Dunedin-based biotechnology firm Botryzen clocked up a $1.6 million loss in the year to March 31, more than double that of the same period a year earlier. Last year's $758,000 loss was bolstered by the sale of Botryzen's Dunedin factory.
No dividend was declared.
Botryzen was upbeat about its outlook,
saying its product - a biological control for the botrytis grape-wasting fungus - was now "fully technologically developed and widely proven in the field". Market demand within New Zealand, the US and Europe was "clearly visible".
"Consumers and growers at this time are actively seeking biological alternatives to chemical solutions," Botryzen said. "While we know further challenges lie ahead we remain confident that we are now through the hardest parts of the process."
Shares in Botryzen last traded on Friday at 4.6c, against a year high of 21c and a low of 4c. Botryzen undertook a rights issue in November last year, raising $3.9 million to build its commercial presence in New Zealand and overseas markets.
During the year, it began formal product registration in the United States and in Europe; began expanding its Dunedin manufacturing plant; and committed to a large-scale European-based manufacturing facility.
The Dunedin manufacturing plant was four weeks behind schedule because of the range of specialist tasks required.
"We remain on target to manufacture new product for the approaching season, commencing in September, but final determination of the actual quantities are dependent on the timeline for completion of the factory upgrade," Botryzen said.
The company said it was in advanced negotiations with a specialist German biological product manufacturer over contracting out European production, with the aim of European marketing in January.
Botryzen also continued research and development of new products, with its second key product producing strong field results.
- NZPA
