Montreal, Canada — Biosuccinic acid sales at Bioamber increased by 45% in the third quarter of 2016 compared with the 2015 quarter to $3.7m, the firm announced.
The cost of goods sold was $ 5m in the quarter a 12%/unit fall compared with the same quarter in 2015. This was due to higher yeilds, higher plant uptime, and a higher percentage of on-spec product produced, the firm added.
Research and development costs were $1.8m in the quarter compared with $6m in the 2015 quarter, there was also a significant reduction in sales and marketing expenses as a result of Mitsui assuming this role. Mitsui invested a further CDN$25m (EUR15.9m) in the Sarnia biobased succinic acid plant it is a jv partner in with BioAmber earlier in the year.
However, the firm was hit by a change in the value of warrants issued to the tune of $4.7m which it has recorded in this quarter's numbers.
