Local biotech firm Avivagen (TSX-V:VIV) hit a snag in revenues this past quarter even as the firm continues to secure regulatory approvals for its alternative to antibiotic-based livestock feed.
The Ottawa-based firm reported revenues of $12,484 for the three-months ended July 31 – compared to $351,729 in the same period last year. Avivagen attributes the drop to a mistiming in sales, which have since closed after the end of the quarter.
The firm is still in the midst of expanding, developing its product line and obtaining regulatory approvals for its feed across the world. As such, it has yet to record a profit: the firm reported a net loss of $1.3 million in the quarter, an increase of roughly $300,000 year-over-year.
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But Avivagen’s head of investor relations Drew Basek told OBJ earlier this year that the firm, which recently raised $5.3 million in a private placement, is primed for a breakthrough after receiving approval to sell its OxC-beta product in the United States. The company’s main priority now, Basek said, is maintaining financing while it ramps up sales in lucrative markets such as the U.S., Mexico, Brazil and China.
“The last hurdle for us, we think, is just having enough money in the bank to make sure,” he said in March. “Now, everything else is execution.”