DGAP-News: Burcon NutraScience Corp.: Burcon Reports Fiscal 2014 Second Quarter Results
(firmenpresse) - DGAP-News: Burcon NutraScience Corp. / Key word(s): Quarter Results
Burcon NutraScience Corp.: Burcon Reports Fiscal 2014 Second Quarter
Results
14.11.2013 / 16:20
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Burcon Reports Fiscal 2014 Second Quarter Results
Vancouver, British Columbia, November 13, 2013 - Burcon NutraScience
Corporation (TSX: BU, NASDAQ: BUR), a leader in functional, renewable plant
proteins, reported results for the fiscal second quarter ended September
30, 2013.
Operational Highlights
- Launched Peazazz(TM) pea protein at IFT Expo in Chicago on July 15-17.
The IFT Expo attracted a number of companies interested in joint
venturing in the production and distribution of Peazazz.
- In August, the company completed the commissioning and initiated
operation of its Peazazz semi-works plant, and began shipping samples
to the various selected companies under signed material transfer
agreements.
- Commenced discussions with a number of key potential multi-national
production and/or distribution partners for Peazazz.
- Burcon's manufacturing and marketing licensee for its CLARISOY(TM) soy
protein, Archer Daniels Midland Company (ADM), continued to facilitate
development activities in the global food and beverage market, as they
operate the first commercial-scale plant for CLARISOY production.
- Received six U.S. patent grants and allowances covering processes for
extracting plant protein, three for soy and three for canola.
Subsequent to quarter-end, Burcon received another canola patent grant.
The company's IP portfolio now includes 252 issued patents in various
countries, with 48 in the U.S., as well as more than 445 active patent
applications, including 84 in the U.S.
Management Commentary
'During the quarter, we made continued strong progress toward
commercializing Burcon's unique plant protein extraction technologies,'
said Johann Tergesen, the company's president and COO. 'This included the
completion of our Peazazz semi-works facility, which coincided with our
launch of Peazazz at the IFT Expo in July. Peazazz was well-received by
major food and beverage makers as well as potential alliance partners. In
fact, we have had initial discussions on the commercialization of our
Peazazz protein with some of these companies.'
'ADM has continued to facilitate development activities in the global food
and beverage market with our CLARISOY soy protein.'
'Our ongoing efforts to expand and protect our intellectual property
portfolio around our proprietary plant protein science have resulted in 13
new U.S. patents since the beginning of the calendar year. These efforts
will continue to be a major area of focus, as will our pursuit of further
perfecting the science that makes our proteins already so exceptional.'
'It's clear our market timing couldn't be more ideal with producers and end
users looking to replace higher priced dairy proteins,' continued Tergesen.
'Our Peazazz pea protein has a uniquely clean flavor, so between having no
taste that can clash with other ingredients and its high usability and
nutritional value, Peazazz is ideal for incorporation into numerous
beverage applications, as well as in a number of dairy-alternative
products. Peazazz can enhance snacks, cereals and diet products, as well as
fortify gluten-free, vegetarian, andvegan food products.'
'Further, Peazazz has exceptional solubility, making it extremely
versatile. In contrast to the major animal-based and plant-based proteins,
pea protein is hypoallergenic. Beyond these amazing properties, Peazazz is
more environmentally sustainable compared to other protein sources. This is
due to the pea plant's unique ability to draw in nitrogen from the
atmosphere and store it in their roots. These properties allow producers to
use less fertilizer when replenishing the soil, making peas a desired and
more sustainable crop.'
'The market opportunities we see ahead are supported by the award-winning
value proposition of our patented and proprietary protein technology, as
well as the extraordinary quality of the potential customers and potential
partners with whom we are currently engaged. Between ADM's efforts with
CLARISOY and our Peazazz partnership discussions, we continue to see fiscal
2014 coming into focus as the year Burcon emerges from its development
stage and begins the commercial phase of its growth.'
Fiscal 2014 Second Quarter Financial Results (In Canadian Dollars)
Revenues totaled $23,500 in the second fiscal quarter of 2014, as compared
to $23,900 in the prior quarter, and none in the same year-ago quarter.
Revenues were derived from deferred royalty payments from ADM for CLARISOY
that were recognized in the quarter.
While ADM reported its first commercial sale of CLARISOY from its
semi-works facility in December 2012, suggesting CLARISOY commercialization
would expand in calendar 2013, the subsequent royalty revenues from
CLARISOY sales have been marginal due to lengthy product development cycles
typical of major brands in the food and beverage industry.
Research and development expenses in the second fiscal quarter of 2014 were
$589,000, compared to $617,000 in the prior quarter and $588,000 in the
same year-ago quarter.
General and administrative (G&A) expenses in the second fiscal quarter of
2014 increased to $1.1 million from $1.0 million in the prior quarter and
$775,000 in the year-ago quarter. The increase in G&A expenses over the
year-ago quarter was primarily due to an increase of $234,000 in patent
related activity as well as the launch of Peazazz at the IFT Food Expo.
Net loss in the second fiscal quarter of 2014 totaled $1.6 million or
$(0.05) per basic and diluted share, which was virtually unchanged from the
prior quarter and compares to a net loss of $1.4 million or $(0.05) per
basic and diluted share the same year-ago quarter.
At September 30, 2013, cash and short-term investments totaled $4.0
million, as compared to $6.7 million at March 31, 2013. Management believes
the company has sufficient resources to fund its expected level of
operations and working capital requirements until at least April 2014. This
estimate does not take into account potential proceeds from outstanding
convertible securities, royalty revenues from the sale of CLARISOY soy
protein or the commercialization of Peazazz.
The company's complete financial statements, along with management's more
detailed discussion and analysis, are available in the investors section of
Burcon's website at www.burcon.ca or on www.sedar.com.
Conference Call
Burcon will host a conference call later today, Wednesday, November 13,
2013. Management will host the presentation, followed by a question and
answer period.
Date: Wednesday, November 13, 2013
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Dial-in (toll/international): 1-877-941-1428
Toll-free dial-in (North America): 1-480-629-9665
Conference ID: 4648555
A telephone replay of the call will be available after 8:00 p.m. Eastern
time on the same day through December 13, 2013.
Replay dial-in (toll/international): 1-877-870-5176
Toll-free dial-in (North America): 1-858-384-5517
Replay conference ID: 4648555
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 patentsoriginating from a core
protein extraction and purification technology. Burcon's CLARISOY(TM) soy
protein offers clarity and high-quality protein nutrition for low pH
beverage systems; Peazazz(R) is a uniquely soluble and clean-tasting pea
protein; and Puratein(R), Supertein(TM) and Nutratein(R) are canola protein
isolates with unique functional and nutritional attributes. For more
information about the Company, visit www.burcon.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
'Johann F. Tergesen'
Johann F. Tergesen
President and Chief Operating Officer
The TSX has not reviewed and does not accept responsibility for the
adequacy of the content of the information contained herein. This press
release contains forward-looking statements or forward-looking information.
Forward-looking statements or forward-looking information involve risks,
uncertainties and other factors that could cause actual results,
performances, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking statements. All statements
other than statements of historical fact included in this release are
forward-looking statements, including, without limitation, statements
regarding plans and timing for the introduction or enhancement of our
products, statements about future market conditions, supply and demand
conditions, and other expectations, intentions and plans contained in this
press release. There can be no assurance that such statements will prove to
be accurate and actual results and future events could differ materially
from those anticipated in such statements or information. Important factors
that could cause actual results to differ materially from Burcon's plans
and expectations include the actual results of marketing activities,
adverse general economic, market or business conditions, regulatory changes
and other risks and factors detailed herein and from time to time in the
filings made by Burcon with securities regulators and stock exchanges,
including in the section entitled 'Risk Factors' in Burcon's annual
information form dated June 25, 2013. Any forward-looking statement or
information only speaks as of the date on which it was made and, except as
may be required by applicable securities laws, Burcon disclaims any intent
or obligation to update any forward-looking statement, whether as a result
of new information, future events or otherwise. Although Burcon believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such.
CLARISOY is a trademark of Archer Daniels Midland Company.
Media&Industry Contact:
Michael Kirwan
Director, Corporate Development
Burcon NutraScience Corporation
Tel (604) 733-0896, Toll-free (888) 408-7960
mkirwan(at)burcon.ca
www.burcon.ca
Investor Relations Contact:
Matt Glover or Michael Koehler
Liolios Group Inc.
(949) 574-3860
bur(at)liolios.com
End of Corporate News
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