Business
Burcon Announces Fiscal 2024 Results and Reviews Operations
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2024) - Burcon NutraScience Corporation (...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Announces Fiscal 2024 Results and Reviews OperationsVancouver, British Columbia--(Newsfile Corp. - June 26, 2024) - Burcon NutraScience Corporation (TSX: BU) (OTCQB: BRCNF) (\"Burcon\" or the \"Company\"), a global technology leader in the development of plant-based proteins for foods and beverages, reported results for the fiscal year ended March 31, 2024.\"Fiscal 2024 was an incredible turnaround year for Burcon. We cleared a number of key milestones in our revised business plan. The Company is in an excellent position to produce and sell its best-in-class protein ingredients, generate revenues, and capture value for our shareholders,\" said Kip Underwood, Burcon's chief executive officer. \"We believe our market-disrupting, high purity plant proteins can enable the creation of great-tasting, healthy and sustainable products that consumers demand. We are thrilled to ramp up production and sales to meet the growing customer demand as we tap into a $40 billion addressable market for Burcon's high purity protein ingredients.\"Fiscal 2024 Operational HighlightsBurcon's focus for fiscal 2024 was to reposition the Company for success, which included revising its strategy, developing and funding a solid business plan, and executing against those business plan goals.During fiscal 2024, Burcon:scaled commercial production of the world's first 95% hempseed protein isolate;validated customer demand for its protein products, which exceeded all initial expectations;established commercial production capabilities via integration of proprietary processing equipment at its partner manufacturer's facility;entered into production agreement with its partner manufacturer;partnered with HPS Food and Ingredients and launched the world's first high purity, hempseed protein isolate;showcased its high purity, 95% hempseed protein isolate at major food ingredient tradeshows;successfully raised total proceeds of $7.8 million via two separate non-brokered private placements;entered into an agreement to access second $5 million tranche of the $10 million loan from its largest shareholder; andreceived co-investment from Protein Industries Canada for $6.9 million project to scale up hempseed and sunflower seed proteins.Subsequent to the year-end, Burcon:achieved first commercial sales of world's first high purity hempseed protein isolate;launched high...