Bio-Gene Technology Limited (ASX: BGT, “Bio-Gene” or “the Company” an agtech development company enabling the next generation of novel insecticides to address insecticide resistance, is pleased to present its financial results for the six months ended 31 December 2018 and an overview of operations for the period. During the period the Company:
➢ Advanced product evaluation discussions with globally prominent companies in the agricultural, public health and consumer product industries
➢ Advanced its research programs including efficacy and toxicology studies for both Flavocide™ and Qcide™
➢ Advanced its manufacturing programs for both Flavocide and Qcide
➢ Lodged two international patents
Operations:
One of the key focus areas for Bio-Gene during this period has been engagement and discussions with several international companies, many of which have signed confidentiality agreements. Subsequently a number of these companies have received samples of Flavocide and Qcide under material transfer agreements, with which to undertake their own testing. It is envisaged that this work may lead to the establishment of formal evaluation agreements. Management continue to work closely with these companies in order to facilitate this process.
In addition to supporting these discussions, the Bio-Gene team has also been managing the ongoing research programs for both Flavocide and Qcide in order to generate further value-adding data.
Financial Performance:
The Company produced a loss from ordinary activities before income tax of $1.27 million, a 18.3% reduction over the previous corresponding period due primarily to the costs associated with the listing of the Company in November 2017. The Company’s cash position at balance date was $5.3 million.
Further highlights and full financial results are contained in the attached Appendix 4D.
