Business
Avivagen Inc. Announces Results for the First Quarter Ending January 31, 2022
Avivagen Inc. Announces Results for the First Quarter Ending January 31, 2022.
About this update from Avivagen, Inc.
[{"type":"text","content":"\nAvivagen Inc. (TSXV:VIV, OTCQB:VIVXF) (“Avivagen”), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that safely enhances feed intake and supports immune function, thereby supporting general health and performance, has announced its unaudited financial results for the first quarter of 2022.\n\nFirst Quarter January 31, 2022, Financial Results\n\nThe Company’s unaudited Financial Statements for the first quarter ended January 31, 2022, 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, 2022, 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, 2022.\n\nThe Company reported net revenues of $271,157 (compared to $261,987 in the quarter ending January 31, 2021) and a comprehensive loss of $(1,552,852) for the quarter ending January 31, 2022. This compares to a comprehensive loss in the quarter ending January 31, 2021, of $(1,266,300). As at January 31, 2022, the Company reported total assets of $2,543,905 (current assets of $2,388,574), total liabilities of $8,004,737, and shareholders’ deficit of ($5,460,832).\n\nSubsequent to the end of the quarter, the company received regulatory approval in Vietnam, as well as completed a private placement of debentures and shares for gross proceeds of $5.678 million. The proceeds from the debenture and share offering were used by Avivagen to retire principal and interest outstanding pursuant to existing debentures and for transaction expenses.\n\nThe Company also provided an update with respect to the payment of annual maintenance fees on the debentures issued in April 2019. The Company has opted to pay the maintenance fee of $2,280 owing in respect of such debentures in cash rather than paying in shares as previously announced.\n\nAbout Avivagen\n\nAvivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general he...