Burcon NutraScience Corp. (TSX:BU) has raised $5.75 million through share offering and plans to use the investment to help commercialize its process for adding protein to sports drinks.
Burcon announced Friday that it had concluded the sale of 1,437,500 common shares at $4 per share.
Burcon developed a process for making a clean-tasting soluble protein from soy, peas and canola. The process allows protein to be added to a range of sports drinks, such as Gatorade.
"We are pleased with the strong response we received from the market, particularly at a time when access to capital is difficult," said Burcon COO Johann Tergesen.
"Completion of this financing is an important milestone in our development plan and will allow us to focus more on our Peazazz pea protein.
"Protein ingredients continue to benefit from a strong global trend towards health and wellness in food and beverages. We are looking forward to near-term commercial advancements for our Clarisoy soy protein isolate technology and our Peazazz pea protein as well."
