Business
Burcon Reports Fiscal 2023 Third Quarter Results
Vancouver, British Columbia--(Newsfile Corp. - February 14, 2023) - Burcon NutraScience Corporati...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Reports Fiscal 2023 Third Quarter ResultsVancouver, British Columbia--(Newsfile Corp. - February 14, 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 results for the fiscal third quarter ended December 31, 2022.Operational highlights for the third quarter ended December 31, 2022:During the quarter, Burcon:recorded a 44% quarter-over-quarter increase in royalty revenues from its licensee, Merit Functional Foods Corporation (\"Merit\");advanced the due diligence process in support of the partnership discussions with potential partners on opportunities to commercialize one or more of Burcon's innovative plant-based protein technologies;appointed specialty protein executive, Kip Underwood, as Burcon's new Chief Executive Officer;announced the appointment of climate tech specialist, Aaron T. Ratner, to Burcon's board of directors; andappointed KPMG LLP as Burcon's successor auditor.During the quarter, Burcon's 31.6% investee, Merit:recorded $3.0 million in total revenue, an increase of 146% from year ago quarter;officially launched its first USDA Certified Organic protein ingredient, Peazazz C™ 850 pea protein;collaborated with Canadian partners, in a project co-invested by Protein Industries Canada, to develop a new line of high-quality plant-based seafood alternative products;showcased its protein ingredients in new product concepts at Supply Side West and Fi Europe tradeshows; andsold its best-in-class pea and canola protein ingredients into new product applications and new geographic regions.Subsequent to the quarter-end, Burcon:received a notice of allowance from the US Patent and Trademark Office of a key patent application for the unique process and characteristics of Burcon's Peazazz® pea protein which has issued as a patent on February 8, 2023; andannounced, in a shareholder letter, its commitment to the Merit business and proposed plans for a path to profitability.Management CommentaryNew leadership, progress and production consistency marks our fiscal 2023 third quarter, which saw our investee, Merit Functional Foods, achieve the highest protein sales for any single quarter to-date, as well as saw Burcon further advancing its partnership discussions. Burcon's team work...