Business
Burcon Announces Unaudited Fiscal 2023 Results and Reviews Operations
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2023) - Burcon NutraScience Corporation (...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Announces Unaudited Fiscal 2023 Results and Reviews OperationsVancouver, British Columbia--(Newsfile Corp. - June 22, 2023) - Burcon NutraScience Corporation (TSX: BU) (\"Burcon\" or the \"Company\"), a global technology leader in the development of plant-based proteins for foods and beverages, reported unaudited results for the fiscal year ended March 31, 2023.\"Fiscal 2023 was a challenging year for Burcon. The company overcame setbacks, brought in new leadership and chartered a new course for the Company,\" said Kip Underwood, Burcon's chief executive officer. \"We believe in the market opportunity driven by plant-based foods and the role our technology can play in its success. Our pea, canola and soy proteins are proven on a commercial scale, while our sunflower and hemp proteins are market ready. Burcon has a portfolio of proteins that offers compelling value propositions to food formulators addressing the needs of health and sustainability. We are excited to move forward with our Burcon 2.0 strategy and look forward to capitalizing on the opportunities ahead.\"Fiscal 2023 Operational HighlightsBurcon's focus for fiscal 2023 was to bring in new leadership for its next chapter of growth and to pursue commercialization opportunities for its portfolio of best-in-class plant-based protein ingredients.During fiscal 2023, Burcon:expanded its patent portfolio by 29 issued patents including two additional US patent grants covering a key Peazazz pea protein process and the unique process to produce protein from sunflower and other oilseeds;filed three additional US patent applications covering technologies for the production of sunflower seed protein, non-soy oilseed protein and soluble soy protein ingredients;announced the appointment of specialty protein executive, Kip Underwood, as chief executive officer; announced the appointment of climate tech specialist, Aaron Ratner, to Burcon's board of directors; secured a $10 million credit facility with a major shareholder; andreceived funding from Protein Industries Canada to support the development of food-grade high purity protein ingredients from sunflower seeds.Subsequent to the year-end, Burcon:announced its sunflower protein process is commercially ready;closed a fully subscribed $3.4 million non-brokered private placement; andlaunched its pilot plant processing and scale-...