Business
Burcon announces year-end results, updates on activities
Burcon announces year-end results, updates on activities
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"\n\n\n\n Jun. 28, 2010 (Canada NewsWire Group) -- Burcon NutraScience Corporation (TSX - BU) ("Burcon") today reported financial results for the fiscal year ended March 31, 2010 and provided a review of the year's operations.\n\nA summary of the highlights of the past year includes:\n\n\n >\n\n\nOn June 18, 2009, Burcon completed a public offering of 2,942,950 common shares at $5.75 per common share, including 333,950 common shares pursuant to the partial exercise of the agents' over-allotment option. The agents received a cash commission of 6% of the gross proceeds and compensation options entitling the agents to purchase up to 117,718 common shares (equal to 4% of the common shares sold pursuant to the offering). Each compensation option is exercisable to acquire one common share of the Company at an exercise price of $5.75 per share at any time before and including December 18, 2010. As of today's date, 94,874 of the compensation options remain outstanding. Burcon is using the net proceeds from the offering for continued research and development of Burcon's soy protein isolate extraction and purification technology (CLARISOY(R)), further refining of Burcon's canola protein isolate extraction and purification technology (Puratein(R) and Supertein(TM)), filing new patent applications and expanding Burcon's intellectual property portfolio, and for general working capital purposes. The net proceeds will also be used towards legal fees for the negotiation of agreements for CLARISOY(R) soy protein isolate, Puratein(R) and Supertein(TM) canola protein isolates.\nConcurrent with the completion of Burcon's public offering, the Company's common shares were listed on the TSX.\nDuring the year, scientists from Burcon and ADM collaborated to prepare manuscripts summarizing the design of and results of the toxicology studies conducted in fiscal 2008 as part of the GRAS self-affirmation process. The manuscripts were prepared for submission to and ultimately publication in peer-reviewed journals. The publication of these scientific studies forms an important part of the GRAS notification process which Burcon and ADM have chosen to pursue after Burcon's Puratein(R) and Supertein(TM) canola protein isolates achieved U.S. self-affirmed GRAS status in October 2008.\nA formal GRAS notification was filed with the FDA in January 2010 and,...