Montreal, Canada – BioAmber first quarter 2016 results were hit by fixed costs and off-spec product reprocessing costs, turning $1.5m revenue into a loss of $1.6m in the quarter.
Revenue was up considerably from the $57,000 for the same period in 2015. Research and development (R&D) costs fell from $4.6m in Q1 2015 to $1.8m in the first quarter of 2016, as commissioning and start-up costs were recorded as R&D expenses, BioAmber said.
Sales, marketing, general and administration costs were unchanged year on year. There was a net financial charge of $3.4m in the 2016 quarter, compared with $571,000 in the 2015 quarter. This was due to a charge of $2.8m for re-valueing warrants, and an interest charge of $619,000 on long-term loans, the firm said.
BioAmber recorded an unchanged operational loss of $8.5m.
In the quarter, BioAmber raised $11.9m from a public equity offering, Mitsui invested CAD 25m to take its stake in BioAmber's Sarnia operation from 30% to 40%, and BioAmber gained a CAD 10m loan from BDC Capital.