Vancouver-based Burcon NutraScience Corp, a R&D company developing a portfolio of patents around its plant protein extraction and purification technology, has reported financial results for the fiscal year ended 31 March 2002 and reviewed the year’s operations.
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Burcon reported a net loss of C$3.87m (US$2.54m) or C$0.31 per share compared to C$2.06m or C$0.18 per share for the full year. The net loss amount includes goodwill amortisation of C$465,814.
During fiscal 2002, Burcon expanded its operations both at the Winnipeg Technical Centre and also at the head office level through significant acquisition of plant equipment and the hiring of scientific and management personnel. This resulted in higher research and development expenses and also administrative expenses. Burcon also acquired C$1.5m in property and equipment, primarily at the Winnipeg Technical Centre.
To fund the increased levels of operation, R&D activities and capital acquisitions, Burcon completed a private placement for C$2.75m during the year. Cash and short-term deposits totalled C$1.05m on 31 March 2002, as compared to C$2.94m. Subsequent to the year-end, Burcon completed a private placement and raised C$3.33m. Net proceeds will be used to further refine its protein extraction and purification technology and pursue new related products, pursue functionality development initiatives relating to Burcon’s proteins, initiate nutrition profiling of its proteins, further accelerate its patent activities, prepare for regulatory approval of its proteins for human consumption, hire additional scientific personnel, and provide general working capital.
Review of operations
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By GlobalDataJohann F. Tergesen, president and COO, explained that during the past year, Burcon has focused on accelerating the commercialisation of its novel canola protein extraction and purification technology. In operational terms, this meant significant research advancements in optimising both the protein extraction technology and the proteins produced from the technology. Burcon’s research efforts culminated in filing important patents.
The company revealed that some of the discoveries and innovations during the past year include:
– The use of Burcon’s extraction technology to produce protein isolates from oilseeds other than brassica (ie other than canola, rapeseed and mustard) including flax and Linola,
– Improvements to Burcon’s technology adapting from a batch to continuous processing format,
– Innovations regarding the modification of inputs, which improve both protein yield and quality,
– Process changes enabling the production of distinct and valuable new protein fractions,
– Innovations in the use of Burcon’s proteins as functional and nutritional food ingredients,
– And most importantly, the introduction of Burcon’s second major canola protein: Supertein.
Burcon expanded and strengthened its scientific management during the year with the additions of Dr. Radka Milanova as sr VP, R&D and Randy Willardsen as sr VP, process who now head Burcon’s development and commercialisation efforts. Other important additions to Burcon’s team in the past year include Dr. Lei Xu, who joined from the University of Toronto and brings expertise in chemical engineering and Dr. Martin Schweizer, a process engineering specialist from Nantes, France who adds an international perspective on plant proteins.
Objectives for fiscal 2003 include a continued focus on innovation and intellectual property development. Burcon’s overall goal is to bring Puratein and Supertein to market as quickly as possible. With that goal in mind, Burcon will investigate opportunities to partner or form strategic alliances.
