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Thursday, Jun 20, 2024

Ceres Narrows Loss

Ceres Inc. narrowed its losses during its last quarter as a publicly traded company if an announced acquisition takes place. The Thousand Oaks agricultural biotech reported Friday a net loss of $1.5 million (8 cents a share) for the third quarter ended May 31, compared with a net loss of $5.9 million (98 cents) for the same quarter a year ago. Net revenue increased slightly at $1.4 million compared to $1.1 million for the third quarter in 2015. No analysts follow the company. During the quarter, Ceres was approved for field testing its bioengineered sugarcane in Brazil and announced it will be acquired by Land O’ Lakes of Arden Hills, Minn. for $17 million. The acquisition is expected to finalize during the next quarter. Shares closed up less than a cent to 40 cents on the Nasdaq.

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