The Net Loss for the quarter was $47,605,949, or $0.22 per share, compared to $15,427,547, or $0.07 per share, for the comparable prior year quarter. This increase in net loss is of course the cumulative result of the various items discussed above.
Working Capital and Liquidity
As at December 31, 2012, current assets were $3,321,747, including cash and cash equivalents of $2,885,444. Against current liabilities of $8,123,123, this results in negative net working capital of ($4,801,379), primarily due to the inclusion of the $6.8 million Romspen loan, including accrued interest, due in July 2013 as a current liability, as its maturity falls within one year. This compares to current assets of $12,393,905 and net working capital of $6,537,704 as at December 31, 2011.
BioExx's Net Cash Flow From (Used In) Operating Activities during the year was ($8,829,434), compared to ($12,934,177) in 2011. The change primarily reflects the different operating environments and cost reduction efforts in the respective years, as discussed above.
BioExx's Net Cash Flow From (Used In) Investing Activities during the year was ($2,742,719). The balance results from significant reductions in capital spending, at $2,952,762 in the year, offset by proceeds received from the disposal of certain assets held for sale. The capital spending in 2012 is mainly a result of property, plant and equipment expenditures from 2011 and Q1 2012, which were paid during the year. In addition, capital spending on intangible assets was $1,321,005, as a result of the aforementioned capitalization of plant expenditures, which directly related to the piloting activity as a component of Development Costs, in the amount of $751,317. This compares to 2011 at ($14,345,128), with capital spending much higher at $17,318,199.
BioExx's Net Cash Flow From (Used In) Financing Activities during the year was $4,448,973, resulting primarily from the Romspen debt financing, net of the repayment of the prior Farm Credit Canada mortgage as well as proceeds from the issuance of Convertible debentures. This compares to $20,659,204 in 2011, largely due to the completion of the bought deal equity financing for gross proceeds of $23,000,000.
About BioExx Specialty Proteins Ltd.
Headquartered in Toronto, Canada, BioExx is focused on the separation of oil and high-value proteins from oilseeds for global food, beverage, nutrition, and other markets. BioExx employs trade secret, patented and patent-pending technologies to enable the improved separation of proteins from oilseeds. BioExx believes that these processes cumulatively have the potential to make a valuable contribution to global food and protein supply while maintaining an environmentally sustainable footprint.
To find out more about BioExx Specialty Proteins Ltd. (TSX: BXI), please visit www.bioexx.com.
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for BioExx's products, the availability of funding, the efficacy of its technology, and the anticipated costs of BioExx's plant construction and operation. Furthermore, there can be no guarantees that any agreement will be signed with a strategic partner. These forward-looking statements are made as of the date hereof and BioExx does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from BioExx's expectations and projections.
BioExx Specialty Proteins Ltd.
Chief Executive Officer
(416) 588-4442 x111
Investor Relations: TMX Equicom
(416) 815-0700 x238
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