bioamber inc (BIOA) Key Developments
BioAmber Inc. Signs Take or Pay Contract for Three Bio Succinic Acid Plants
Jul 7 14
BioAmber Inc. announced it has signed a 210,000 ton per year take-or-pay contract for bio-based succinic acid with Vinmar International. Under the terms of the 15-year master off-take agreement, Vinmar has committed to purchase and BioAmber Sarnia, a joint venture with Mitsui &Co., has committed to sell 10,000 tons of succinic acid per year from the 30,000 ton per year capacity plant that is currently under construction in Sarnia, Canada. BioAmber and Vinmar also broadened the scope of their previously announced 100,000 ton per year 1,4 butanediol (BDO) plant, which the parties currently plan to start up in late 2017. Under that agreement, following the financing, construction and commissioning of the BDO plant, Vinmar has committed to purchase and BioAmber has committed to sell 100% of the BDO produced for 15 years. As part of the new succinic acid master off-take agreement, this second plant will be expanded to an annual capacity of 100,000 tons of bio-BDO and 70,000 tons of bio-succinic acid. Vinmar plans to make a 10% or greater equity investment in the expanded plant and has committed to off-take and BioAmber has committed to sell a minimum of 50,000 tons per year of bio-succinic acid for 15 years following the plant's start-up date. Vinmar also has the option to secure additional bio-succinic acid tonnage under the take-or-pay contract if BioAmber has not committed the remaining volume at the time the plant's financing is secured. Vinmar also committed to off-take and BioAmber committed to sell a minimum of 150,000 tons per year from a new, third plant following its financing, construction and commissioning. The plant would be dedicated to bio-succinic acid production and would have an annual capacity of 200,000 tons per year. Vinmar plans to invest at least 10% of the equity in this third plant, which BioAmber expects to start up in late 2020, based on the projected development of the succinic acid market.
BioAmber Inc. Approves Executive Changes
May 29 14
BioAmber Inc. announced that Ellen Richstone and Henry Pete Linsert, Jr. were elected to company's board of directors at the Annual Meeting of Shareholders held on May 27, 2014. Ms. Richstone and Mr. Linsert were elected by company's stockholders as Class I directors, each to hold office until the 2017 annual meeting of stockholders. Ms. Richstone will serve on the Nominating and Corporate Governance Committee and the Audit Committee, and was designated by the Board as an audit committee financial expert. Mr. Linsert will serve on the Compensation Committee. Ms. Richstone was the Chief Financial Officer of several public and private companies between 1989 and 2012, including Rohr Aerospace. Currently, she serves on the corporate advisory boards of Paxeramed, a medical device company, and Pro Teck Valuation Services, and on the boards of non-profit organizations Employment Resources Inc. and the National Association of Corporate Directors-New England. Mr. Linsert currently serves on the review committee of the U.S. National Academies of Sciences for Technology, Innovation and Entrepreneurship. Mr. Linsert was the Chairman of the Board and Chief Executive Officer of Martek Biosciences Corporation from 1989 to 2006.
BioAmber Inc. Presents at Credit Suisse Boston Basics Conference, Jun-25-2014
May 21 14
BioAmber Inc. Presents at Credit Suisse Boston Basics Conference, Jun-25-2014 . Venue: Credit Suisse Boston Offices, 1 Federal Street, 18th floor, Boston, Massachusetts, United States.
BioAmber Inc. Presents at CVCA Annual Conference, May-21-2014 09:30 AM
May 20 14
BioAmber Inc. Presents at CVCA Annual Conference, May-21-2014 09:30 AM. Venue: The Westin, Ottawa, Ontario, Canada. Speakers: Michael A. Hartmann, Executive Vice President of Business Development.
BioAmber Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014
May 8 14
BioAmber Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company’s product sales for the quarter ended March 31, 2014 increased 6% to $351,000 from $331,000 for the same period in 2013. The increase in revenue was primarily due to higher volumes of bio-succinic acid sold, partially offset by a decrease in the average selling price as the company continued to sell to customers who sought pricing closer to the selling prices the company is are offering for future Sarnia production. Operating loss was $7,501,000 against $9,845,000 a year ago. Net loss attributable to the company shareholders was $19,911,000 or $1.07 per basic share against $9,500,000 or $0.92 per basic share a year ago. Net cash used in operating activities was $4,867,000 against $14,068,000 a year ago. Acquisition of property and equipment was $12,731,000 against $39,000 a year ago. Adjusted net loss attributable to the company shareholders was $8,311,000 or $0.45 per basic share against $9,814,000 or $0.95 per basic share a year ago.