Avivagen Inc. Announces Results for the First Quarter Ending January 31, 2021 - Seite 2

First Quarter January 31, 2021 Financial Results
The Company’s unaudited Financial Statements for the first quarter ended January 31, 2021 and the accompanying Management’s 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 financial information for the first quarter ended January 31, 2021 should be read in conjunction with the Company’s unaudited Financial Statements as well as its Management’s Discussion and Analysis for the first quarter ended January 31, 2021.

The Company reported revenues of $261,987 ($247,805 in the quarter ending January 31, 2020) and a comprehensive loss of $(1,266,300) for the quarter ending January 31, 2021. This compares to a comprehensive loss in the quarter ending January 31, 2020 of $(1,331,780). Revenues in the quarter do not include recent large orders of OxC-beta^TM Livestock from Industrias Melder (10 tonnes) and Transformadora Agricola de Alimentos S.A. de C.V in Mexico (six tonnes), both which should commence shipping in Q2 and will begin to be reported in the Company’s financial results in Q2 2021. As at January 31, 2021, the Company reported total assets of $1,424,927 (current assets of $1,064,378), total liabilities of $7,476,587, and shareholders’ deficit of ($6,051,660).

Significant financing inflows after the quarter ending January 31, 2021, was an offering of 15,000,000 units of the Company at $0.50 per unit for aggregate gross proceeds of $7,500,000. The offering closed on February 16^th, 2021.

Each unit consisted of one common share in the capital of the Company (each a “Common Share”) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable to acquire one Common Share until February 16, 2024 at an exercise price of $0.75 per share. The net proceeds of the Offering will be used to fund research and development expenses, sales and marketing costs, product registration, interest expense, working capital and general corporate purposes.

About Avivagen
Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications. By unlocking an overlooked facet of β-carotene activity, a path has been opened to safely and economically support immune function, thereby promoting general health and performance in animals. Avivagen is a public corporation traded on the TSX Venture Exchange under the symbol VIV and on the OTCQB Exchange in the U.S. under the symbol VIVXF, and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.