BioHarvest Sciences Inc. Projects 2022 Revenue to Grow 2.5X-3.5X to a Range of USD $5M-$7M

BioHarvest Sciences Inc. Projects 2022 Revenue to Grow 2.5X-3.5X to a Range of USD $5M-$7M

  • 2022 Revenue will include sales of VINIA® and Cannabis, both with high gross margins
  • Major investments in the BioFarming platform and Intellectual property
  • New patent application covers a 700% increase in Bioreactor production output

BioHarvest Sciences Inc. (CSE: BHSC) ("BioHarvest" or "the Company") announces that following the successful over-delivery of revenue targets versus guidance provided in 2021, the Company is estimating 2022 revenue to be between USD $5M-$7M, representing a significant growth of 2.5X-3.5X over 2021. The range in guidance is due to two primary determinants; the speed in which the biological technology transfer to its new 20 Tonyear facility is completed, and regulatory timelines influencing the conversion of the existing 2 Tonsyear facility from VINIA to the production of Cannabis.

The Company is also projecting to achieve break-even cash flow in 2023, when the business reaches its first scaling point. For 2022, BioHarvest plans to continue to invest heavily in R&D (as a percentage of total revenue) and in the building of manufacturing capacity for its Cannabis vertical in Israel and abroad.

Consistent with being a biotech innovator, the Company will continue to hire additional scientists, conduct further clinical trials, and invest in further strengthening its IP portfolio. The Company recently applied for a new patent related to its Cannabis scale-up process, given its successful growing of Cannabis in Industrial Bioreactors which achieved a 700% production scaling increase versus previous levels. BioHarvest remains the only company in the world capable of growing Cannabis trichomes in liquid media leading to Cannabis biomass production without growing the plant itself.

Ilan Sobel, CEO of BioHarvest, said, "I look forward to an outstanding year with significant revenue growth and major technological achievements. The 2022 projected revenue guidance demonstrates the growing demand for our VINIA® product and the anticipation for our Cannabis solutions. Our proprietary BioFarming platform technology creates the opportunity to expand the Company's product offering both vertically and horizontally and we look forward to bringing innovative product solutions to the market. We also plan to start R&D development on a new vertical in 2022 where our platform technology can provide a disruptive solution for unmet consumer needs. For the above reasons we will continue to make significant investments in this platform that would solidify BHSC as a Biotech innovator and yield healthy long-term growth and profitability."

All interested media and investors are invited to attend an 'Introduction to BioHarvest' webinar on January 26, at 11 am PST. The event will include a live Question and Answer session. Please register: Introduction to BioHarvest | BioHarvest Sciences (livestorm.co)

About BioHarvest Sciences Inc.

BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets. Visit: www.bioharvest.com.

BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer

For further information, please contact:
Dave Ryan, VP Investor Relations & Director
Phone: 1 (604) 622-1186
Email: dave@bioharvest.com

Twitter
Facebook
LinkedIn
YouTube

Forward-Looking Statements

Information set forth in this news release includes forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There is no assurance that strong sales metrics experienced to date will result in future demand or that proposed additional marketing expenditures will result in increased sales. Markets for nutraceuticals are unpredictable and subject to changes in consumer tastes and trends as well as economic factors beyond our control. Delays and cost overruns may result in delays achieving our objectives obtaining market acceptance, and regulatory approvals for geographic expansion is subject to risk and cannot be guaranteed. There is no assurance that the Company sales revenue for 2022 will reach USD 5 to 7 million and there is no assurance that the Company cash flow breaking point will be achieved in 2023. There is no assurance of commercial availability of our Cannabis product in 2022 or that the Company achieves the conversion of the two tons VINIA® facility to Cannabis production in 2022. These things are subject to construction and approval delays and uncertainties that may be beyond the control of BioHarvest. Projected sales of Cannabis will require the Company to obtain production and/or export licensing which cannot be assured.

All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.

Readers are cautioned that revenue alone do not give an accurate picture of the financial position of the Company and should be read in the context of the Company's annual and quarterly financial statements.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111712

News Provided by Newsfile via QuoteMedia

BHSC:CNX
The Conversation (0)
Life Sciences Virtual Investor Conference Agenda Announced for September 15th

Life Sciences Virtual Investor Conference Agenda Announced for September 15th

Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Life Sciences Virtual Investor Conference to be held on September 15 th .

Individual investors, institutional investors, advisors, and analysts are invited to attend this virtual event showcasing live executive presentations from companies addressing worldwide opportunities in the life sciences.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
BioHarvest Sciences to Webcast Live at VirtualInvestorConferences.com September 15th

BioHarvest Sciences to Webcast Live at VirtualInvestorConferences.com September 15th

Company invites individual and institutional investors, as well as advisors and analysts, to attend real-time, interactive presentations on VirtualInvestorConferences.com

BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE:8MV), a biotechnology company focused on growing plant cells without the plant via its patented CELLicitation platform, today announced that Ilan Sobel, Chief Executive Officer, will present live at VirtualInvestorConferences.com on September 15, 2022.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Business Intelligence Group Awards BioHarvest Sciences with the Prestigious Sustainability Leadership Award

Business Intelligence Group Awards BioHarvest Sciences with the Prestigious Sustainability Leadership Award

  • The award recognizes the sustainability impact of BioHarvest's Bio Plant CELLicitation technology, which enables industrial production of plant metabolites without growing the plant itself
  • BioHarvest Sciences receives the award with other industry thought leaders such as AstraZeneca, Agilent, and Honeywell

Cannot view this image? Visit: https://images.newsfilecorp.com/files/6168/136029_b77540d5d49ee908_002.jpg

Figure 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6168/136029_b77540d5d49ee908_002full.jpg

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
BioHarvest Sciences Inc. Launches First Major United States Marketing Campaign

BioHarvest Sciences Inc. Launches First Major United States Marketing Campaign

BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) ("BioHarvest" or "the Company") has announced the first multimedia campaign for VINIA™ in the USA, Phase 1. The company is scaling up its US marketing in line with a 2022 growth plan that aims for significant growth in sales orders following commercial entry in 2021.

"We are delighted to launch our first integrated marketing campaign aimed at expanding our loyal customer base here in the USA," said CEO Ilan Sobel, in New York for the launch. "Bringing our new 20 Ton production facility online was integral to scaling global VINIA™ supply, so this marketing launch is testament to the entire VINIA™ team's coordinated dedication to making it happen."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
BioHarvest Sciences Inc. Commences Trading on the OTCQB Market

BioHarvest Sciences Inc. Commences Trading on the OTCQB Market

BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) ("BioHarvest" or "the Company") ") is pleased to announce that its common shares are now trading on the OTCQB® Venture Market under the ticker symbol "CNVCF".

"Admission to the OTCQB® market is an important step to increase US investor access to BioHarvest Sciences, and it provides US investors an additional level of transparency as we expand both our investor base and our customer base in North America." Stated CEO Ilan Sobel. "We will continue to work on expanding our global visibility to investors to match the commercial entry of our products into new markets."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

AMGEN LAUNCHES PARTNERS OF CHOICE NETWORK OF EIGHT LEADING ONCOLOGY ACADEMIC CENTERS

Network Aims to Advance Collaboration Across Industry and Academia to Accelerate Treatment Development for Patients

Inaugural Scientific Summit Prioritized Advancing Translational Research, Pharmacodynamic Readouts and Innovative Biomarker-Driven Programs

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Cardiol Therapeutics Announces All Collaborating Clinical Research Centers Now Initiated and Eligible to Enroll Patients in ARCHER, a Phase II Trial of CardiolRx for the Treatment of Acute Myocarditis

Cardiol Therapeutics Announces All Collaborating Clinical Research Centers Now Initiated and Eligible to Enroll Patients in ARCHER, a Phase II Trial of CardiolRx for the Treatment of Acute Myocarditis

Recruitment Accelerating and Full Patient Enrollment Anticipated to be Completed During Q3 2024, up to Six Months Ahead of Schedule

Multi-Center, International, Double-blind, Placebo-controlled Trial Randomizing 100 Patients

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

AMGEN TO PRESENT AT THE BANK OF AMERICA MERRILL LYNCH GLOBAL HEALTHCARE CONFERENCE

Amgen (NASDAQ:AMGN) will present at the Bank of America Merrill Lynch Global Healthcare Conference at 11:40 a.m. BST on Thursday Sept. 14, 2023. Peter H. Griffith executive vice president and chief financial officer at Amgen will present at the conference. The webcast will be broadcast over the internet simultaneously and will be available to members of the news media, investors and the general public.

The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com , under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

AMGEN PRESENTS NEW LUMAKRAS® PLUS CHEMOTHERAPY DATA IN FIRST-LINE KRAS G12C NSCLC AT WCLC

In Phase 1b Study, Patients Treated in First-Line Demonstrated a Confirmed Objective Response Rate of 65%

Amgen (NASDAQ:AMGN) today announced exciting data from a study arm of the CodeBreaK 101 clinical trial, a Phase 1b study evaluating LUMAKRAS ® (sotorasib) with carboplatin and pemetrexed in adult patients with KRAS G12C-mutated advanced non-small cell lung cancer (NSCLC). These results were featured in an oral presentation at the International Association for the Study of Lung Cancer (IASLC) 2023 World Conference on Lung Cancer (WCLC) in Singapore on Sunday, September 10 .

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
BriaCell Reports Benchmark-Beating Patient Survival and Clinical Benefit in Advanced Metastatic Breast Cancer

BriaCell Reports Benchmark-Beating Patient Survival and Clinical Benefit in Advanced Metastatic Breast Cancer

  • Median overall survival of 13.5 months in BriaCell's advanced metastatic breast cancer patients (vs. 6.7-9.8 months for similar patients reported in the literature)
  • 21 out of 29 patients treated since 2022 are still alive suggesting a strong survival benefit for BriaCell's combination regimen
  • No dose limiting toxicities to date

briacell therapeutics corp. (Nasdaq: BCTX, BCTXW) (TSX: BCT) ("BriaCell" or the "Company"), a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care, today announces the completion of patient enrollment in its Phase 2 clinical study and reports clinical data showing strong patient survival benefit and clinical benefit in advanced metastatic breast cancer patients.

"The promising survival data of BriaCell's combination regimen suggests the potential for an industry-shaping leap in advanced metastatic breast cancer treatment," stated Carmen Calfa, M.D., of the Sylvester Comprehensive Cancer Center at the University of Miami, Associate Professor of Clinical Medicine, and Principal Clinical Investigator of the Phase 2 Bria-IMT™ plus check point inhibitors study. "The overall safety profile and survival data in advanced metastatic breast cancer is extremely encouraging in this heavily pre-treated patient population."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

AMGEN TO PRESENT AT THE MORGAN STANLEY GLOBAL HEALTHCARE CONFERENCE

Amgen (NASDAQ:AMGN) will present at the Morgan Stanley Global Healthcare Conference at 8:50 a.m. ET on Tuesday, Sept. 12, 2023 . Robert A. Bradway chairman and chief executive officer at Amgen will present at the conference. The webcast will be broadcast over the internet simultaneously and will be available to members of the news media, investors and the general public.

The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com , under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×