Business
Burcon Announces Fiscal 2025 First Quarter Results
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2024) - Burcon NutraScience Corporation...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Announces Fiscal 2025 First Quarter ResultsVancouver, British Columbia--(Newsfile Corp. - August 14, 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 first quarter ended June 30, 2024.\"Burcon's first ever, direct commercial protein sale marks a significant milestone achievement. We believe we are on the cusp of moving beyond a company that creates technology to one that derives profit from our innovation,\" said Kip Underwood, Burcon's chief executive officer. \"We are executing our capital-light strategy which enables us to bring our best-in-class protein ingredients to market and deliver increased shareholder value.\" Operational highlights for the first quarter ended June 30, 2024:During the quarter, Burcon:achieved first commercial sales of world's first high purity hempseed protein isolate;launched high purity, nutritionally complete canola protein to tap into additional markets;expanded US investor outreach with trading of shares on OTCQB Venture Market;announced the appointment of Robert Peets as Chief Financial Officer;tapped into a new revenue stream through contract research services; andshowcased its 95% hempseed protein isolate at SupplySide East.Subsequent to the quarter-end, Burcon:achieved the first commercial production of its canola protein isolate.Management CommentaryOur fiscal first quarter marks the beginning of our next growth phase: technology scale-up and sales. We are pleased to achieve our first commercial sale for hemp protein, which validates Burcon's capital-light business model, go-to-market strategy and value propositions. With established production capabilities, Burcon has the optionality to bring an expanded portfolio of protein products to market. Moving forward, our focus is to execute our plan, ramp production of our proteins and sell into innovative consumer brands.We continue to see strong demand for our 95% Hempseed Protein Isolate and Puratein® C canola protein. Prospective customers in various stages of product evaluation and trials have provided exceptional feedback, particularly on the high purity, taste and functionality of our proteins. Our sales strategy targets innovative, new consumer brands tha...