Business
Burcon Reports Fiscal 2024 First Quarter Results
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2023) - Burcon NutraScience Corporation...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Reports Fiscal 2024 First Quarter ResultsVancouver, British Columbia--(Newsfile Corp. - August 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 first quarter ended June 30, 2023.Operational highlights for the first quarter ended June 30, 2023:During the quarter, Burcon:closed a fully subscribed $3.4 million non-brokered private placement;announced that its sunflower protein process is commercially ready;launched its Winnipeg Technical Centre as a pilot plant processing and scale-up validation service provider;expanded its scope of strategic partnership opportunities for each of its innovative plant-based protein technologies; andadvanced the due diligence process to commercialize its hempseed protein technologySubsequent to the quarter-end, Burcon:partnered with HPS Food and Ingredients Inc. to launch the world's first soluble hempseed protein isolate; andsuccessfully launched its soluble hempseed protein isolate at IFT FIRST 2023 in Chicago, ILManagement CommentaryBurcon began fiscal 2024 by strengthening its balance sheet with a $3.4 million non-brokered private placement, which, together with its recent cost-cutting measures and pursuit of potential government funding, is expected to provide us with sufficient runway to execute our Burcon 2.0 strategy. Continued support from our long-term shareholders allowed us to raise funds well above our initial target in the May 2023 private placement. Our focus going forward is to create value for the Company and in particular, for our shareholders who believe in our vision and strategy.Our revised Burcon 2.0 strategy, which includes identifying additional revenue sources, getting closer to customers and gaining more influence over the production of our proteins, is a path for us to create value for the Company. Our partnership with HPS Food and Ingredients Inc. (\"HPS\") is the first of many proof points for Burcon 2.0. The partnership is an excellent marriage of expertise, creating positive synergistic results. Burcon has production and process engineering expertise, while HPS has access to hempseed farmers and a global network of hemp ingredient customers. In addition, we continue to evaluate different routes to ma...