TIDMTYR TIDMTYRU
RNS Number : 0219A
TyraTech, Inc.
24 September 2015
TyraTech, Inc.
("TyraTech" or the "Company")
Interim Results for the six months ended 30 June 2015
TyraTech Inc. (AIM: TYR, and TYRU), a life sciences company
focused on nature-derived insect and parasite control products,
today announces its interim results for the six month period ended
30 June 2015.
TyraTech is now at an inflexion point in its development.
Following the successful launch of Vamousse(R) Lice Treatment &
Protective Shampoo in the US and in the UK, the Directors believe
that Tyratech is now extremely well positioned to unlock the true
value potential of its technology platform. Through the
commercialisation of Vamousse, as well as with the launch of
Guardian personal repellent and OutSmart equine fly spray, TyraTech
has proven that its innovative products can answer real unmet
market needs, satisfy customer demands and generate value for
distribution and commercialisation partners. The result is that
Vamousse is now the fastest growing branded head lice product in
the US, reaching the number 3 position in less than 18 months, with
a distribution network that has quadrupled its number of sales
outlets in the same short period of time.
In addition to achieving sales growth of 267% in the first half
of the year (with $3.3 million of product sales), TyraTech has also
built strong brands, secured relationships with major retailers and
strengthened its pipeline, all elements that will generate future
value. Nevertheless, the head lice market represents a relatively
small part of the addressable market for our technology. Having
validated the commercial potential of its technology platform, and
having proven its capability to implement a scalable business model
with high margins, TyraTech is poised to develop and launch true
alternatives to pesticides in a number of other target markets.
Operational Highlights:
-- Continued progress of Vamousse Lice Treatment with strong
sales growth at Walmart;
-- Launch of Vamousse Lice Protection Shampoo in over 3,600
Walmart stores and Walmart.com in the US;
-- Expansion of Vamousse Lice Treatment into CVS/pharmacy and
Walgreens, the two largest pharmacy chains in the US;
-- Gained additional distribution of Vamousse Treatment and
Protective Shampoo in the UK with Lloyds, Rowlands, and Day Lewis
and smaller independent pharmacies;
-- Number 3 OTC head lice brand by dollar sales in the US;
-- Launched equine spray for control of flies, mosquitos, and ticks.
Financial Highlights:
-- Total revenue from operations in the six months nearly
tripled to $3.5 million (2014: $1.3 million) as the result of
expansion of the Vamousse product lines into major drug store
chains in both the US and the UK as compared to only three months
of commercialisation of Vamousse Lice Treatment at Walmart in the
US during the same six month period in 2014;
-- Product sales increased by 267% to $3.3 million (2014: $0.9
million) primarily from sales of the Vamousse Lice Treatment and
Shampoo;
-- Collaborative revenue decreased by 50% to $0.2 million for
the first half of 2015 (2014: $0.4 million) as the demand for
shared services from Envance decreased;
-- Gross profit increased by approximately 150% to $2.0 million
(2014: $0.8 million) from the effect of new product
commercialisation;
-- Overall operating expenses increased 6% to $3.7 million
(2014: $3.5 million) primarily from increased sales and marketing
expenses related to the commercialisation of Vamousse Lice
Treatment and Shampoo;
-- Loss from operations reduced to $1.7 million for the first
half of 2015 (2014: $2.6 million) resulting primarily from
increased product sales;
-- Net loss before and after taxes decreased to $1.5 million (2014: $3.1 million);
-- Cash and cash equivalents were $1.3 million at 30 June 2015
($0.6 million at 30 June 2014 and $2.2 million at 31 December
2014).
Post period end:
-- Successful launch of Vamousse Treatment and Shampoo in Ireland;
-- Launch of Vamousse Shampoo in Boots and significant increase
in number of Boots stores stocking Vamousse Treatment;
-- Distribution in Well pharmacy chain (previously Co-op).
Outlook and current trading
Notwithstanding the positive developments and enhanced
distribution arrangements, the Company continues to be in uncharted
territory from a forecasting perspective, not having experienced,
as yet, a full year with current distribution arrangements in
place.
Sales have continued to grow in absolute terms during the period
since 30 June. However, they have been behind our forecast
expectations and if this trend continues for the remainder of the
year, our second half results, whilst still expected to be
materially better than the first half, will not be as strong as
previously thought.
There is good evidence that the market for head lice products is
growing year-on-year and we believe that we are well positioned
with our product range and the quality of our customer base to
benefit from this growth. In addition, we believe there will be
additional contributions next year from the animal health and
equine products. We are therefore pleased with the progress that
TyraTech is making towards the goal of self-sufficiency in cash
terms.
For further information:
TyraTech Inc.
Bruno Jactel, Chief Executive Officer
Tel: +1 919 415 4340
Barry Riley, Acting Chief Financial Officer Tel:
+1 919 415 4300
www.tyratech.com
SPARK Advisory Partners Limited, Nominated Adviser
Matt Davis / Mark Brady Tel: +44 20 3368 3552
Tel: +44 20 3368 3551
Whitman Howard Limited, Joint Broker
Ranald Mc-Gregor Smith / Niall Devins Tel: +44 20 7087 4555
Allenby Capital Limited, Joint Broker
Chris Crawford
Tel: +44 20 3002 2070
Walbrook, Financial PR and IR
Paul Cornelius/ Guy McDougall Tel: +44 20 7933 8792
Chairman's Statement
TyraTech has achieved remarkable progress in the current
financial year, with net product sales in the six month period more
than three times higher than the corresponding period last year and
already comfortably ahead of the previous full year. Our Vamousse
Treatment now has a wide distribution in both the US and UK and is
already the number three head lice OTC brand by dollar sales in the
US. The Shampoo is also progressing well and should become more
widely distributed next year.
In 2014 the team managed to gain space on the shelves of many of
the biggest retailers in two very competitive markets - the US and
the UK. Whilst that was a tremendous result the real inflexion
point is happening right now in that the products are now important
products in the stores' personal care ranges - in fact the number
of outlets has more than quadrupled since this time last year. This
is a result of demonstrating to the retail trade that the Vamousse
range of products are highly appreciated by the user and are an
efficient and profitable use of shelf space. The Board feels
confident that the Vamousse brand will continue to gain significant
market share and will expand both geographically and by product
line extension.
However, TyraTech is much more than a head lice company. Our
technology is now demonstrated and has proved capable of driving
the development of insect control products with a combined level of
safety and efficacy well ahead of the standard synthetic chemical
offerings, especially where resistance has developed against these
products. Many of the target markets are much bigger than the
personal care area.
Animal health markets, for example, encompass industrial scale
production facilities, small farms, and companion animals with
needs for internal and external parasiticides. TyraTech has already
developed products for many of these markets and we are actively
working on others. We hope to see the products previously licensed
to Novartis generating sales in animal production facilities from
next year.
I believe that we have demonstrated our ability - unusual in a
small company - to develop a brand in a short time frame with
limited resources. The Vamousse brand alone already has significant
value and will be further developed both geographically and in
product line extension - but we plan to enter other larger markets
in the short to medium term. Each of these is a high margin
opportunity and can generate real value either with TyraTech or in
the hands of a major player. It is only when the possibilities that
flow from the TyraTech pipeline are looked at by segment that the
true value of the sum of the parts becomes apparent. We realize
that we still have much work to do, but everyone at TyraTech is
genuinely excited about the future of our Company.
Alan Reade
Non-executive Chairman
24 September 2015
Chief Executive Officer's Statement
In the half year to 30 June 2015, sales of our Vamousse
Treatment product continued to grow, in particular at Walmart. We
also achieved our aim of placing Vamousse Lice Treatment with
Walgreens and CVS, the two largest pharmaceutical chains in the US,
together with further expansion in the UK with Lloyds, Rowlands,
Day Lewis and smaller independent pharmacies. Despite the two major
US pharmacy chains having placed product in stores later than
expected, product sales, nevertheless, increased by a factor of
more than three times compared to the corresponding period in the
prior year. It is also worth noting that 2015 H1 sales were ahead
of the full year to 31 December 2014. An excellent measure of our
progress is that in the 12 weeks to 14 June 2015, Vamousse was the
number three head lice brand by dollar retail sales in the US,
excluding private labels. The Vamousse Protection Shampoo has also
made a good start in Walmart stores and we are pleased with the
level of sales so far.
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September 24, 2015 02:00 ET (06:00 GMT)
Our Guardian range of personal mosquito and tick repellants
continues to gain very high rating by users on amazon.com, building
a core of loyal customers and generating a small but useful and
increasing level of sales. With increasing brand awareness,
word-of-mouth and a strong market need for a serious alternative to
pesticides, we are exploring various possibilities for widening
distribution of these products.
Earlier this year, we launched our insect repellant product for
use on horses. Although widely praised by end users, we decided to
develop an improved product with better aesthetics and enhanced
stability, which will be re-launched next year. This is an
attractive and potentially high margin niche market with estimated
retail sales in excess of $20 million in the US and EU.
Post period end and outlook
Since the half year-end, Boots has taken the Vamousse Protective
Shampoo into a portion of their stores and expanded the outlets
taking the Vamousse Treatment product. We have recently gained
distribution in over 400 Well pharmacy chain stores (ex Co-op). The
product has also been successfully launched in Ireland and we
continue to plan for further geographical expansion in Europe and
Australasia. With the recent publicity emphasising the emergence of
head lice resistant to the leading OTC brands in the US, we have
re-focused our marketing efforts to emphasise the effectiveness of
Vamousse against lice resistant to synthetic pesticides.
With the acquisition of Novartis Animal Health by Eli Lilly, we
decided to withdraw Novartis' rights to our animal health products,
which are intended for insect control in animal production
facilities where there are major problems with resistance to
existing synthetic products. We have used the time to further
develop what were already attractive products and are in
discussions with several potential partners, expecting to launch
the enhanced products next year.
Notwithstanding the positive developments and enhanced
distribution arrangements, the Company continues to be in uncharted
territory from a forecasting perspective, not having experienced,
as yet, a full year with current distribution arrangements in
place. Sales have continued to grow in absolute terms during the
'back to school' period in August and September to date, however
they have been behind our forecast expectations and if this trend
continues for the remainder of the year, our second half results,
whilst still expected to be materially better than the first half,
will not be as strong as previously thought.
There is good evidence that the market for head lice products is
growing year-on-year and we believe we are well positioned with our
product range and the quality of our customer base to benefit from
this growth. In addition, we believe that there will be additional
contributions next year from the animal health and equine products.
We are therefore pleased with the progress that TyraTech is making
towards the goal of self-sufficiency in cash terms.
Bruno Jactel
Chief Executive Officer
24 September 2015
Financial Review
Revenue
Total revenue for the six month period to 30 June 2015 was $3.5
million (2014: $1.3 million). Gross product sales were $3.3 million
of which $2.6 million were sales in the US and $0.7 million in the
UK. (2014: $0.9 million all in the US), with net product sales of
$2.9 million (2014: $0.9) Collaborative revenue decreased to $0.2
million (2014: $0.4 million). Collaborative revenue includes
upfront license fee amortisation and cost reimbursement from our
Envance Technologies and Mondelez Global (Kraft) agreements.
Cost of sales and gross profit
Material and manufacturing costs for product sales were $0.9
million (2014: $0.3 million) and costs related to collaborative
revenue remained steady at $0.1 million (2014: $0.1 million). Gross
profit increased to $2.0 million, with a margin on net revenue of
66% (2014: $0.8 million and 65%) primarily as a result of increased
product revenue generated from the addition of new customers in
2015. Margin on net product sales was 68% (2014: 66%).
Operating expenses
Overall operating expenses from continuing operations increased
slightly by 6% for the six month period to $3.7 million (2014: $3.5
million). This increase in operating expenses was primarily driven
by additional marketing costs related to the Vamousse head lice
treatment and shampoo sales offset by reductions to research and
development expenses. Operating expenses for the six months
included non-cash equity compensation of $0.1 million (2014: $0.1
million) and depreciation of $0.1 million (2014: $0.1 million).
Liquidity and cash flow
Cash used in operations for the period was $0.9 million compared
to $3.2 million in the first half of 2014, a $2.3 million decrease
from the first half of 2014. This decrease in cash used in
operations is primarily due to an increase in product revenue sales
in the first half of 2015, coupled with more efficient management
of working capital. There is also a seasonal component to the
Company's product sales which can impact liquidity. There was no
sale of common stock in the period (2014: $2.9 million) and the
Company currently has no committed external source of funds.
Based on the Company's existing cash, its current operating
plans, anticipated revenues from product sales and collaborative
arrangements, and the ability to control costs, the Company's
revised forecasts indicate that it will have sufficient cash
resources for at least the next twelve months. However, with new
products and distribution channels, there is always uncertainty as
to the speed and level of market penetration and if these forecasts
prove inaccurate the Company may need to initiate actions to raise
additional finance.
The Company invests its cash resources in deposits with banks
with the highest credit ratings, putting security before absolute
levels of return.
Barry M. Riley
Acting Chief Financial Officer
24 September 2015
TYRATECH, INC.
Consolidated Statements of Operations
in $000's
(Unaudited) (Unaudited)
six months six months
ended ended year ended
30 June 30 June 31 December
2015 2014 2014
------------------------------------- ----------------------- ---------------------- ------------------------------
Gross revenue:
Product $ 3,283 $ 887 $ 2,836
Collaborative 167 393 2,097
------------------------------------- ----------------------- ---------------------- ------------------------------
Total gross revenue 3,450 1,280 4,933
Less: sales, discounts,
returns,
and allowances 394 - 215
------------------------------------- ----------------------- ---------------------- ------------------------------
Total net revenue 3,056 1,280 4,718
Cost of revenue:
Product 912 301 940
Collaborative 115 142 242
------------------------------------- ----------------------- ---------------------- ------------------------------
Total cost of revenue 1,027 443 1,182
------------------------------------- ----------------------- ---------------------- ------------------------------
Gross profit 2,029 837 3,536
Costs and expenses:
General and administrative 1,823 1,591 3,558
Business development 1,367 1,073 3,357
Research and development 534 804 1,603
Total costs and expenses 3,724 3,468 8,518
------------------------------------- ----------------------- ---------------------- ------------------------------
Loss from operations (1,695) (2,631) (4,982)
------------------------------------- ----------------------- ---------------------- ------------------------------
Other income (expense):
Other income (expense) 9 (25) 1
Gain on partial sale of
Envance
ownership 125
Net loss (from unconsolidated
subsidiary) - - (300)
Change in fair value of
warrant
liabilities 23 (450) 187
----------------------
Total other income
(expense) 157 (475) (112)
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------------------------------------- ----------------------- ---------------------- ------------------------------
Loss before income taxes (1,538) (3,106) (5,094)
Income tax expense - - -
Net loss $ (1,538) $ (3,106) $ (5,094)
------------------------------------- ----------------------- ---------------------- ------------------------------
Net loss per common share
Basic and diluted $ (0.01) $ (0.02) $ (0.03)
------------------------------------- ----------------------- ---------------------- ------------------------------
Weighted average number of
common shares (000's)
Basic and diluted 261,239 194,341 207,232
------------------------------------- ----------------------- ---------------------- ------------------------------
The accompanying notes are an integral part
of these consolidated financial statements.
TYRATECH, INC.
Consolidated Balance Sheets
in $000's
(Unaudited) (Unaudited)
six months six months year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
---------------------------------------- ------------------------ ------------------------ ------------------------
ASSETS
Current assets
Cash and cash equivalents $ 1,331 $ 576 $ 2,212
Accounts receivable 781 621 909
Inventory 810 267 925
Prepaid expenses 211 123 191
---------------------------------------- ------------------------ ------------------------ ------------------------
Total current assets 3,133 1,587 4,237
Property and equipment,
net of accumulated depreciation 23 126 84
Long term deposits 69 66 69
Total assets 3,225 1,779 4,390
---------------------------------------- ------------------------ ------------------------ ------------------------
LIABILITIES AND SHAREHOLDERS'
EQUITY (DEFICIT)
Current liabilities
Accounts payable 1,106 436 971
Accrued liabilities 889 563 664
Liability for warrants - 660 23
Deferred revenue 70 501 72
---------------------------------------- ------------------------ ------------------------ ------------------------
Total current liabilities 2,065 2,160 1,730
Deferred revenue and other
long-term liabilities 55 1,130 89
Total liabilities 2,120 3,290 1,819
---------------------------------------- ------------------------ ------------------------ ------------------------
Shareholders' equity (deficit)
Common stock, at $0.001
par authorized 380 million;
262.3 million shares issued,
261.2 million shares outstanding
(30 June 2014: 195.4 million
shares issued, 194.3 million
shares outstanding) 261 205 261
Additional paid in capital 87,413 81,329 87,341
Accumulated deficit (86,458) (82,932) (84,920)
Accumulated other comprehensive
income 2 - 2
Treasury stock of 1.1
million shares (2014:
1.1 million shares) (108) (108) (108)
Total shareholders' equity
(deficit) 1,110 (1,506) 2,576
---------------------------------------- ------------------------ ------------------------ ------------------------
Non-controlling interest (5) (5) (5)
Total shareholders' equity
(deficit) 1,105 (1,511) 2,571
Total liabilities &
shareholders'
equity $ 3,225 $ 1,779 $ 4,390
---------------------------------------- ------------------------ ------------------------ ------------------------
The accompanying notes are an integral
part of these consolidated financial
statements.
TYRATECH, INC.
Consolidated Statements of Cash Flows
Six months ended 30 June 2015 and 2014
in $000's
(Unaudited) (Unaudited)
six months six months year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
-------------------------------------- ------------------------ ------------------------- ------------------------
Cash flows from operating
activities:
Net loss $ (1,538) $ (3,106) $ (5,094)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation 47 49 96
Amortisation of stock awards 72 71 152
Change in fair value of
warrant liability (23) 450 (187)
Loss on sale of fixed assets 16 - -
Net loss from unconsolidated
subsidiary - - 300
Changes in operating assets
and liabilities:
Accounts receivable 128 (536) (824)
Inventory 115 (204) (862)
Prepaid expenses and long-term
deposits (20) 27 (45)
Accounts payable and accrued
liabilities 360 337 973
Deferred revenue and other
long-term liabilities (36) (251) (1,721)
-------------------------------------- ------------------------ ------------------------- ------------------------
Net cash used in operating
activities (879) (3,163) (7,212)
-------------------------------------- ------------------------ ------------------------- ------------------------
Cash flows from investing
activities:
Purchase of property and
equipment (2) (8) (12)
Investment in unconsolidated
subsidiary - - (300)
Net cash used in investing
activities (2) (8) (312)
-------------------------------------- ------------------------ ------------------------- ------------------------
Cash flows from financing
activities:
Net proceeds from sale
of common stock - 2,874 8,150
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Equity warrants issued - - 210
Exercise of SARS - - 1
Exercise of warrants - - 500
Net cash provided by financing
activities - 2,874 8,861
-------------------------------------- ------------------------ ------------------------- ------------------------
Net increase (decrease)
in cash (881) (297) 1,337
Cash and cash equivalents,
beginning of the period 2,212 873 873
Accumulated other comprehensive
income - - 2
Cash and cash equivalents,
end of the period $ 1,331 $ 576 $ 2,212
-------------------------------------- ------------------------ ------------------------- ------------------------
The accompanying notes are an integral
part of these consolidated financial
statements.
Notes to the Interim Consolidated Financial Statements
1. Basis of Preparation
The financial statements of TyraTech, Inc. (the Company) have
been prepared in accordance with accounting principles generally
accepted in the United States of America (US GAAP) and the attached
financial statements have been prepared on a consolidated
basis.
The Company holds a 13.33% share of an unconsolidated jointly
owned enterprise (Envance Technologies, LLC.) with AMVAC Chemical
Corporation, a wholly owned subsidiary of American Vanguard
Corporation. This unconsolidated entity is accounted for under the
equity method of accounting. In 2013, the Company's investment in
Envance was reduced to zero and the equity method was
suspended.
The results for the year ended 31 December 2014 have been
extracted from the consolidated financial statements of TyraTech,
Inc. for the year ended 31 December 2014 which were prepared in
accordance with US GAAP.
The unaudited interim consolidated financial statements for the
six months ended 30 June 2015 and 2014 were prepared on the basis
of the accounting policies set out in the most recently published
consolidated financial statements of the Company for the year ended
31 December 2014. As permitted, this interim report has been
prepared in accordance with AIM rules. Certain information and note
disclosures normally included in annual financial statements
prepared in accordance with US GAAP have been omitted pursuant to
the AIM's rules and regulations for interim reporting. These
unaudited interim consolidated financial statements should be read
in conjunction with the consolidated financial statements and
related notes for the year ended 31 December 2014.
2. Liquidity and Capital Resources
At 30 June 2015 the Company had $1.3 million (30 June 2014: $0.6
million, 31 December 2014: $2.2 million) in cash and cash
equivalents and no indebtedness.
The Company has had significant negative cash flows from
operating activities since inception. The Company is continuing to
manage these negative operating cash flows through product sales
expansion. The Company believes that with the existing cash on
hand, cash expected from product sales and collaborative
arrangements, and a continued focus on cost control the Company
will have sufficient cash to meet its working capital needs for the
remainder of 2015 and at least twelve months from the date of the
approval of these Financial Statements. For this reason, the
Directors consider it appropriate to continue to prepare the
Statements on the going concern basis. However, there can be no
assurance that the anticipated revenues or cost control initiatives
will materialize, in which case the Company would need to finance
its cash requirements through additional equity offerings, debt
financing, further collaborations or licensing transactions.
Currently, the Company has no committed external source of funds,
and any additional financing may not be available on acceptable
terms, if at all.
3. Loss per Common Stock
The calculation of the basic and diluted earnings per ordinary
share outstanding is based on the Company's loss, excluding the
effect of losses attributable to non-controlling interests, of $1.5
million for the six months ended 30 June 2015 (six months ended 30
June 2014: loss of $3.1 million; year ended 31 December 2014: loss
of $5.1 million), on 261,238,655 (30 June 2014: 194,341,270; 31
December 2014: 207,231,819) common shares, the weighted average
number in issue and ranking for dividend during the period. There
is no impact considered on the conversion of stock options or
warrants as the effect would be anti-dilutive.
4. Movement in Shareholders' Equity during the six months ended 30 June 2015
TYRATECH, INC.
Consolidated Statements of Shareholders' Equity (Deficit)
Six months ended 30 June 2015 and 2014
in $000's
Common Additional Accumulated Treasury Non-controlling Accumulated Total
Stock Paid-in deficit Stock Interest Other Comprehensive Equity
Capital Income (Deficit)
Balances as of 30
June
2014 $ 205 $ 81,329 $ (82,932) $ (108) $ (5) $ - $ (1,511)
--------------------- -------------- -------------- ---------------- ------------ ---------------- --------------------- ----------------
Proceeds from
issuance
of common
stock, net of
expenses 50 5,226 - - - - 5,276
Equity
warrants
issued
(also reduces
proceeds
above) 210 210
Exercise of
AMVAC warrants 6 494 500
Exercise of SARS 1 1
Stock based
compensation
- SARS 81 81
Foreign
currency
translation - - - - - 2 2
Consolidated
net loss - - (1,988) - - (1,988)
Balances as of 31
December
2014 $ 261 $ 87,341 $ (84,920) $ (108) $ (5) $ 2 $ 2,571
--------------------- -------------- -------------- ---------------- ------------ ---------------- --------------------- ----------------
Stock based
compensation
- SARS - 72 - - - - 72
Consolidated
net loss - - (1,538) - - - (1,538)
Balances as of 30
June
2015 $ 261 $ 87,413 $ (86,458) $ (108) $ (5) $ 2 $ 1,105
--------------------- -------------- -------------- ---------------- ------------ ---------------- --------------------- ----------------
The accompanying notes are an integral part of these
consolidated financial statements.
5. Envance Technologies, LLC
The Company accounts for its investment in Envance using the
equity method of accounting. In 2013, the Company's investment in
Envance was reduced from $0.4 million to zero and the equity method
was suspended. No additional losses will be recorded until either
the Company contributes additional capital or Envance records net
income equal to the share of net losses not recognized during the
period in which the equity method was suspended. As of 30 June
2015, the Company's inception to date investment loss in Envance is
$1.4 million, $0.7 million of which is reflected in the Company's
2013 and 2014 Consolidated Statements of Operations. If Envance
subsequently reports net income, the Company will resume applying
the equity method only after its share of that net income equals
the share of net losses not recognized during the period the equity
method was suspended. For the period ended June 30, 2015, the
Company's share of Envance net losses not recognized was $0.1
million.
In April 2015, the Company and AMVAC announced that they had
updated their commercial relationship and amended the Limited
Liability Company Agreement (the "Amendment") relating to Envance.
As a result, TyraTech received approximately $500,000 in cash in
repayment of loans and consideration.
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