May 15, 2012 / 3:38 PM / in 5 years

BioExx shares plunge on wider quarterly loss

May 15 (Reuters) - BioExx Specialty Proteins Ltd’s shares hit a life low on Tuesday after it posted a wider first-quarter loss as it continues its search for a strategic partner.

The protein products maker, which has been looking for a partner to inject cash into its primary canola processing facility in Saskatoon, Saskatchewan, had net working capital of C$2.5 million as of March 31.

“BioExx’s dwindling financial resources suggest it only has roughly two quarters to accomplish the task of finding a strategic partner,” Raymond James analyst Steve Hansen told Reuters.

Shares of BioExx, which has a market value of about C$38 million ($37.9 million), fell 39 percent to 8.5 Canadian cents in morning trading. The stock was the top percentage loser on the Toronto Stock Exchange.

BioExx’s quarterly loss widened to C$7.7 million, or 4 Canadian cents per share, from C$3.9 million, or 2 Canadian cents per share, a year ago.

The Toronto-based company, which crushes the oilseed crop canola to produce proteins to be used in products such as sports drinks, on Monday said revenue fell 61 percent to C$483,024. ($1 = 1.0039 Canadian dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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