WESTMINSTER, CA / ACCESSWIRE / May 16, 2019 / BioLargo, Inc. (OTCQB: BLGO), developer of sustainable products and a full-service environmental engineering company, today announced the filing of its 10-Q quarterly report. As always, company management encourages its stockholders to review the quarterly report which is linked HERE.
Highlights of the company's commercial progress:
- Revenues for three months ended March 31, 2019 were $364,000, a $101,000 increase over the same period in 2018 - revenue figures do not include $68,000 worth of orders in process as of March 31 which will record in Q2
- Fourth national purchasing agreement with a waste handling industry leader went live in late March on its centralized purchasing portal, clearing the opportunity for customer operations staff to begin purchasing CupriDyne® Clean
- Signed a 5-year white-label distribution agreement to sell its disruptive odor and VOC control product CupriDyne Clean into the cannabis and hemp industries under the brand name "Cannabusters" with Cannabusters, Inc., a sister company to Mabre Air Systems
- Received the first order for its new product named "CupriDyne Clean Wash" as a one-step solution to wash out trash bins, storage containers and compactors
- Clyra Medical Technologies:
- Received the last material request by FDA for the company's first 510(k) application - commencing a 30-day animal study to confirm that the Clyra product has no adverse effects on wound healing (preliminary study confirmed no adverse effects) (legal disclaimer - while management remains confident that Clyra will ultimately receive premarket clearance for this product, it can make no assurance or prediction as to the success of these efforts)
- $3M over the past two years has been invested organizing and preparing its antimicrobial and stem cell therapy products to launch into the $2.5B total addressable market
- Additional technologies are being considered for licensure as Clyra prepares to go to market
- BioLargo Water:
- Installed its first fully functional Advanced Oxidation System (AOS) treatment train on-site at a poultry and livestock farm in Alberta in the company's first pre-commercial demonstration pilot
- Grants awarded total 66 and counting and exceed $3 million in total financial support for the AOS technology
- Several peer-reviewed publications about the AOS are in progress and will be submitted to high-impact academic journals
- BioLargo Engineering, Science & Technologies (BLEST):
- Recently awarded a $100,000 EPA SBIR Phase I grant to develop new methods of eliminating per- and poly-fluoroalkyl substances (PFAS), a group of water contaminants associated with serious health problems including cancer
- Playing a critical role supporting BioLargo's other operating units, as external service engagements with clients continue to expand
BioLargo President & CEO Dennis P. Calvert commented, "Our investments of time and approximately $23 million total capital are now beginning to bear financial fruit and, yet, our current success is only the tip of the iceberg. With the support of our investors we have managed to fully develop and validate three sustainable platform technologies that are destined to serve as cornerstones upon which to build a significant life sciences technology company. We have assembled a team of highly skilled professionals and partners to help us break through the barriers to entry and commercialize our disruptive technologies through strategies including licensure, joint venture, and direct sales. Notwithstanding the incredible challenges we have faced, we know that our patented technologies hold a bright future and it is our privilege to shepherd them to commercial success."
About BioLargo, Inc.
BioLargo, Inc. is an innovative technology developer and environmental engineering company driven by a mission to "make life better" by delivering robust, sustainable solutions for a broad range of industries and applications, with a focus on clean water, clean air, and advanced wound care. We develop and commercialize disruptive technologies by providing the capital, support, and expertise to expedite them from "cradle" to "maturity" (www.biolargo.com). Our engineering division features experienced professional engineers dedicated to integrity, reliability, and environmental stewardship (www.biolargoengineering.com). Our industrial odor control division, Odor-No-More (www.odornomore.com) features CupriDyne Clean Industrial Odor Eliminator (www.cupridyne.com), which eliminates the odor-causing compounds and VOCs rather than masking them, and is now winning over leading companies in the solid waste handling and wastewater industries and other industries that contend with malodors and VOCs. Our subsidiary BioLargo Water (www.biolargowater.ca) develops the Advanced Oxidation System "AOS," a disruptive industrial water treatment technology designed to eliminate waterborne pathogens and recalcitrant contaminants with better energy-efficiency and lower operational costs than incumbent technologies. Our subsidiary Clyra Medical (www.clyramedical.com) features effective and gentle solutions for chronic wounds to promote infection control and regenerative tissue therapy.
President and CEO
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SOURCE: BioLargo, Inc.