close
1 mins to read

Natural sweetener company revenue ahead of forecast

Natural sweetener company BioVittoria, which closed an initial public offering (IPO) in December after failing to raise enough funds, is reporting revenue ahead of the forecast in its prospectus.The company said today that by February, 11 months into its

NZPA
Tue, 02 Mar 2010

Natural sweetener company BioVittoria, which closed an initial public offering (IPO) in December after failing to raise enough funds, is reporting revenue ahead of the forecast in its prospectus.

The company said today that by February, 11 months into its financial year, its revenues had reached $US4.5 million ($NZ6.4m)-- ahead of the $US4.4m forecast for the full March 2010 year.

BioVittoria wants to commercialise a natural sweetener made from Chinese-grown luo han guo, or monk fruit.

Last month the US Food and Drug Administration granted the company official notification of Generally Regarded As Safe (GRAS) status for the sweetener.

Managing director David Thorrold said that since the GRAS notification, inquiries from large food and beverage manufacturers in North America had been strong, with that interest already being translated into sales. Further sales were expected this month.

A capital raising programme was continuing, focused on private investors in Europe, Asia, and the US.

Most new funding was likely to come from overseas, Mr Thorrold said, but he expected many of the company's existing investors would take part in the new capital round.

NZPA
Tue, 02 Mar 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Natural sweetener company revenue ahead of forecast
3055