Minneapolis, MN, March 13, 2014. BioAmber Inc. (NYSE and EURONEXT Paris: BIOA), an industrial biotechnology company producing sustainable chemicals, today announced its financial results for the fourth quarter and year ended December 31, 2013. Highlights included:
- Sarnia project made significant construction progress and incurred costs were on budget
- Bio-succinic acid, or Bio-SATM, sales increased by 16% in the year ended December 31, 2013 to $2.7 million, compared to $2.3 million in the year ended December 31, 2012
- Net cash used in operating activities for the year ended December 31, 2013 was reduced by 15% to $27.5 million, compared to $32.3 million in the year ended December 31, 2012
- Subsequent to the fourth quarter of 2013, a take-or-pay agreement was signed with Vinmar International relating to bio-based 1,4-Butanediol, or Bio-BDO
“We made steady progress in Sarnia during the fourth quarter despite an exceptionally harsh winter and we are seeing costs for equipment and sub-contracted work packages coming in on budget,” said Jean-Francois Huc, BioAmber’s Chief Executive Officer. “This gives us growing confidence that the overall capital expenditure for the Sarnia plant will come in onbudget. We were able to secure an additional $10 million interest free loan from the Canadian government and we hope to secure a $20 million loan from a government agency-led consortium in the coming quarter,” he added.