Burcon NutraScience Corporation announced its results for fiscal year 2022, during which the company established its joint venture Merit Functional Foods.
The company’s primary focus during the twelve months ended March 31 was to support Merit Foods, which it called the world’s first and only commercial producer of food-grade canola protein ingredients, and to refine its 94,000 square foot state-of-the-art protein production facility.
“Fiscal 2022 was a year in which we saw the successful commercialization of Burcon’s pea and canola protein technologies, establishing our joint venture and licensee, Merit Functional Foods,” said CEO and President. acting Peter Kappel in a statement.
READ: Burcon NutraScience executes $10 million loan deal with large-scale investments to fund plant-based technology commercialization efforts
During the year, Merit’s protein sales increased each quarter and reached total revenues of C$6.3 million, with an 84% quarter-over-quarter increase in total sales in fourth trimester. Burcon reported merit royalty revenue of C$171,000.
Kappel continued, “Merit has reached an important milestone in 2021 by announcing that its plant is commercially ready to supply best-in-class pea and canola protein to key food and beverage customers. We are delighted to see Merit taking on more and more customer orders as it continues to ramp up production. »
Burcon’s net loss totaled C$10.3 million, or C$0.09 per basic and diluted share, for fiscal 2022, compared to a net loss of C$618,000, or C$0.01 CA per share, for fiscal year 2021.
As of March 31, the company’s cash balance was C$7 million, up from C$14 million a year earlier. In fiscal 2022, Burcon entered into a secured loan agreement of up to C$10 million with a major shareholder. If fully drawn down, the company believes it has sufficient resources to fund its expected level of operations and working capital requirements through February 2024.
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