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People & Business :: Earnings/Finance

BioAmber narrows loss

2:29 PM MDT | August 12, 2013 | Rebecca Coons

Biobased succinic acid firm BioAmber (Minneapolis) today reported a net loss of $6.1 million for its fiscal second quarter ended 30 June, compared to a net loss of $8.4 million in the year-ago quarter. Sales increased 65%, to $1 million. BioAmber, which raised $71.7 million in net proceeds in a 9 May initial public offering, says it expects to bring its first commercial-scale plant online in the fourth quarter of 2014 at Sarnia, Ontario. The company says it also closed on a $25-million term loan with Hercules Growth Technology Capital. "Our Sarnia plant...

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