Avicanna Inc. (“
Avicanna” or the
“
Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN),
a commercial stage, international biopharmaceutical company focused
on the commercialization of evidence-based, cannabinoid-based
products, is pleased to announce the filing of its interim
financial statements for the three-month period ending March 31,
2022 (“
Q1 2022”) and the transition of the role of
Chief Financial Officer.
“We are pleased to report on our continued
progress and global commercialization efforts where we primarily
focused on, and achieved, growth of our four brands in the Canadian
marketplace. We also pursued continuous optimization of our
operations which was demonstrated by significant cost reductions
over the quarter, with the goal of self-sufficiency,” stated Aras
Azadian, CEO at Avicanna Inc.
Q1 2022 highlights:
Approximately 35,000 products sold representing
a 41% increase in sales over last quarter and representing a 765%
increase over Q1 2021. This was driven by a 44% increase in the
number of Canadian product listings over the last quarter across
medical and adult use channels.
Revenue of $1.04M, representing 283% increase in
revenue over Q1 2021 and $0.01 net income per share compared to
($0.14) net loss per share in Q1 2021.
On-going cost reduction,
resulting in $2M SG&A and a 28% reduction compared to $2.85M
SG&A in Q1 2021.
Entered Supply Agreement with Chilean based
pharmaceutical company Knop Laboratorios S.A. to supply Aureus
branded products.
Changes to the board and executive team with the
appointment of two experienced pharmaceutical executives, Eileen
McCormack to the Board of Directors and Stephen Kim as the Chief
Legal Officer.
Commenced Epidermolysis Bullosa Studies with the
Hospital for Sick Children. The study led by Dr. Elena Pope is
designed to analyze the efficacy of the Company’s dermatological
products on a rare skin disease.
Closed a $2.5M, non-brokered private placement
at $0.35 cents per unit, where each common share would entitle the
holder to half warrant exercisable at $0.40 cents per share.
Advancements in the pharmaceutical and medical
cannabis pipeline, including the completion of the company’s first
international drug dossier for Trunerox™ in Brazil and the
advancement of several medical cannabis pipeline products including
water soluble formulations.
Other highlights subsequent to Q1 2022
Entered into Exclusive License and Supply
Agreement with South American based pharmaceutical company, to
commercialize up to four (4) of Avicanna’s proprietary
cannabinoid-based pharmaceutical preparations. Avicanna may
possibly earn up to $1.3M CAD in initial licensing fees through
achieving various milestones.
Closed $1.5M strategic private placement with
lead investor Ei. Ventures, Inc., a technology company which seeks
to empower mental wellness through psychoactive compounds,
nutraceuticals, and technology, and with participation from other
investors.
Expanded RHO PhytoTM formulary with
Cannabigerol-based (“CBG”) products into the
Canadian market, including oral, sublingual, and transdermal
formulations which is anticipated to be made available through
various medical and adult-use channels across Canada by Q3
2022.
Entered Importation & Distribution Agreement
with Bio-Gate AG in Germany, to expand derma-cosmetics Brand Pura
H&W™ into the European Union. Pura H&W’s evidence-based
derma-cosmetics portfolio will be commercialized through Bio-Gate’s
existing distribution channels with initial launches planned for
Germany, Austria, and Switzerland in Q2 2022.
CFO Transition
The Company has accepted the resignation of its
Chief Financial Officer, Dave Sohi, effective May 18, 2022. He will
leave to pursue another opportunity and will for a period provide
transition advisory services to the Company. The Company is pleased
to announce Mr. Phillip Cardella, CPA, CA to the position of
Interim Chief Financial Officer effective May 18, 2022. Previously,
Mr. Cardella held the position of Senior Vice President of Finance
at the Company, and prior to joining the Company practiced
accounting with MNP LLP, one of the largest full service
professional accountancy and business advisory firms in Canada.
“We want to thank Dave for his 5 years of
service where he helped deliver our common vision into a commercial
stage multinational company and helped weather the many challenges
associated with building a company operating in a novel and
regulated industry. We wish Dave all the best in his future
endeavours,” stated Azadian. “We are also delighted that Phil is
able to assume the role of Interim CFO with the perspectives of,
and familiarity with, the Company that only someone that has as
already been working here can have,” continued Azadian.
About Avicanna Inc.
Avicanna is a commercial-stage international
biopharmaceutical company focused on the advancement and
commercialization of evidence-based cannabinoid-based products for
the global medical and pharmaceutical market segments. Avicanna has
an established scientific platform including R&D and clinical
development that has led to the commercialization of more than
thirty products across various market segments:
Medical Cannabis & Wellness
Products: Marketed under the RHO Phyto™ brand these
medical and wellness products are a line of pharmaceutical-grade
cannabinoid products containing varying ratios of cannabidiol
(“CBD”) and tetrahydrocannabinol (“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. The formulary is marketed with consumer, patient and
medical-community education and training.
Pharmaceutical
Pipeline: Leveraging Avicanna’s scientific platform,
vertical integration, and real-world evidence, Avicanna has created
a pipeline of patent-pending drug candidates that are
indication-specific and in various stages of clinical development
and commercialization. These cannabinoid-based drug candidates look
to address unmet medical needs in the areas of dermatology, chronic
pain, and various neurological disorders. Avicanna’s first
pharmaceutical preparation (Trunerox™) is in the drug registration
stage in South America.
Click to watch Avicanna’s Corporate Video 2022
SOURCE Avicanna Inc.
Stay Connected
For more information about Avicanna, visit
www.avicanna.com, contact Ivana Maric by email at info@avicanna.com
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The Company posts updates through videos from the official
Company YouTube channel.
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 news 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. Forward-looking information contained in this
news release includes, without limitation, statements related to
the Offering, the use of the proceeds of the Offering, the receipt
of all approvals of the Toronto Stock Exchange in connection with
the Offering, statements with respect to the Company's future
business operations, potential collaborations, the opinions or
beliefs of management and future business goals. 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 March 31, 2022, filed with the
Canadian securities regulators and available under the Company’s
profile on SEDAR at www.sedar.com. The statements in this news
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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