OTTAWA, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Avivagen Inc. (TSX-V:VIV) (OTC Pink:CHEXF) (" Avivagen" or the " Company"), a life sciences innovation company with a series of patent protected products that support and optimize human and animal health, today reported its audited financial results for the year ended October 31, 2017 and provided highlights of its fiscal 2018 objectives.   Unless otherwise noted, all figures are in Canadian currency.

The Company's audited year end Consolidated Financial Statements and its Management's Discussion and Analysis for the year ended October 31, 2017 have been filed on the System for Electronic Document Analysis and Retrieval and are available via its website ( www.sedar.com).  The financial information for the year ended October 31, 2017 should be read in conjunction with the Company's Consolidated Financial Statements as well as its Management's Discussion and Analysis for the year ended October 31, 2017.

The Company reported revenues of $255,660 and a comprehensive loss from continuing operations of $(5,045,645) for the year ended October 31, 2017.  As at October 31, 2017, the Company reported total assets of $1,849,687, total liabilities of $1,680,901 and shareholders' equity of $168,786. 

Significant cash inflows in the fiscal year consisted of the exercise of warrants for proceeds of $1,348,233.  Subsequent to the fiscal year-end, the Company successfully completed a private placement for gross proceeds of $4,058,500 on November 30, 2017, within the confines of a volatile and challenging market. Each unit consisted of one common share and one half common share purchase warrant for a unit price of $1.00. Each whole warrant entitles the holder to acquire one common share of the Company at a purchase price of $1.20 for three years.

Management intends to use these funds to continue the Company's progress and advance its strategic objectives in fiscal 2018.  These objectives include, but are not limited to:
  • Seeking further commercial and product trial alliances in Asia, Europe and the U.S.
  • Expanding and enhancing current sales with UNAHCO, the 2 nd largest feed supplier in the Philippines.
  • Advancing the animal health product registration and regulatory strategies in the U.S., Asia and Europe.
  • Relaunch of Vivamune Animal Health line of companion animal products.
  • Continuing to develop protocols for the use of OxC-beta™ in new species.

             The Company has a number of animal trials and applications underway with hopes that the results will have the potential to open up new markets previously not targeted by Avivagen.  The Company will release the final results of those trials as they become available.

About Avivagen Avivagen Inc. is a public Company traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada and Charlottetown, Prince Edward Island. For more information, visit www.avivagen.com.

About OxC-beta™ Technology and OxC-beta™ Livestock Avivagen's OxC-beta™ technology is derived from Avivagen discoveries about carotenoids, compounds that give certain fruits and vegetables their bright colors and is a non-antibiotic means of maintaining optimal health and growth. OxC-beta™ Livestock is a proprietary product shown to be effective and economic in replacing the antibiotics commonly added to livestock feeds. OxC-beta™ Livestock is currently registered and available for sale in the Philippines, Taiwan and Thailand.

Avivagen's OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.

About Vivamune™ Health Chews (Vivamune) Vivamune is an all-in-one chew that can dramatically simplify a pet's supplement routine. Featuring a newly-discovered, novel immune-supporting active ingredient: OxC-beta™ compound, Vivamune targets joints, skin and digestive health all in a single, tasty chew a pet will love. Vivamune is available for sale in the United States. For more information, visit www.vivamunehealth.com.

Forward Looking Statements This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "aim", "anticipate", "appear", "believe", "consider", "could", "estimate", "expect", "if", "intend", "goal", "hope", "likely", "may", "plan", "possibly", "potentially", "pursue", "seem", "should", "whether", "will", "would" and similar expressions. Statements about OxC-beta's ability to replace antibiotics commonly added to livestock feeds or to fulfill the global mandate to remove in-feed antibiotics as growth promoters;  Avivagen's 2018 objectives including seeking further commercial and trial alliances in Asia, Europe and the U.S., expanding and enhancing current sales with UNAHCO, the 2 nd largest feed supplier in the Philippines, commencing the registration process in the U.S., Asia and Europe, and continuing to develop protocols for the use of OxC-beta™ in new species; the possible results of animal trials and applications and Avivagen's hopes that the results of such trials and applications will have the potential to open up new markets previously not targeted by Avivagen;  Avivagen's intention to release the final results of those trials as they become available are all forward looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. For instance, Avivagen's products may not the gain market acceptance or regulatory approvals necessary to fulfill the global mandate to remove in-feed antibiotics as growth promoters, Avivagen may not achieve any or all of its 2018 objectives or may decide to allocate its resources toward other objectives, further commercial and trial alliances may not be secured within 2018 or at all, Avivagen may not be able to negotiate or conclude the expansion or enhancement of its sales with UNAHCO, Avivagen may not be able to expedite or complete the registration process in the jurisdictions mentioned, Avivagen may not be successful in negotiating or commencing new corporate distribution agreements, Avivagen may not be successful in developing protocols for the use of OxC-beta™ in new species and previously untapped markets, trials and applications underway may not be completed, may not have the results anticipated by Avivagen or may not be significant enough for release, the results of trials and applications may not have the potential to open up new markets previously not targeted by Avivagen, Avivagen may not be successful in identifying new commercially viable applications for its OxC-beta™ technology and new product registrations may not be able to be obtained in a timely manner, if at all. Readers are referred to Avivagen's latest management's discussion and analysis available at www.SEDAR.com for a discussion of risks associated with its business.  Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

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.

For more information: Avivagen Inc.Drew BasekDirector of Investor Relations100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Phone: 416-540-0733E-mail: d.basek@avivagen.com

Kym AnthonyChief Executive Officer100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Head Office Phone: 613-949-8164Website: www.avivagen.com

Copyright © 2017 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.

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