Unveiling the Highlights: Recent Corporate Achievements
Revenue increase for six month period of 116% year over year
Significant advancements in exchange listing initiative
Biopesticide technology receives regulatory approval for 2023 field studies
Debut of twice-as-powerful acrylamide-reducing yeast
Appointment of seasoned professional to Board
Vancouver, British Columbia – June 15, 2023 – Renaissance BioScience Corp. (“Renaissance” or the “Company”) is pleased to report on recent corporate developments. All amounts are presented in Canadian dollars unless otherwise stated:
- Renaissance’s revenue increased by 116% for the six months ended March 31, 2023, driven primarily by the following commercial developments:
- The Company entered into a joint development agreement (“JDA”) for yeast strain optimization. This JDA brings revenue to the Company over the development period and upon successful completion, success fees based on future sales of the optimized yeast strain. This JDA is a direct result of Renaissance’s world class bioengineering capabilities and demonstrates the importance of establishing relationships with world leading companies to lead to additional revenue generating projects.
2. Increased royalties from Renaissance’s license agreements. During the six months ended March 31, 2023, two new products resulted in the majority of the increase inroyalty revenue for Renaissance and are expected to continue to drive revenue growth over the prior year for the remainder of fiscal 2023 and beyond.
- In April 2023, the Company entered into a definitive agreement with an unrelated capital pool company, Timeless Capital Corp. (“Timeless”), to complete a business combination which is intended to constitute a Qualifying Transaction as defined by Policy 2.4 of the TSX Venture Exchange (“TSXV"). It also received approval of the transaction by the Company’s shareholders and received conditional listing approval by the TSXV. Completion of the transaction is subject to a number of TSXV conditions including, but not limited to, the Company closing its concurrent financing of a minimum of $3,600,000 and extension of outstanding convertible debentures.
- In May 2023, Renaissance’s application to the Canadian Pest Management Regulatory Agency (“PMRA”) was approved for field studies for our environmentally safe biopesticide for our first insect target, the Colorado Potato Beetle (“CPB”). CPB causes significant agricultural losses for potato growers around the world and has shown significant resistance to current pesticides, leading to a heightened need for new technologies. The studies being performed in Canada in summer of 2023 alongside other locations in the US and Europe are aimed at investigating application rates and timing, insect mortality, and overall crop protection, with a focus on maximizing the final tuber yield and quality as efficiently and at as low a cost as possible. This fieldwork is an important step forward in the Company’s biopesticide development pipeline, and the results will allow the team to expand future field trials toward formal product registration. For more detail, please refer to the Company’s recent press release (https://renaissancebioscience.com/corporate/renaissance-bioscience-s-novel-rnai-biopesticide-technology-receives-canadian-regulatory-approval-for-2023-field-studies)
- Our licensee, Kerry Group, launched Acryleast Pro acrylamide-reducing non-GMO yeast in North America, the advanced iteration of the previous version, Acryleast. Kerry notes Acryleast Pro “is the only organic-suitable baker’s yeast that effectively reduces the levels of acrylamide in a wide range of manufactured and organic food products by up to 90%. It delivers 2.2 times more enzyme activity than the first-generation product, meaning that it is much more effective and cost-efficient in lower doses. Acrylamide is a long-confirmed neurotoxin found to form in a large range of carbohydrate-rich foods that are heated and cooked (baked, fried, toasted, roasted, etc.) at temperatures above 120°C or 248°F.”. This is important as changes to acrylamide regulations are expected in 2023 with tougher directives on benchmark levels and new maximum levels to be introduced to reduce exposure to this neurotoxin and probable carcinogen. Renaissance anticipates that the adoption of this clean-label friendly yeast product in various food applications will increase due to the cost-competitiveness and ease of use, resulting in increased royalties for the Company.
- Blair Jordan joined the Company’s Board of Directors as an independent Director. Mr. Jordan has extensive management and Board experience and is currently the CEO and co-founder of HighMont Advisors Inc., a North American strategy and finance consultancy, where he specializes in advising companies undergoing transitions, including rapid growth, mergers and acquisitions and private to public events.
Renaissance’s key development and financial performance goals for both the quarter and six month period have been met and our expectation is for continuing quarter over quarter revenue growth from sales growth of existing commercial products already in distribution with our current commercial partners, the plans for new product introductions and increased distribution expansion for existing products and expected increase in joint development projects with new commercial partners.
Based in Vancouver, Canada, Renaissance is a biological engineering company, whose platform technologies are used to develop innovative, market-ready, functional microorganisms that provide sustainable solutions to a broad range of health, environmental and industrial problems.
For more information, please visit our website at www.renaissancebioscience.com or contact:
Davona Walton, CFO
Caution Regarding Forward-Looking Statements
This press release may include forward-looking statements with respect to the Company based on management’s opinions, estimates and assumptions considering its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the circumstances. Generally, forward-looking statements can be identified using terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “potential” and similar expressions. The forward-looking statements contained in this press release are made as of the date hereof.
Forward-looking statements contained in this press release may include, but are not limited to: statements with respect to the successful execution of the Company's business and investment strategy (including its business model), the Company’s intellectual property, entrance of the Company’s business into new markets, the use and benefits of its products and services, the Company’s favourable position in the market on a go-forward basis, demographic and market size/trends, forecasts of revenue and financial projections/growth potential, competitive analysis, projected milestones, go-forward management, go-forward capitalization, anticipated governmental and regulatory approvals and other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance, review and approval dates, start-up timelines and schedules and statements related to the continued overall advancement of the Company’s business.
By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. There is significant risk that the forward-looking statements will not prove to be accurate, that the Company’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements.
Except as required by law, the Company undertakes no obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.Back to all news