Canada markets closed

Ceapro Inc. (CZO.V)

TSXV - TSXV Real Time Price. Currency in CAD
Add to watchlist
0.6900+0.0300 (+4.55%)
At close: 3:57PM EDT
Full screen
Previous Close0.6600
Open0.6700
Bid0.6700 x 0
Ask0.7000 x 0
Day's Range0.6700 - 0.6900
52 Week Range0.2400 - 0.9800
Volume17,600
Avg. Volume59,463
Market Cap53.559M
Beta (5Y Monthly)1.86
PE Ratio (TTM)34.50
EPS (TTM)0.0200
Earnings DateApr. 22, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Ceapro Inc. Reports Fourth Quarter and Full Year 2020 Financial Results and Operational Highlights
    GlobeNewswire

    Ceapro Inc. Reports Fourth Quarter and Full Year 2020 Financial Results and Operational Highlights

    Maintained production operations during COVID-19 pandemic, providing customers with essential products and completing integration of manufacturing site, while ensuring the health and safety of employeesSubstantially increased sales, net profits and cash generated from operations during the year 2020, representing one of Ceapro’s best performances in company historyR&D activities focused on advancing the development of innovative delivery systems and yeast beta glucan as a potential inhalable therapeutic for COVID-19 EDMONTON, Alberta, April 22, 2021 (GLOBE NEWSWIRE) -- Ceapro Inc. (TSX-V: CZO, OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced operational highlights and financial results for the fourth quarter and full year ended December 31, 2020. “We could not be prouder of our resilient employees who worked tirelessly to deliver one of the best ever performances in the Company’s history during such a stressful year marked by the ongoing COVID-19 pandemic. While ensuring safety of our employees as our first priority, we were able to secure business continuity by putting more emphasis on production operations to serve our customers in the cosmetic sector. This approach, which has resulted in significant increase in sales, net profits and cash on hand, also allowed us to maintain investments in Research and Development as per our strategy to expand Ceapro’s business model from a contract manufacturer/commodity company to a high-value life science/biopharmaceutical company offering innovative products and delivery systems to the healthcare sector,” stated Gilles Gagnon, M.Sc., MBA, President and CEO, of Ceapro. “In addition to excellent financial and operational results, main highlights of the year include the development of beta glucan from yeast and its potential as an inhalable therapeutic for COVID-19 patients as well as the development of new chemical complexes through the use of the PGX Technology. We are thrilled with the achievements made in 2020,” added Mr. Gagnon. 2020 Corporate and Operational Highlights Pipeline Development Oat Beta Glucan: Resumed enrollment of patients for the clinical trial with beta glucan as a cholesterol reducing natural pharmaceutical product. The study will enroll approximately 264 patients. To date, two thirds of the patients have been screened and randomized.Received approval from Health Canada for an amendment to the protocol to allow evaluation of subjects with confirmed pathophysiological condition of hyperlipidemia who voluntarily request to be treated with beta glucan only, without regular dosing of statins. This significant change, allowing patients to receive beta glucan as a stand-alone therapy, has accelerated patient enrollment and is expected to expand the target addressable patient population. Avenanthramides: Announced the publication of positive results from study evaluating avenanthramides in exercise-induced inflammation in the international, peer-reviewed Journal of the International Society of Sports Nutrition. Positive results support anti-inflammatory claims for avenanthramides as a nutraceutical product and pave the way for a Phase 1 clinical trial as a potential pharmaceutical product.Continued to monitor stability studies for liquid avenanthramides produced at a new manufacturing site as well as for the pharmaceutical-grade dry powder formulation of avenanthramides to be used in a human Phase 1 bioavailability and safety study. New Products: Cannabis Received approval from Health Canada Controlled Substances and Cannabis Branch for a five-year research license with medical cannabis for the formulation of unique solid cannabinoid delivery systems using PGX technology. Yeast Beta Glucan (YBG) Developed an optimal formulation of YBG coming from various sources.Confirmed capability of PGX Technology to optimize and standardize the size and morphology of yeast beta-glucan (PGX-YBG) suitable for lung inhalation.Achieved the first milestones in successful development of PGX-processed yeast beta glucan product as a potential inhalable therapeutic for COVID-19 and other fibrotic endpoint diseases of the lung.Conducted an in-vitro study with human cell lines demonstrating that PGX-YBG obtained from different sources exhibited significant stimulatory effect on human immune response through activation of beta glucan specific Dectin 1 receptors.Ongoing PGX-YBG project with McMaster University conducted in parallel for naïve and preclinical animal models. To date, no safety issues have been encountered. The preclinical phase has been extended to identify the maximum tolerated dose. Conducted additional in vitro PGX-YBG dose response study to correlate with upcoming McMaster animal study results. YBG induces immunomodulation without affecting inflammation pathways. This product is poised to become a key strategic asset for the Company. New Chemical Complexes: Developed new PGX-dried chemical complexes like sodium alginate and gum arabic impregnated with co-enzyme Q10 (CoQ10). Positive results published in peer-reviewed journals demonstrate the versatility of the PGX Technology and the potential to develop significant bioactive delivery systems. Key learnings from these studies pave the way for the scale-up of the technology at the commercial level.Subsequent to year-end, Ceapro announced the successful completion of a long-term research program conducted with University of Alberta. This screening program allowed Ceapro to retain the most promising products and expand the PGX-based products pipeline. Technology: Performed significant technical upgrades of PGX pilot plant in Edmonton to allow production of yeast beta glucan for a potential clinical trial with COVID-19 patients. Completed a feasibility study for the commercial scale up of the PGX Technology. Several manufacturers and existing supercritical plants were contacted in 2020 for the choice of equipment and location. Given excellent results obtained with the new yeast beta glucan product, it became clear that location of the first large scale PGX unit should be close to the best source of raw material which was found in Germany where the Company also acquired pieces of equipment suitable for the assembling of such unit. Production at the retained site will be mostly for the commercialization of yeast beta glucan as an immune booster and for alginate as a carrier for other bioactives.Initiated installment in Edmonton of a commercial scale unit for impregnation of bioactives with PGX-processed biopolymers.Pursued research collaboration projects with University of Alberta and McMaster University for the impregnation of various bioactives using PGX-processed biopolymers as potential delivery systems for multiple applications in healthcare. Bioprocessing Operations Completed the integration of production operations under one roof in Edmonton. Ceapro’s dedicated production team successfully responded to the growing market demand for the cosmeceutical base business by producing over 250 metric tons of active ingredients in 2020, a 25% increase over the previous year. Received renewal of the Site License from the Health Canada Natural Product Directorate. This License enables the Company to manufacture, package, label, release and distribute final products. Corporate Fully repaid loan with Agriculture Financial Services Corporation.Announced expansion of a grant from National Research Council of Canada for the optimization and mass production of yeast beta glucan as a potential inhalable therapeutic for COVID-19 and other fibrotic end-point disease of the lung.Pursued out-licensing discussions for PGX-processed new chemical complexes.Secured DTC Eligibility for publicly traded shares under Ticker OTCQZ: CRPOF and to expand Company exposure to other markets with an emphasis in USA. Financial Highlights for the Fourth Quarter and the Full Year 2020 Ended December 31, 2020 Total sales of $2,706,000 for the fourth quarter of 2020 and $15,121,000 for the full year of 2020 compared to $3,721,000 and $12,880,000 for the comparative periods in 2019. The 17% increase in revenue for the full year 2020 results from an 33% increase in sales of avenanthramides (mostly made to USA) partially offset by a 16% decrease in sales of beta glucan. Net loss of $539,000 for the fourth quarter of 2020 and a net profit of $1,856,000 for the full year of 2020 compared to a net profit of $166,000 and a net loss of $1,133,000 for the comparative periods in 2019, a year over year improvement of $2,989,000 Third and fourth quarter 2020 were marked by the completion of the decommissioning of Leduc manufacturing site and the final integration of production operations in the Edmonton facility. These time-consuming moves resulted in some necessary adjustments in equipment at the new site. It also required additional training of relocated employees.Cash generated from operations of $4,453,000, for the full year 2020 vs cash generated from operations of $882,000 for the full year 2019. Positive working capital balance of $7,659,000 as of December 31, 2020. “I strongly believe 2021 holds a lot of opportunity for Ceapro. Our focus remains on the health and safety of our associates during this COVID-19 pandemic crisis, followed by business continuity. Depending on the evolution of the COVID-19 pandemic, we expect Ceapro’s cosmeceuticals base business to continue to grow and provide positive operating cash flows to support the expansion to a new business model from a contract manufacturer to a biopharmaceutical development company involved in nutraceuticals and pharmaceuticals. Based on a very solid foundation, a highly competent team, a healthy balance sheet and a very strong technology and product portfolio with the potential to access key large markets, we have all the key components for success,” concluded Mr. Gagnon. CEAPRO INC. Consolidated Balance Sheets December 31,December 31, 20202019 $$ ASSETS Current Assets Cash and cash equivalents5,369,0291,857,195Trade receivables2,019,7233,659,541Other receivables102,22446,812Inventories (note 3)1,210,079669,005Prepaid expenses and deposits348,845178,908 9,049,9006,411,461Non-Current Assets Investment tax credits receivable607,700607,700Deposits82,12485,755Licences (note 4)18,51421,477Property and equipment (note 5)18,591,18919,764,122Deferred tax assets (note 14 (b))874,304378,643 20,173,83120,857,697 TOTAL ASSETS29,223,73127,269,158 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued liabilities1,067,6221,291,204Current portion of long-term debt (note 6)-111,865Current portion of lease liabilities (note 7)250,658265,123Current portion of CAAP loan (note 9)72,26372,942 1,390,5431,741,134Non-Current Liabilities Long-term lease liabilities (note 7)2,648,9172,775,627CAAP loan (note 9)-61,580Deferred tax liabilities (note 14 (b))874,304378,643 3,523,2213,215,850 TOTAL LIABILITIES4,913,7644,956,984 Equity Share capital (note 8 (b))16,511,06716,401,677Contributed surplus (note 8 (e))4,682,3934,650,090Retained earnings3,116,5071,260,407 24,309,96722,312,174 TOTAL LIABILITIES AND EQUITY29,223,73127,269,158 CEAPRO INC. Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss) 2020 2019 Year Ended December 31,$$ Revenue (note 16)15,121,282 12,880,006 Cost of goods sold7,498,996 7,434,654 Gross margin7,622,286 5,445,352 Research and product development1,881,883 2,393,607 General and administration3,282,754 2,952,488 Sales and marketing111,044 425,230 Finance costs (note 12)231,271 260,684 Income (loss) from operations2,115,334 (586,657) Other expenses (note 11)(259,234)(549,379) Income (loss) before tax1,856,100 (1,136,036) Income taxes Current tax recovery- - Deferred tax benefit- 3,408 Income tax benefit- 3,408 Total comprehensive income (loss) for the year1,856,100 (1,132,628) Net income (loss) per common share (note 21): Basic0.02 (0.01)Diluted0.02 (0.01) Weighted average number of common shares outstanding (note 21): Basic77,594,629 77,188,505 Diluted78,143,033 77,188,505 CEAPRO INC. Consolidated Statements of Cash Flows 2020 2019 Year Ended December 31,$$OPERATING ACTIVITIES Net income (loss) for the year1,856,100 (1,132,628)Adjustments for items not involving cash Finance costs153,538 171,249 Transaction costs1,108 4,187 Depreciation and amortization1,841,033 1,831,744 Foreign exchange gain on long-term debt- (307)Accretion21,625 30,248 Deferred tax benefit- (3,408)Share-based payments136,796 212,517 Net income (loss) for the year adjusted for non-cash items4,010,200 1,113,602 CHANGES IN NON-CASH WORKING CAPITAL ITEMS Trade receivables1,639,818 (644,197)Other receivables(55,412)87 Inventories(541,074)41,703 Prepaid expenses and deposits(88,839)154,106 Accounts payable and accrued liabilities relating to operating activities(358,136)388,064 Total changes in non-cash working capital items596,357 (60,237)Net income (loss) for the year adjusted for non-cash and working capital items4,606,557 1,053,365 Interest paid(153,538)(171,249)CASH GENERATED FROM OPERATIONS4,453,019 882,116 INVESTING ACTIVITIES Purchase of property and equipment(528,707)(332,186)Purchase of leasehold improvements(12,870)(6,007)Proceeds from sale of equipment353 - Deposits relating to investment in equipment(77,467)187,790 Accounts payable and accrued liabilities relating to investing activities134,554 (46,738)CASH USED IN INVESTING ACTIVITIES(484,137)(197,141)FINANCING ACTIVITIES Stock options exercised4,897 17,284 Repayment of long-term debt(112,973)(339,321)Repayment of CAAP loan(83,884)(83,884)Repayment of lease liabilities(265,088)(265,993)CASH USED IN FINANCING ACTIVITIES(457,048)(671,914)Increase in cash and cash equivalents3,511,834 13,061 Cash and cash equivalents at beginning of the year1,857,195 1,844,134 Cash and cash equivalents at end of the year5,369,029 1,857,195 The complete financial statements are available for review on SEDAR at https://sedar.com/Ceapro and on the Company’s website at www.ceapro.com. About Ceapro Inc. Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com. For more information contact: Jenene ThomasJTC Team, LLCInvestor Relations and Corporate Communications AdvisorT (US): +1 (833) 475-8247E: czo@jtcir.com Issuer:Gilles R. Gagnon, M.Sc., MBAPresident & CEOT: 780-421-4555 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

  • Ceapro Inc. Announces Successful Completion of Collaborative Research and Development Program with University of Alberta
    GlobeNewswire

    Ceapro Inc. Announces Successful Completion of Collaborative Research and Development Program with University of Alberta

    – Project significantly advances broadening the application and utility of Ceapro’s proprietary, first-in-class technologies to develop innovative delivery systems composed of new chemical complexes – – New PGX-based products developed under the collaboration paves the way for commercial scale production of new chemical complexes and innovative delivery systems – – Potential for applications in personal care, functional food, dietary supplement and pharmaceuticals – – Findings to be presented at the upcoming 18th European Meeting on Supercritical Fluids – EDMONTON, Alberta, April 08, 2021 (GLOBE NEWSWIRE) -- Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, announced today the successful completion of its long-term research project with Professor Dr. Feral Temelli at the University of Alberta (UofA). Based on the successful results of the project, Ceapro will expand the utilization of the PGX Technology and generate innovative high-value ingredients with a competitive advantage, targeting applications in functional food, dietary supplement, personal care, and pharmaceuticals. The collaborative project titled “PGX technology for drying of biopolymers and their impregnation with bioactives” was initiated in June 2017 and leveraged funding with the Collaborative Research and Development (CRD) grant project from the Natural Sciences and Engineering Research Council of Canada (NSERC). The goal of the project was to expand the array of PGX-processed polymers impregnated with bioactives based on a solid understanding of their behavior under the PGX processing conditions and the interactions between them. "This project allowed for the screening of various compounds and the retention of the most promising ones with the best marketing potential. With these important findings, we have established an expanded PGX-based product pipeline further supporting the investment decision for the commercial scale up of the PGX Technology for the processing of oat beta glucan, yeast beta glucan and alginate. These first three products offer potential benefits either as stand-alone products or as carrier for other bioactives. We are very grateful to Professor Dr. Feral Temelli, her research team at the UofA, and Ceapro’s research team for the success in this extensive collaborative research project,” commented Mr. Gilles Gagnon, President and Chief Executive Officer of Ceapro. Results from this NSERC-CRD project demonstrated for the first time that Ceapro’s PGX Technology could be used to not only dry and purify polysaccharides like beta glucan, but also proteins and peptides, which could then be impregnated with valuable bioactives. Additionally, by leveraging the PGX Technology, the research team was able to generate unique composites known as exfoliated nanocomposites, made of homogenously intertwined polymers (e.g. polysaccharides, proteins, enzymes and gums) with remarkable new properties. This project also greatly contributed to the development of new processing approaches using the PGX Technology, especially for the development of new delivery systems even making the dispersions of hydrophobic bioactives in water stable. “Over the course of this project, significant inroads were made into a completely new and promising field – the simultaneous drying, purification and functionalization of proteins, peptides, and enzymes,” said Dr. Paul Moquin, Director Scientific Affairs and New Business Development at Ceapro. “Researchers made unique alginate-protein composites made of homogenously intertwined polymers with remarkable new properties. Although it is early to totally capture the full impact that such findings will have on the development of future products, we expect that it will be disruptive to many economic sectors.” Considerable resources were deployed during this project to study and characterize the PGX material, novel composites, and new delivery systems. Among all the work that was conducted, enhanced release kinetics of these hydrophobic bioactives in simulated gastrointestinal conditions was demonstrated, which is an indication of their potential increased bioavailability that can lead to improved health benefits. Results allow the selection of the best polymer as the carrier to generate optimal delivery systems for targeted applications including functional food, dietary supplement, personal care, cosmetic and drug applications. "We are very happy to successfully complete this very ambitious project, generating a lot of new information, and paving the way for new opportunities and future applications of the PGX Technology,” said Professor Dr. Feral Temelli from the Department of Agricultural, Food & Nutritional Science of the University of Alberta. “It was a major collaborative effort between our teams at the University of Alberta and Ceapro. Based on the training received at the UofA throughout this project, two of my team members were hired by Ceapro and it is wonderful that they continue to contribute to the growth of the PGX Technology. I really appreciate the financial support of NSERC-CRD program and Ceapro for this major project." As a result of this collaborative work, Ceapro has greatly expanded its portfolio of innovative bioactive ingredients and delivery systems, and has garnered international attention, both in the industrial sector and the scientific community. The Company expects additional findings from this project to be published in peer-reviewed journals and scientific conferences, including three abstract presentations that have been accepted at the 18th European Meeting on Supercritical Fluids (EMSF) being held virtually May 4-6, 2021. One of the abstracts will be presented as a keynote address by Dr. Feral Temelli. About Pressurized Gas eXpanded Liquid Technology (PGX) Ceapro’s patented Pressurized Gas eXpanded (PGX) technology is a unique and disruptive technology with several key advantages over conventional drying and purification technologies that can be used to process biopolymers into high-value, fine-structured, open-porous polymer structures and novel biocomposites. PGX is ideally suited for processing challenging high-molecular-weight, water-soluble biopolymers. It can make ultra-light, highly porous polymer structures on a continuous basis, which is not possible using today's conventional technologies. PGX was invented by Dr. Feral Temelli from the Department of Agricultural, Food & Nutritional Science of the University of Alberta (U of A) along with Dr. Bernhard Seifried, now Senior Director of Research and Technology at Ceapro. The license from U of A provides Ceapro with exclusive worldwide rights in all industrial applications. About University of Alberta The University of Alberta in Edmonton is one of Canada's top teaching and research universities, with an international reputation for excellence across the humanities, sciences, creative arts, business, engineering, and health sciences. Home to more than 38,000 students and 15,000 faculty and staff, the university has an annual budget of $1.9 billion and attracts more than $500 million in sponsored research revenue. The U of A offers close to 900 rigorous undergraduate, graduate, and professional programs in 18 faculties on five campuses-including one rural and one francophone campus. The university has more than 275,000 alumni worldwide. The university and its people remain dedicated to the promise made in 1908 by founding President Henry Marshall Tory that knowledge shall be used for "uplifting the whole people." About Natural Sciences and Engineering Research Council of Canada (NSERC) The NSERC, through grants, fellowships and scholarships, promotes and supports research and research training in the natural sciences and engineering to develop talent, generate discoveries, and support innovation in pursuit of economic and social outcomes for Canadians About Ceapro Inc. Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com. For more information contact: Jenene ThomasJTC Team, LLCInvestor Relations and Corporate Communications AdvisorT (US): +1 (833) 475-8247E: czo@jtcir.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

  • Ceapro Inc.'s (CVE:CZO) Has Had A Decent Run On The Stock market: Are Fundamentals In The Driver's Seat?
    Simply Wall St.

    Ceapro Inc.'s (CVE:CZO) Has Had A Decent Run On The Stock market: Are Fundamentals In The Driver's Seat?

    Ceapro's (CVE:CZO) stock is up by 7.7% over the past three months. We wonder if and what role the company's financials...