BioLargo Inc (OTCQB:BLGO) announced Tuesday that its July company wide sales more than doubled its historical monthly average thanks to its new foray into disinfectant.
Its subsidiary Clyra Medical recently introduced Clyraguard Personal Protection Spray, an FDA-registered disinfectant for personal protective equipment (PPE), such as facemasks. Deliveries of the product began in late July and production is ramping up, the company said
“Our team at Clyra Medical developed Clyraguard in response to the Covid-19 pandemic, and we are proud that they could develop the product, secure FDA registration, secure raw materials, source FDA compliant manufacturing, and deliver product to customers in only a matter of months,” BioLargo CEO Dennis Calvert said. “We are proud of our team and this product that we believe is vital to help front line workers, and all of us, during these turbulent times.”
READ: BioLargo says subsidiary manufactures first AEC prototype to eliminate PFAS contaminants from water
Additionally, BioLargo said that since December 31, it has converted more than $3.1 million of debt to equity and that another $414,000 will be converted over the next 45 days. The company has also reached an agreement with the holders of roughly $550,000 in debt due in August to extend the maturity date by one year and convert a portion of the principal into equity.
“The continued balance sheet improvements are dramatic,” Calvert said. “We have been diligent to move away from convertible debt instruments in favor of equity-based transactions for new capital, and have not taken in any new convertible debt since September of 2019, so as to eliminate the extremely expensive non-cash interest expense. ... As we are emerging from the height of the Covid-19 crisis, we are glad to see capital projects being restarted which bodes well for ONM Environmental, BioLargo Engineering and BioLargo Water.”
Calvert said BioLargo was recently notified of an award of public funding to support the first commercial installation of its Advanced Oxidation System, and BioLargo Engineering is preparing for commercial trials for our PFAS solution (the BioLargo Aqueous Electrostatic Concentrator) in the coming months.
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