commercial sale of CLARISOY from its semi-works facility in December 2012, indicating CLARISOY commercialization will be increasing in calendar 2013, subsequent royalty revenues from CLARISOY sales have been marginal, reportedly due to the lengthy product development cycle typical of major brands in the food and beverage industry.

Fourth quarter net loss totaled $1.4 million or $(0.04) per basic and diluted share, as compared to a net loss of $1.1 million or $(0.04) per basic and diluted share in the same year-ago quarter. For the full year, net loss totaled $5.5 million or $(0.18) per basic and diluted share, as compared to a net loss of $6.0 million or $(0.20) per basic and diluted share in fiscal 2012.

Research and development (“R&D”) expenses increased to $621,000 in the fourth quarter, from $308,000 in the same year-ago quarter, and on a fiscal year basis from $1.0 million to $2.1 million. R&D expenses in the comparative quarter do not include $192,000 of CLARISOY-related expenses that were deferred.  Similarly, CLARISOY-related development expenses of $1.1 million were deferred in FY12, as compared to $123,000 in FY13.  General and administrative expense was up slightly in the fourth fiscal quarter to $831,000 from $809,000, but lower for the year, decreasing to $3.6 million from $5.1 million.

At March 31, 2013, cash and short-term investments totaled $6.7 million, as compared to $6.2 million at March 31, 2012. Management believes it has sufficient resources to fund its expected level of operations and working capital requirements until at least May 2014. This estimate does not take into account potential proceeds from outstanding convertible securities or royalty revenues from the sale of CLARISOY soy protein.

The company’s complete financial statements, along with management’s more detailed discussion and analysis, are available from the Company’s Investors section at www.burcon.ca or from www.sedar.com.

About Burcon NutraScience Corporation

Burcon NutraScience is a leader in nutrition, health and wellness in the field of functional plant proteins. The company has developed a portfolio of composition, application, and process patents originating from a core protein extraction and purification technology. Burcon’s CLARISOY™ soy protein offers clarity and high-quality protein nutrition for low pH beverage systems; Peazazz® is a uniquely soluble and clean-tasting pea protein; and Puratein®, Supertein™ and Nutratein® are canola protein isolates with unique functional and nutritional attributes. For more information about the company, visit www.burcon.ca.


About Peazazz Pea Protein

Peazazz is 100% soluble, transparent and heat stable in low pH solutions. Peazazz has clean flavor characteristics and is well suited for use in low pH and neutral pH beverages as well as a variety of other healthy and great tasting food and beverage product applications. Its valuable nutritional and functional characteristics make Peazazz an attractive ingredient for food and beverage companies looking to improve their formulations. For more information about Peazazz, visit www.burcon.ca.


ON BEHALF OF THE BOARD OF DIRECTORS
Johann F. Tergesen
President and Chief Operating Officer

Contact:
John MacLennan
Managing Director
Liolios Group Inc.
Tel (416) 644.8688     
[email protected]
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