Chemaphor losses widen

Chemaphor Inc. Chemaphor.jpgposts continued net losses in the first quarter of fiscal 2007, despite more than doubling revenue to $38,415 from $15,233 in the previous first quarter. With investment in its new nutrisciences program taking a $283,412 bite, net losses widened to $244,997 from $175,540 in the same period a year ago. The early-stage organic chemical products company attributes the dip to “the addition of new staff, research and development contract costs and travel” associated with the nutrisciences venture, a non-pharmaceutical business developing OxBC, a product for skincare cosmetics and the maintenance and promotion of animal health. On March 13, Chemaphor finalized a private placement offering of 3.3 million share units, raising net proceeds of approximately $880,000, enough, it believes, to fund operations through to at least the end of the fiscal year.

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