OTTAWA, Feb. 27, 2018 (GLOBE NEWSWIRE) -- Avivagen Inc. (TSXV:VIV) (OTC Pink:CHEXF) (“Avivagen” or the “Company”), a life sciences innovation company with a series of patent protected products that support and optimize human and animal health, announces an update by the Chairman & Interim CEO and its financial results for the first quarter ending January 31, 2018.
Over the past year, Avivagen has achieved a number of milestones which have both strengthened our company and enhanced our future prospects. These milestones include:
- UNAHCO Inc. more than doubling its OxC-beta commercial usage to 400kg/month, a rate which we believe should increase in coming months.
- Leveraging our experience with UNAHCO Inc. in other regions to establish new market approvals and distribution deals, significantly expanding our market potential. Discussions are underway with multiple parties in numerous new territories for Avivagen.
- Significant positive results from swine and dairy cattle trials, demonstrating both the efficacy of our OxC-beta technology and its continued expansion into new and exciting markets.
- The relaunch of our Vivamune Health Chews supplement, spearheaded by a marketing agreement with Cesar Millan, known worldwide as the “Dog Whisperer” and through his television series “Cesar Millan’s Dog Nation”.
- New distribution deal in the US for our Vivamune Health Chews supplement, with additional deals expected internationally.
- The addition of Mr. Aubrey Dan to the Board of Directors. Mr. Dan brings a wealth of experience within the healthcare sector, as well as a tremendous business acumen for marketing and strategy.
- The completion of a CDN $4.1 million private placement, against the backdrop of an extremely volatile and challenging capital market.
While I am pleased with what our company has achieved over the past several months, I also wish to let shareholders know that I have strongly conveyed to all Avivagen employees and the board that 2018 must be a year of execution and growth. Given all that has transpired this past year, combined with our prospects for the future, I am confident that we will achieve these objectives.
Chairman & interim CEO
2018 Q1 Results
The Company’s January 31, 2018 first quarter end financial statements and its management discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval and are available via its website (www.sedar.com).
The Company reported (all in Canadian dollars) revenues of $143,201 and a comprehensive loss from continuing operations of $1,241,588 for the three-month period ended January 31, 2018.
As at January 31, 2018, the Company reported total current assets of $4,541,173, total liabilities of $1,871,229 and shareholders’ equity of $2,669,944.
Significant cash inflows in the three-month period ended January 31, 2018 consisted of 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.
Avivagen Inc. is a public company 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 is derived from Avivagen discoveries about carotenoids, compounds that give certain fruits and vegetables their bright colors 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 Philippines, Taiwan 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™ compound, 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 future prospects, UNAHCO Inc. continuing or increasing its rate of orders of Avivagen Inc.’s products, expanding Avivagen Inc.’s products to new territories, customers or applications, new distribution agreements, Avivagen Inc.’s prospects for 2018 and beyond and its ability to meet its objectives in those time periods and the ability of Avivagen Inc’s products to fulfill the global mandate to remove all in-feed antibiotics as growth promoters, as set out in this news release 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, UNAHCO Inc. could stop or not increase its orders of Avivagen Inc. products, Avivagen Inc.’s products may not gain acceptance or regulatory approval in new territories or for new applications, new distribution agreements may not come to fruition or be successful, and various factors, including those outside of Avivagen Inc.’s control, may prevent Avivagen Inc. from achieving its prospects or objectives as currently expected. Readers are referred to the comprehensive list of risk factors relating to Avivagen Inc.’s business set out in the MD&A for the quarter ended January 31, 2018 which is available at www.SEDAR.com. 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
Copyright © 2018 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.
Source: Avivagen Inc.