Montreal, Canada — BioAmber, saw a 46% increase in sales of its bio-succinic acid to $2.1 m in the first quarter of 2017 compared with Q1 2016.
BioAmber sales up 46% in Q1 2017
The company managed to reduce a loss of $12.5 m in the first quarter of 2016 to a loss of $1.4 m in the first quarter of 2017.
"Our first quarter of 2017 witnessed record throughput rates at the plant, combined with incremental decreases in our overall operating costs per unit sold," said Fabrice Orecchioni, president, coo and interim ceo at the firm. "In addition, our recent listing on the Toronto stock exchange will provide greater liquidity and depth of distribution for our shareholders and potential investors," he said.
The firm's shares became eligible for trading on the Toronto stock exchange at the beginning of May, and on 9 May 8 m warrants which the company issued at the time of its initial public offering expired. Also in the quarter on 27 January BioAmber raised $20 m from an equity offering which it used to to pay off outstanding corporate debt.
The company said that its Sarnia, Ontario plant "attained a new throughput record, briefly surpassing 70% (capacity utilisation) and saw a further reduction in variable costs compared to the equivalent quarter in 2016."
Additionally, BioAmber said it gained seven new clients in the quarter.