not a buy rec. It's a LT hold para mi.
Results of Operations
On July 6, 2000, a U.S. FDA ruling, which was effective August 8, 2000, allowed Igene to market AstaXin(R) for fish feeds and fish produced in or sent to the United States. As a result of this U.S. FDA ruling, and approvals in 1999 from the Canadian equivalent agency, Igene began to market
AstaXin(R) in the United States and Canada in July 2000.
In July 2000, Igene also obtained market clearance from the U.S. FDA to sell AstaXin(R) as a human nutritional supplement in the United States.
Sales
Sales of AstaXin(R) for aquaculture feed were $180,631 during the quarter ended June 30, 2000. This is an increase of 130% over sales for the preceding quarter of $78,536. Sales of AstaXin(R) for the six months ended June 30, 2000 totaled $259,167.
Based on actual sales through July 2000, orders received
and projections of the usage for current customers, sales for the quarter ended September 30, 2000 are expected to exceed $400,000. During the three months and six months ended June 30, 1999 Igene had no sales of AstaXin(R) while the Company conducted what was probably the largest commercial fish feeding study in the world, using AstaXin(R) in Chile in cooperation with more than a dozen fish producers. Results obtained from this study and an independent study conducted in Norway by Akvaforsk confirm that natural AstaXin(R) is comparable, if not superior to, its competitor' synthetic product which currently dominates the market.
IGNE |
