Montreal, Canada -- Renewable materials manufacturer BioAmber announced sales revenues of $2.2m during 2015, compared to $1.5m in 2014.
The figure included $1.1m revenues on biosuccinic acid sales during Q4 2015.
BioAmber’s annual report also said the firm raised $11.8m from selling more shares in January, 2016.
The firm’s chief executive Jean-Francois Huc said: “We made excellent progress in Sarnia during Q4. Fermentation continued to perform very well and purification improved steadily over the quarter.
“We encountered typical problems expected during a start-up, but we were successful in producing quality product at a competitive cost and initiating customer sales.”
Gross loss for the year ended December 31, 2015 decreased to $441,000 from $4.5m in 2014. This was due to a reduction in the cost of goods sold, driven by lower costs for product made in Sarnia as compared to the cost of product made in the French demo plant, the inventory write down taken in 2014 and the toll-manufacturing fixed costs, which did not occur in 2015.
R&D expenses increased to $20.3m in 2015 up 33% on 2014.
This was driven primarily by an increase in expenses related to the commissioning and start-up of the Sarnia plant and partially offset by a reduction in BDO-related expenses due to a licence agreement with UK-based development and process engineering company Johnson Matthey Davy.
The firms Sarnia facility, which went live in August, 2015 as previously reported at UTECH-polyurethane.com, also obtained certifications during Q4 2015.