OTTAWA--(BUSINESS WIRE)--Avivagen Inc. (TSXV:VIV) ("Avivagen"), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that safely enhances feed intake and supports immune function, thereby supporting general health and performance, has announced its unaudited financial results for the Second quarter of 2023.

"The Special Committee continues to examine all potential alternatives, including a strategic sale, in whole or in part, of the company", said Kym Anthony, Avivagen CEO. "To date, Avivagen has received numerous responses from firms wishing to engage in preliminary discussions regarding such alternatives".

Second Quarter April 30, 2023, Financial Results

The Company's unaudited Financial Statements for the second quarter ended April 30, 2023, and the accompanying Management's Discussion and Analysis have been filed on the System for Electronic Document Analysis and Retrieval and are available via its website (). The financial information for the second quarter ended April 30, 2023, should be read in conjunction with the Company's unaudited Financial Statements as well as its Management's Discussion and Analysis for the second quarter ended April 30, 2023

The Company reported net revenues of $77,683 and a comprehensive loss of $(1,244,829) for the three-month period ended April 30, 2023. This compares to revenues of $88,438 and a comprehensive loss of $(1,303,677) in the three-month period ended April 30, 2022.

For the six-month period ended April 30, 2023, the Company reported net revenues of $143,722 and a comprehensive loss of $(2,398,759). This compares to revenues of $359,595 and a comprehensive loss of $(2,856,529) in the six-month period ended April 30, 2022.

As of April 30, 2023, the Company reported total assets of $324,686 (current assets of $266,140), total liabilities of $8,633,272, and shareholders' deficit of $(8,308,586).

About Avivagen

Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general health and performance. It is a public corporation traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada. The contents of the website are expressly not incorporated by reference in this press release.

About OxC-beta Technology and OxC-beta Livestock

Avivagen's OxC-beta technology is derived from Avivagen discoveries about β-carotene and other carotenoids, compounds that give certain fruits and vegetables their bright colours. Through support of immune function, the technology provides a non-antibiotic means of promoting health and growth. OxC- beta Livestock is a proprietary product shown to be an effective and economic alternative to the antibiotics commonly added to livestock feeds. The product is currently available for sale in the United States, Mexico, Philippines, Taiwan China, New Zealand, Thailand, Australia and Malaysia. OxC-beta has been fed to over 46.6 million food animals (poultry, swine, and dairy cattle), 133,820 dogs and 4,000 people.

Avivagen's OxC-beta Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.