An Ottawa life sciences company that makes a natural health compound designed to boost the immune systems of livestock reported a significant jump in revenues and secured the largest recurring order in its history in the second quarter.
Avivagen, which trades on the TSX Venture Exchange in Canada and the OTCQB Venture Market in the U.S., said it had revenues of nearly $160,000 in the three-month period ending April 30, up from just under $30,000 a year earlier.
The firm also posted a loss of $2.2 million, compared with a loss of $1.2 million in the second quarter of 2020.
Avivagen, which produces supplements aimed at replacing antibiotics in cattle feed, also said it landed an 18-month contract to supply fourth tonnes of its OxC-beta Livestock product per month to a customer in Mexico. At 64.5-tonnes, the deal is the Ottawa firm’s biggest ever.
The company also announced this week it has closed a $7.5-million bought-deal offering it announced earlier this year. Avivagen is now working on a new version of the product aimed at humans that it hopes will help it finally achieve its long-anticipated market breakthrough.