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Burcon announces year-end results, updates on activities

^{Published on 2010-06-28 13:45:17 - Market Wire}
 

 - Raised gross proceeds of $16.9 million through a public offering of 2,942,950 common shares at $5.75 per share in June 2009; - Graduated to the Toronto Stock Exchange ("TSX") on June 18, 2009; - Obtained publication in peer-reviewed journals of research reports summarizing the design and conclusions of the toxicology studies conducted on Puratein(R) and Supertein(TM) canola protein isolates; - Filed a formal GRAS notification with the U.S. Food and Drug Administration ("FDA") in January 2010 in support of a cruciferin- rich canola protein isolate: Puratein(R) and a napin-rich canola protein isolate: Supertein(TM); - Entered into materials transfer agreements ("MTAs") and non- disclosure agreements ("NDAs") with a number of globally recognized food, beverage and nutritional product companies to evaluate CLARISOY(R) soy protein isolate for the purpose of pursuing a strategic alliance; - Held discussions, supported due diligence activities, and negotiated possible business structures with various entities for the commercialization of CLARISOY(R) soy protein isolate. These activities are ongoing as of the date of this news release; - Completed a pre-feasibility study for the construction and commissioning of an initial CLARISOY(R) production facility; - Filed several patent applications over newly developed novel processes for the production, functional and nutritional applications of, and functional attributes of CLARISOY(R) soy protein isolate; - Filed several patent applications over new inventions on the production of canola protein isolates; - Received notices of allowances from the U.S. Patent and Trademark Office on ten separate patent applications filed on our canola protein isolate extraction technology, of which five have proceeded to grant as United States patents; - Appointed three independent directors; and - Raised $446,000 through the exercise of incentive stock options and agents' compensation options. 

 Financial Results and Highlights -------------------------------- 

 ON BEHALF OF THE BOARD OF DIRECTORS "Johann F. Tergesen" Johann F. Tergesen President and Chief Operating Officer 

 Burcon NutraScience Corporation Consolidated Balance Sheets As at March 31, 2010 and 2009 2010 2009 $ $ Assets Current assets Cash and cash equivalents 11,661,745 2,241,976 Short-term investments 2,320,372 - Amounts receivable 25,052 35,621 Prepaid expenses 109,566 138,172 ---------------------------- 14,116,735 2,415,769 Property and equipment 749,455 626,673 Goodwill 1,254,930 1,254,930 ---------------------------- 16,121,120 4,297,372 ---------------------------- ---------------------------- Liabilities Current liabilities Accounts payable and accrued liabilities 401,179 346,730 ---------------------------- Shareholders' Equity Capital stock 44,236,390 28,268,997 Contributed surplus 3,762,983 3,705,549 Options 5,236,268 3,003,446 Warrants 171,972 - Deficit (37,687,672) (31,027,350) ---------------------------- 15,719,941 3,950,642 ---------------------------- 16,121,120 4,297,372 ---------------------------- ---------------------------- Burcon NutraScience Corporation Consolidated Statements of Operations, Comprehensive Loss, and Deficit For the years ended March 31, 2010 and 2009 2010 2009 $ $ Expenses Research and development 2,101,159 2,090,775 General and administrative 3,177,036 1,553,600 Professional fees 1,296,863 1,115,191 Management fees and services 169,496 127,250 Amortization 3,379 2,462 ---------------------------- Loss from operations (6,747,933) (4,889,278) Interest income 87,611 77,947 ---------------------------- Loss and comprehensive loss for the year (6,660,322) (4,811,331) Deficit - Beginning of year (31,027,350) (26,216,019) ---------------------------- Deficit - End of year (37,687,672) (31,027,350) ---------------------------- ---------------------------- Basic and diluted loss per share (0.24) (0.19) ---------------------------- ---------------------------- Burcon NutraScience Corporation Consolidated Statements of Cash Flows For the years ended March 31, 2010 and 2009 2010 2009 $ $ Cash flows from operating activities Loss for the year (6,660,322) (4,811,331) Items not affecting cash Amortization 163,969 169,868 Loss on disposal of property and equipment 924 18,574 Stock-based compensation expense 2,649,297 1,495,436 Services received and settled in capital stock - 30,010 ---------------------------- (3,846,132) (3,097,443) Changes in non-cash working capital items Amounts receivable 10,569 (19,728) Prepaid expenses (23,542) 3,758 Accounts payable and accrued liabilities 54,449 130,402 ---------------------------- (3,804,656) (2,983,011) ---------------------------- Cash flows from investing activities Increase in short-term investments (2,320,372) - Acquisition of property and equipment (288,503) (51,070) Proceeds from disposal of property and equipment 828 - ---------------------------- (2,608,047) (51,070) ---------------------------- Cash flows from financing activities Issue of capital stock - net of issue costs 15,832,472 1,055,378 ---------------------------- Increase (decrease) in cash and cash equivalents 9,419,769 (1,978,703) Cash and cash equivalents - Beginning of year 2,241,976 4,220,679 ---------------------------- Cash and cash equivalents - End of year 11,661,745 2,241,976 ---------------------------- ---------------------------- Cash and cash equivalents consist of Cash 61,554 30,145 Cash equivalents 11,600,191 2,211,831 ---------------------------- 11,661,745 2,241,976 ---------------------------- ----------------------------