Avicanna Announces Filing of Interim Financial Statements for Period Ended June 30, 2021 and Provides Corporate Update
10 September 2021 - 1:30PM
Avicanna Inc. ("Avicanna" or the "Company) (TSX: AVCN)
(OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on
the development, manufacturing and commercialization of
plant-derived cannabinoid-based products, is pleased to announce
the filing of the Company’s unaudited interim financial statements
for the three- and six-month period ended June 30, 2021,
accompanying management’s discussion and analysis and related
certifications (collectively, the “Documents”) and provides a
corporate update. Electronic copies of the Documents are available
on SEDAR (www.sedar.com) under the Company’s issuer profile.
With the filing of the Documents, the Company
anticipates that its continuous disclosure record is up to date in
accordance with applicable securities law and intends to seek the
revocation of the cease trade order issued by the Ontario
Securities Commission in respect of the Company on June 11,
2021.
“We would like to express our gratitude to our
shareholders for their patience during this unprecedented period
and we thank our new auditors Kingston Ross Pasnak LLP for their
professionalism in completing our 2020 audit in an expedited, yet
thorough, manner. I am proud to say that, despite facing the prior
audit delays and the resulting cease trade order, Avicanna has
continued to meet its operational milestones, including both
research and commercial initiatives, which have positioned the
Company in its best standing to date. While Avicanna has been
challenged with its cash position these last few quarters, we
fortunately have our shareholders’ support and confidence in the
team and business model. I expect the positive commercial traction
we are experiencing to place us on good footing for the future,”
said Aras Azadian, CEO.
Corporate Update
In the first two quarters of fiscal 2021, the
Company has made significant progress in all facets of its
business, notably with respect to commercial, R&D and clinical,
strategic partnership initiatives:
Commercial
- Medical
cannabis in partnership with Medical Cannabis by
ShoppersTM: Since the
launch of Avicanna’s products in the second half of 2020, the
Company has expanded the number of products available to 10 SKUs to
patients who use cannabis for medical purposes to include THC-Free
RHO Phyto branded non-inhalation products as well as Pura Earth
topical products. Demand for Avicanna’s products has increased
quarter over quarter with over 15 healthcare clinics and over 600
prescribing health care practitioners having recommended Avicanna
products on the Medical Cannabis by Shoppers platform.
- Retail
(adult use) channels in Canada: As at June 30, 2021, a
total of 10 listings of RHO Phyto and Pura Earth-branded product
lines across provincial retail sales channels in Canada in Ontario,
Manitoba, Saskatchewan, and New Brunswick. Subsequent to Q2 2021,
Avicanna products are being offered for sale in Alberta, another
major Canadian cannabis market.
- Aureus™
branded exports expanded into 11th
international market: Export of cannabinoid active
pharmaceutical ingredients or feminized seeds into a growing number
of new markets including Chile, Peru, Brazil and Austria subsequent
to Q2 2021. Avicanna expects further growth of its Aureus™ supply
chain, considering the further expansion of the regulatory
framework in Colombia to allow for export of cannabis flower.
R&D, clinical, and pharmaceutical pipeline updates
-
Trunerox™: Completion of pharmaceutical pilot
production of epilepsy drug candidate, branded as Trunerox, under
GMP and ICH guidelines, a major step required for commercialization
in South America.
- UHN
collaboration: Progression of the partnership related to
establishing optimal cannabinoid ratios and delivery for epilepsy
treatment.
-
University of Guelph collaboration: Completion of
the initial phase of pre-clinical studies on the RHO Phyto
formulations.
- TRU
collaboration: Research commencement with Thompson Rivers
University (“TRU”) for the evaluation of cannabinoids for
antibacterial effects and evaluation of cannabinoid-based products
in tissue model of inflammation.
-
Osteoarthritis drug candidate: Completion of the
initial phase of pre-clinical osteoarthritis evaluations after
successful in vitro studies completed on RHO Phyto’s Extra Strength
Deep Tissue topical drug candidate.
Strategic partnerships
- re+PLAY
and Viola: Strategic partnerships with two companies
founded by former NBA star Al Harrington. These include specific
formulations developed by Avicanna for the re+PLAY athletic
recovery brand, which are expected to be commercialized in the US
and Canada in Q4 2021, as well as licensing and commercialization
of Viola™ branded products to be used with Avicanna formulations in
Canada also expected to be commercialized in Q4 2021.
-
Sunnybrook Hospital: Strategic partnership with
Sunnybrook Health Sciences Centre (“Sunnybrook Hospital”) whereby
Sunnybrook Hospital will dispense the Company’s RHO Phyto products
to patients with appropriate medical authorization onsite at the
Odette Cancer Centre pharmacy.
-
Exclusive arrangement with Heritage: Exclusive
agreement with Heritage Cannabis Holdings Corp. (“Heritage”) to
commercialize evidence-based topical products through Heritage's
medical cannabis channels, including its deep tissue and skin care
formulations. Heritage will lead medical sales and
commercialization across non-competing medical channels in Canada
under the Opticann brand and commits to meeting minimum sales to
maintain its exclusivity of the Avicanna formulations.
-
Brazilian pharmaceutical partnership: Execution of
a multi-year supply agreement by Avicanna’s Colombian subsidiary,
Santa Marta Golden Hemp. S.A.S., with a Brazilian pharmaceutical
company to supply industrial volumes of high THC and high CBD full
spectrum psychoactive cannabis resin. The raw materials are
expected to be used by the Brazilian pharmaceutical company in the
production of medicinal cannabis products for commercialization
pursuant to Brazil’s medicinal cannabis regulations in what is
estimated to be largest cannabis market in South America.
- Bio-Gate
AG: Completion of the initial development phase for
prospective products pursuant to Avicanna’s joint development
agreement with Bio-Gate AG (“Bio-Gate”), a German bio-medical
company. Bio-Gate will develop and deliver CBD-based dermatology
and cosmetic products. Combination of Avicanna’s intellectual
property and Bio-Gate’s MicroSilver BG™ technology is aimed to
target indications including eczema, acne and atopic
dermatitis.
Investor Webinar
On Tuesday, September 14 at 2 pm
EDT, Avicanna’s CEO, Aras Azadian, will host an investor
webinar, providing the latest Company updates followed by a live
Q&A session. Register here: Avicanna Inc (TSX: AVCN) (OTCQX:
AVCNF) (FF: ONN) Investor Webinar Registration
(onlinexperiences.com)
About Avicanna
Avicanna is a commercial stage Canadian
biopharmaceutical company and an established leader in cannabinoid
research, development, and evidence-based products for the global
consumer, medical, and pharmaceutical market segments. Avicanna
conducts its research in Canada including its R&D headquarters
in the Johnson & Johnson Innovation Centre, JLABS @ Toronto,
Canada, located in the MaRS Discovery District, and in
collaboration with leading Canadian academic and medical
institutions. Avicanna has established an industry leading
scientific platform including advanced R&D and clinical
development which has led to the commercialization of over twenty
products across four main market segments:
- RHO Phyto™: these
medical and wellness products are an advanced line of
pharmaceutical-grade cannabis products containing varying ratios of
CBD and THC. The product portfolio contains a full formulary of
products including oral, sublingual, topical, and transdermal
deliveries that have controlled dosing, enhanced absorption and
stability studies supported by pre-clinical data. These products
are developed using pharmaceutical drug development processes and
are supported with pre-clinical data. The advanced formulary is
marketed with consumer, patient and medical community education and
training.
- Pura H&W™:
these registered, clinically tested, cosmetic products include a
portfolio of functional CBD consumer derma-cosmetic and topical
products.
- Aureus™: as a part
of Avicanna’s vertical integration based out of Santa Marta,
Colombia its supply chain business units are primarily dedicated to
providing consistent source of cannabinoid raw materials for
Avicanna and its global partner’s food, cosmetic, medical and
pharmaceutical needs. Aureus branded products are cultivated,
extracted, and manufactured by Avicanna’s subsidiaries in Colombia
where they benefit from optimal environmental conditions to produce
cannabinoid active pharmaceutical ingredients economically,
organically, and sustainably and include a range of CBD, THC and
rare cannabinoids such as CBG extracts and standardized seeds.
Company is well positioned to be a global supplier of cannabinoid
raw materials demand and has already successfully exported its
products to over 10 countries in 4 continents.
- Pharmaceutical
pipeline: leveraging from the company’s scientific
platform, vertical integration, and real-world evidence, Avicanna
has established a pipeline of indication specific cannabinoid-based
drug candidates that are in various stages of clinical development
and commercialization. Avicanna’s drug candidates are in
pre-clinical stage and are dedicated to providing solutions for
unmet medical needs in the areas of dermatology, chronic pain and
various neurological disorders.
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit www.avicanna.com,
call 1-647-243-5283, or contact IR representative Iryna Zheliasko
by email at iryna@chfir.com or by phone at 416-868-1079 x 229.
The Company posts updates through videos from the official
company YouTube
channel https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA
.
Cautionary Note Regarding Forward-Looking Information
and Statements
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information contained in this press release may be
identified by the use of words such as, "may", "would", "could",
"will", "likely", "expect", "anticipate", "believe, "intend",
"plan", "forecast", "project", "estimate", "outlook" and other
similar expressions, and includes statements with respect to the
Company’s intention to seek the revocation of the cease trade order
issued by the Ontario Securities Commission in respect of the
Company on June 11, 2021, and its ability to maintain, continue, or
carry out its research and commercial relationships or obligations.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management in light of management's experience and perception of
trends, current conditions and expected developments, as well as
other factors relevant in the circumstances, including assumptions
in respect of current and future market conditions, the current and
future regulatory environment; and the availability of licenses,
approvals and permits. Although the Company believes that the
expectations and assumptions on which such forward looking
information is based are reasonable, undue reliance should not be
placed on the forward looking information because the Company can
give no assurance that they will prove to be correct. Actual
results and developments may differ materially from those
contemplated by these statements. Forward-looking information is
subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected
in the forward-looking information. Such risks and uncertainties
include, but are not limited to current and future market
conditions, including the market price of the common shares of the
Company, and the risk factors set out in the Company's annual
information form dated September 3, 2021 and final short form
prospectus dated November 27, 2020, filed with the Canadian
securities regulators and available under the Company's profile on
SEDAR at www.sedar.com. The statements in this press release are
made as of the date of this release. The Company disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
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