TiVo Corporation Reports First Quarter 2019 Financial Results
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Company Remains Focused on Five Pillars for Growth with Profitability
Plan to Drive Long-Term Profitable Growth
Provides Guidance for 2019, Including Adjusted EBITDA of $172 Million
to $178 Million
Announces Plan to Separate IP Licensing and Product Businesses into
Two Independent Companies
SAN JOSE, Calif.–(BUSINESS WIRE)–TiVo Corporation (NASDAQ: TIVO) today reported financial results for the
first quarter ended March 31, 2019. Earlier today, the Company also
announced a plan to split its Product and IP Licensing businesses into
two separate independent companies.
“We had a solid quarter with a strong focus on company execution,” said
Raghu Rau, Interim President and Chief Executive Officer. “Management
has, and will remain, focused on driving growth with profitability by
executing the previously announced five pillars of growth with
profitability strategy. On the product side, we announced our first IPTV
deployments of TiVo User Experience 4. Additionally, we are on track to
launch several new products and business models in the second half of
the year. On the Intellectual Property Licensing front, we continued to
demonstrate the strength of our patents internationally and validated
the value of our intellectual property in the social media space by
signing our first licensee in this rapidly growing market.”
“We are pleased that our Board has approved the separation of TiVo’s
Product and IP Licensing businesses and believe both businesses will be
better positioned independently. We believe the separation will unlock
shareholder value and increase our flexibility in pursuing new and
growing market opportunities. Throughout the separation process, the
Board of Directors will continue to be open to strategic transactions
for each business that could create additional stockholder value and is
actively engaged in discussions with interested parties for each
business,” continued Mr. Rau.
BUSINESS OUTLOOK
For fiscal year 2019, the Company expects revenue of $640 million to
$654 million, and a GAAP loss before taxes of $75 million to $87
million. Additionally, the Company expects Adjusted EBITDA of $172
million to $178 million and Non-GAAP Pre-tax Income of $120 million to
$126 million. TiVo anticipates it will incur $28 million to $29 million
in Cash Taxes based on its operating expectations. Additionally, TiVo
expects its GAAP Diluted weighted average shares outstanding to be
approximately 126 million and Non-GAAP Diluted Weighted Average Shares
Outstanding to be approximately 127 million.
CAPITAL ALLOCATION
On May 8, 2019, TiVo’s Board of Directors declared a cash dividend of
$0.08 per common share, to be paid on June 19, 2019 to stockholders of
record as of the close of business on June 5, 2019. In preparation for
the separation, the Board and management are focused on determining the
optimal strategy, operating structure and capital allocation policy for
each business. Accordingly, the Board felt it prudent to adjust the
current dividend in order to optimize our two balance sheets in advance
of the separation. While this is a lower dividend than in previous
quarters, it still provides a meaningfully higher yield than the S&P 500
average dividend yield.
FIRST QUARTER 2019 FINANCIAL HIGHLIGHTS |
||||||||||||
Quarterly Financial Information | (In thousands) | |||||||||||
Three Months Ended |
||||||||||||
2019 | 2018 | % Change | ||||||||||
GAAP Consolidated Results | ||||||||||||
Total Revenues, net | $ | 158,235 | $ | 189,837 |
(17) |
% |
||||||
Total costs and expenses | 166,255 | 198,877 |
(16) |
% |
||||||||
Operating loss | (8,020 | ) | (9,040 | ) |
(11) |
% |
||||||
Loss from continuing operations before income taxes | (20,326 | ) | (14,797 | ) | 37 | % | ||||||
Loss from continuing operations, net of tax | (26,644 | ) | (19,014 | ) | 40 | % | ||||||
GAAP Diluted weighted average shares outstanding | 124,422 | 122,080 | ||||||||||
Total Revenues, net | $ | 158,235 | $ | 189,837 |
(17) |
% |
||||||
Legacy TiVo Solutions IP Licenses | — | (8,884 | ) |
(100) |
% |
|||||||
Hardware | (2,074 | ) | (3,679 | ) |
(44) |
% |
||||||
Other Products | (364 | ) | (2,433 | ) |
(85) |
% |
||||||
Core Revenue (excludes revenue from Legacy TiVo Solutions IP Licenses, Hardware and Other Products) |
$ | 155,797 | $ | 174,841 |
(11) |
% |
||||||
Total Revenues, net and Core Revenue decreased $31.6 million and $19.0
million, respectively, primarily due to $23.9 million of revenue
recognized from an international MSO customer exercising a contractual
option during Q1 2018 to purchase a fully paid license to its
then-current version of the TiVo software and purchasing additional
engineering services in the same period. These decreases were partially
offset by a new Passport agreement executed with an international MSO
customer during Q1 2019. In addition, Total Revenues, net decreased by
$8.9 million due to the expiration of the “Legacy Time Warp” agreements
that were entered into prior to the TiVo acquisition. The decrease in
Total costs and expenses was the result of lower Amortization of
intangible assets, the Company’s continuing cost reduction efforts and
the timing of patent litigation costs, primarily related to the ongoing
Comcast litigation.
(In thousands) | ||||||||||||
Three Months Ended |
||||||||||||
2019 | 2018 | % Change | ||||||||||
Non-GAAP Consolidated Results | ||||||||||||
Adjusted EBITDA | $ | 37,441 | $ | 58,966 | (37 | )% | ||||||
Non-GAAP Pre-tax Income | 25,349 | 46,265 | (45 | )% | ||||||||
Cash Taxes | 4,926 | 7,687 | (36 | )% | ||||||||
Non-GAAP Diluted Weighted Average Shares Outstanding | 125,123 | 122,595 | ||||||||||
Adjusted EBITDA, Non-GAAP Pre-tax Income, Non-GAAP Diluted Weighted
Average Shares Outstanding and Cash Taxes are defined below in the
section entitled “Non-GAAP Financial Information.” Reconciliations
between GAAP and Non-GAAP amounts are provided in the tables below. In
accordance with the SEC’s interpretations on the use of Non-GAAP
financial measures, TiVo does not report net income or EPS on a non-GAAP
basis; however, TiVo provides financial metrics, including Non-GAAP
Pre-tax Income, Non-GAAP Diluted Weighted Average Shares Outstanding and
Cash Taxes, to assist those wanting to calculate such measures on a
Non-GAAP basis.
SEGMENT RESULTS AND OPERATING HIGHLIGHTS – PRODUCT |
||||||||||||
(In thousands) | ||||||||||||
Three Months Ended |
||||||||||||
2019 | 2018 | % Change | ||||||||||
Platform Solutions | $ | 71,037 | $ | 95,940 |
(26) |
% |
||||||
Software and Services | 19,902 | 18,479 | 8 | % | ||||||||
Other | 364 | 2,433 |
(85) |
% |
||||||||
Total Product Revenue, net | 91,303 | 116,852 |
(22) |
% |
||||||||
Adjusted Operating Expenses | 82,890 | 89,466 |
(7) |
% |
||||||||
Adjusted EBITDA | $ | 8,413 | $ | 27,386 |
(69) |
% |
||||||
Adjusted EBITDA Margin | 9.2 | % | 23.4 | % | ||||||||
Total Product Revenue, net | $ | 91,303 | $ | 116,852 |
(22) |
% |
||||||
Hardware | (2,074 | ) | (3,679 | ) |
(44) |
% |
||||||
Other Products | (364 | ) | (2,433 | ) |
(85) |
% |
||||||
Core Product Revenue (excludes revenue from Hardware and Other Products) |
$ | 88,865 | $ | 110,740 |
(20) |
% |
||||||
The $24.9 million decrease in Platform Solutions revenue and the $21.9
million decrease in Core Revenue was primarily attributable to a $23.9
million decrease in revenue recognized from an international MSO
customer who exercised a contractual option during Q1 2018 to purchase a
fully paid license to its then-current version of the TiVo software.
The decrease in Adjusted Operating Expenses primarily relates to reduced
spending on Research and Development due to cost saving initiatives and
benefits from decreases in Cost of hardware revenues as a result of
planned transition of our MSO partners and retail customers to deploying
TiVo service on third-party hardware.
Product Segment Operating Highlights:
-
Approximately 22 million subscriber households around the world use
TiVo’s advanced television experiences. -
RCN will power its next-generation solution with TiVo’s IPTV suite of
products, including TiVo solutions for Android TVTM, TiVo
for Streamers and TiVo for Mobile. This will enable the delivery of
IPVOD, IP Linear, Restart, Catch-Up and Network DVR content to RCN
subscribers. -
Armstrong has chosen TiVo’s Next-Gen Platform that will enable a
seamless transition to IPTV by deploying TiVo’s cloud-powered IPTV
suite of solutions, including IPVOD, IP Linear, Restart, Catch-Up, and
Network DVR, across a host of clients. In addition, Armstrong recently
rolled out TiVo Experience 4 and voice-activated remote control
functionality to its entire subscriber base. -
Launched CubiTV
Solutions for Android TV
, a modular, cost-effective,
easy to deploy, pre-integrated solution with an intuitive
operator-branded interface that taps into the power of Google
Assistant search and browse functionality. Android TV is a trademark
of Google LLC. -
Service Electric Cable T.V. selected TiVo’s Next-Gen Platform to power
its IP Linear services for streamers (Android TV, Apple TV and Fire
TV) and for its mobile apps. -
TiVo’s Passport Guide agreement with Cable Bahamas, a leading service
provider and telecommunications in the region, was renewed. -
TiVo has signed and renewed a number of Metadata agreements for
customers in various industries, including leading players in music
streaming, e-commerce and software, reaffirming the value of TiVo’s
Metadata to market segments beyond the traditional broadcast networks
and the electronic devices industries. -
Redbox is deploying TiVo’s Personalized Content Discovery platform,
including Search, Recommendations and Insights, as well as TiVo’s
Video and Video Game Metadata across Redbox.com, Redbox On Demand
streaming apps and physical boxes nationwide. -
Funimation, a leading global anime content provider and a subsidiary
of Sony Pictures Television (SPT), has licensed the Search,
Recommendations and Insight modules of TiVo’s Personalized Content
Discovery (PCD) platform. -
TiVo’s TV Viewership Data continues to expand its customer base. Some
of the customers that recently adopted this solution are:-
Neustar, the leader in trusted customer identity and marketing
analytics solutions for Fortune 500 brands. - A major broadcast and cable television network group.
-
VideoAmp, a software and data company that helps marketers and
media owners optimize brand marketing against business results.
-
Neustar, the leader in trusted customer identity and marketing
-
In the first quarter of 2019, we saw continued significant growth of
TiVo’s PCD Conversation product. Monthly Active Users (MAU) in March
2019 was 4.9 million, a 31% increase over the December 2018 MAU of 3.7
million. Additionally, our Quarterly Voice API calls increased by 36%,
growing from 238 million calls in Q4 2018 to 324 million in Q1 2019. -
TiVo has expanded the footprint of the Sponsored Discovery advertising
offering to include multiple MVPDs. Campaigns continue to drive strong
performance: a major broadcast network ran a Sponsored Discovery
campaign to promote a new series throughout its launch. The campaign
increased tune-in by 436% to the series by those who saw the campaign.
SEGMENT RESULTS AND OPERATING HIGHLIGHTS – IP LICENSING |
||||||||||||
(In thousands) | ||||||||||||
Three Months Ended |
||||||||||||
2019 | 2018 | % Change | ||||||||||
US Pay TV Providers | $ | 42,117 | $ | 49,915 |
(16) |
% |
||||||
CE Manufacturers | 8,618 | 8,968 |
(4) |
% |
||||||||
New Media, International Pay TV Providers and Other | 16,197 | 14,102 | 15 | % | ||||||||
Total IP Licensing Revenue, net | 66,932 | 72,985 |
(8) |
% |
||||||||
Adjusted Operating Expenses | 21,807 | 25,357 |
(14) |
% |
||||||||
Adjusted EBITDA: | $ | 45,125 | $ | 47,628 |
(5) |
% |
||||||
Adjusted EBITDA Margin | 67.4 | % | 65.3 | % | ||||||||
Total IP Licensing Revenue, net | $ | 66,932 | $ | 72,985 |
(8) |
% |
||||||
Legacy TiVo Solutions IP Licenses | — | (8,884 | ) |
(100) |
% |
|||||||
Core Intellectual Property Licensing Revenue (excludes revenue from Legacy TiVo Solutions IP Licenses) |
$ | 66,932 | $ | 64,101 | 4 | % | ||||||
Intellectual Property Licensing revenue decreased 8% in the first
quarter. The $6.1 million decline in revenue is attributable to an $8.9
million decrease in revenue as a result of the expiration of the Legacy
Time Warp agreements, offset by increases in revenue from our existing
customers.
The decrease in Adjusted Operating Expenses relates to the timing of
patent litigation costs in the ongoing Comcast litigation.
Intellectual Property Licensing Segment Operating Highlights:
-
The Intellectual Property portfolio continues to demonstrate its
relevance internationally with several multi-year renewals:-
Humax, one of the world’s leading digital video gateway
manufacturers, exporting its products to more than 90 countries
across the globe, extended its intellectual property license
agreement and included TiVo patents to its licensed portfolio. -
TVStorm, a leading company of digital media service in Asia, has
recently renewed its patent license agreement. -
Dwango, a Japanese internet-based entertainment enterprise that
offers a variety of digital content and services, renewed its
patent license agreement.
-
Humax, one of the world’s leading digital video gateway
-
In Q2, we signed a multi-year deal with a major social media company,
our first in the growing space.
CONFERENCE CALL INFORMATION
TiVo management will host a conference call today, May 9, 2019, at 2:00
p.m. PT/5:00 p.m. ET to discuss the financial and operational results.
Investors and analysts interested in participating in the conference are
welcome to call (866) 621-1214 (or international +1-706-643-4013) and
reference conference ID 8759528. The conference call may also be
accessed via live webcast in the Investor Relations section of TiVo’s
website at http://ir.tivo.com.
A replay of the audio webcast will be available on TiVo’s website
shortly after the live call ends, and we currently plan for it to remain
on TiVo’s website until the next quarterly earnings call. Additionally,
a telephonic replay of the call will be accessible shortly after the
live call ends through May 16, 2019 by dialing (855) 859-2056 (or
international +1-404-537-3406) and entering conference ID 8759528.
NON-GAAP FINANCIAL INFORMATION
TiVo Corporation provides Non-GAAP information to assist investors in
assessing its operations in the way that its management evaluates those
operations. Non-GAAP Pre-Tax Income, Non-GAAP Cost of Licensing,
Services and Software Revenues, Non-GAAP Cost of Hardware Revenues,
Non-GAAP Research and Development Expenses, Non-GAAP Selling, General
and Administrative Expenses, Non-GAAP Depreciation, Non-GAAP Total OpEx
Excluding Goodwill Impairment, Non-GAAP Total OpEx, Non-GAAP Total COGS
and OpEx, Adjusted EBITDA and Non-GAAP Interest Expense are supplemental
measures of the Company’s performance that are not required by, and are
not determined in accordance with, GAAP. Non-GAAP financial information
is not a substitute for any financial measure determined in accordance
with GAAP.
Non-GAAP Pre-tax Income is defined as GAAP income (loss) from continuing
operations before income taxes, as adjusted for the effects of items
such as amortization of intangible assets, equity-based compensation,
accretion of contingent consideration, amortization or write-off of note
issuance costs, discounts on convertible debt and mark-to-market
adjustments for interest rate swaps and interest on escheat liabilities;
as well as items which impact comparability that are required to be
recorded under GAAP, but that the Company believes are not indicative of
its core operating results such as goodwill impairment, restructuring
and asset impairment charges, separation costs, transaction, transition
and integration costs, retention earn-outs payable to former
shareholders of acquired businesses, earn-out settlements, CEO
transition cash costs, remeasurement of contingent consideration, TiVo
acquisition litigation, expenses in connection with the extinguishment
or modification of debt, gain on settlement of acquired receivable,
additional depreciation resulting from facility rationalization actions,
other-than temporary impairment losses on strategic investments, gains
on the sale of strategic investments and changes in escheat liabilities.
Non-GAAP Cost of Licensing, Services and Software Revenues is defined as
GAAP Cost of licensing, services and software revenues, excluding
depreciation and amortization of intangible assets, excluding
equity-based compensation and transaction, transition and integration
expenses.
Non-GAAP Cost of Hardware Revenues is defined as GAAP Cost of hardware
revenues, excluding depreciation and amortization of intangible assets,
excluding equity-based compensation and transition and integration
expenses.
Non-GAAP Research and Development Expenses is defined as GAAP research
and development expenses excluding equity-based compensation, transition
and integration expenses and retention earn-outs payable to former
shareholders of acquired businesses.
Non-GAAP Selling, General and Administrative Expenses is defined as GAAP
selling, general and administrative expenses excluding equity-based
compensation, separation costs, transaction, transition and integration
expenses, retention earn-outs payable to former shareholders of acquired
businesses, earn-out settlements, CEO transition cash costs,
remeasurement of contingent consideration and gain on settlement of
acquired receivable.
Non-GAAP Depreciation is defined as GAAP depreciation expenses excluding
the impact of additional depreciation resulting from changes in the
estimated useful lives of assets involved in facility rationalization
actions.
Non-GAAP Total OpEx Excluding Goodwill Impairment is defined as GAAP
Total Operating costs and expenses excluding goodwill impairment.
Non-GAAP Total OpEx is defined as the sum of GAAP research and
development and selling, general and administrative expenses,
depreciation and gain on sale of patents excluding equity-based
compensation, separation costs, transaction, transition and integration
expenses, retention earn-outs payable to former shareholders of acquired
businesses, earnout settlements, CEO transition cash costs,
remeasurement of contingent consideration, gain on settlement of
acquired receivable and additional depreciation resulting from facility
rationalization actions.
Non-GAAP Total COGS and OpEx is defined as GAAP Total Operating costs
and expenses, excluding depreciation, amortization of intangible assets,
goodwill impairment, restructuring and asset impairment charges,
equity-based compensation, separation costs, transaction, transition and
integration expenses, retention earn-outs payable to former shareholders
of acquired businesses, earnout settlements, CEO transition cash costs,
remeasurement of contingent consideration and gain on settlement of
acquired receivable.
Adjusted EBITDA is defined as GAAP operating income (loss) excluding
depreciation, amortization of intangible assets, goodwill impairment,
restructuring and asset impairment charges, equity-based compensation,
separation costs, transaction, transition and integration costs,
retention earn-outs payable to former shareholders of acquired
businesses, earn-out settlements, CEO transition cash costs,
remeasurement of contingent consideration and gain on settlement of
acquired receivable.
Non-GAAP Interest Expense is defined as GAAP interest expense, excluding
accretion of contingent consideration, amortization or write-off of
issuance costs, discounts on convertible debt and interest on escheat
liability, plus the reclassification of the current period benefit
(cost) of the interest rate swaps from gain (loss) on interest rate
swaps.
Cash Taxes are defined as GAAP current income tax expense excluding
changes in reserves for unrecognized tax benefits.
Non-GAAP Diluted Weighted Average Shares Outstanding is defined as GAAP
diluted weighted average shares outstanding except for periods of a GAAP
loss. In periods of a GAAP loss, GAAP diluted weighted average shares
outstanding are adjusted to include dilutive common share equivalents
outstanding that were excluded from GAAP diluted weighted average shares
outstanding because the Company had a loss and therefore these shares
would have been anti-dilutive.
The Company’s management evaluates and makes decisions about its
business operations primarily based on Non-GAAP financial information.
Management uses Non-GAAP financial measures as the basis for
decision-making as they exclude items management does not consider to be
“core costs” or “core proceeds”. For each Non-GAAP financial measure,
the adjustment provides management with information about the Company’s
underlying operating performance that enables a more meaningful
comparison to its historical and projected financial performance in
different reporting periods. For example, since the Company does not
acquire or dispose of businesses on a predictable cycle, management
excludes the amortization of intangible assets, separation costs,
transition and integration costs, retention earn-outs payable to former
shareholders of acquired businesses, earnout settlements, CEO transition
cash costs, remeasurement of contingent consideration, TiVo Acquisition
litigation, and gain on settlement of acquired receivables from its
Non-GAAP financial measures in order to make more consistent and
meaningful evaluations of the Company’s operating expenses as these
items may be significantly impacted by the timing and magnitude of
acquisitions. Management also excludes the effect of goodwill
impairment, restructuring and asset impairment charges, expenses in
connection with the extinguishment or modification of debt, gain on the
settlement of acquired receivable, additional depreciation resulting
from facility rationalization actions, other-than-temporary impairment
losses on strategic investments, gains on the sale of strategic
investments and changes in escheat liability. Management excludes the
impact of equity-based compensation to provide meaningful supplemental
information that allows investors greater visibility to the underlying
performance of our business operations, facilitates comparison of our
results with other periods, and may facilitate comparison with the
results of other companies in our industry, as well as to provide the
Company’s management with an important tool for financial and
operational decision-making and for evaluating the Company’s performance
over different periods of time. Due to varying valuation techniques,
reliance on subjective assumptions and the variety of award types and
features that may be in use, we believe that providing Non-GAAP
financial measures excluding equity-based compensation allows investors
to make more meaningful comparisons between our operating results and
those of other companies. Management excludes the accretion of
contingent consideration, amortization or write-off of note issuance
costs and discounts on convertible debt, mark-to-market adjustments for
interest rate swaps and interest on escheat liability when management
evaluates the Company’s expenses. Management reclassifies the current
period benefit (cost) of the interest rate swaps from gain (loss) on
interest rate swaps to interest expense in order for Non-GAAP Interest
Expense to reflect the effects of the interest rate swaps as these
interest rate swaps were entered into to control the effective interest
rate the Company pays on its debt.
Management uses these Non-GAAP financial measures to help it make
decisions, including decisions that affect operating expenses and
operating margin. Management believes that making Non-GAAP financial
information available to investors, in addition to GAAP financial
information, may facilitate more consistent comparisons between the
Company’s performance over time with the performance of other companies
in our industry, which may use similar financial measures to supplement
their GAAP financial information.
Management recognizes that these Non-GAAP financial measures have
limitations as analytical tools, including the fact that management must
exercise judgment in determining which types of items to exclude from
the Non-GAAP financial information.
Contacts
Investor Relations
Debi Palmer
TiVo
Corporation
+1 818-295-6651
[email protected]
Press Relations
Lerin O’Neill
TiVo
Corporation
+1 408-562-8455
[email protected]
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Indivior
Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).
- Primary and Secondary End Points of the Study were Not Met
- Indivior Does Not Currently Expect to Exercise AEF0117 Option
SLOUGH, United Kingdom and RICHMOND, Va., Sept. 4, 2024 /PRNewswire/ — Indivior PLC (Nasdaq/LSE: INDV) is today providing an update following Aelis Farma’s announcement of the results from its clinical Phase 2B trial with AEF01171, evaluating the efficacy and safety in treatment-seeking participants with moderate to severe Cannabis Use Disorder (CUD). The purpose of this trial was twofold: (1) to show that AEF0117 (0.1, 0.3, 1 mg once a day for 12 weeks) lowers cannabis use and (2) to determine the endpoints and optimal dosage of AEF0117 for use in future studies. In this phase 2B study, patients were treatment-seeking participants, 84% of whom had severe CUD.
The results of the study demonstrated that the primary endpoint, the proportion of participants who reduced their cannabis use to ≤1 day per week, as well as secondary endpoints measuring the proportion of participants reaching either complete abstinence or who used ≤2 day per week, were not met. Although these results are disappointing, they indicate that significant work remains to be done to understand subpopulations of patients with CUD, specifically those with severe CUD.
This clinical Phase 2B study is part of the strategic collaboration between Aelis Farma and Indivior, which includes an exclusive option for Indivior to license the global rights to AEF0117. Given the lack of separation from placebo on primary and secondary endpoints and before seeing further additional favorable clinical data, Indivior does not currently expect to exercise its option.
Important Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that are forward-looking. Forward-looking statements include, among other things, express and implied statements regarding whether: we will be able to ultimately demonstrate the safety and efficacy of AEF0117, which is a prerequisite to filing any New Drug Application; we might ever exercise our option for AEF0117 and, if so, when; and other statements containing the words “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “forecast,” “strategy,” “target,” “guidance,” “outlook,” “potential,” “project,” “priority,” “may,” “will,” “should,” “would,” “could,” “can,” “outlook,” “guidance,” the negatives thereof, and variations thereon and similar expressions. By their nature, forward-looking statements involve risks and uncertainties as they relate to events or circumstances that may or may not occur in the future.
Actual results may differ materially from those because they relate to future events. Various factors may cause differences between Indivior’s expectations and actual results, including, among others, the risks described in our most recent annual report on Form 20-F beginning on page 9 as filed with the U.S. SEC and in subsequent releases; legal and market restrictions that may limit how quickly we can repurchaser our shares; the substantial litigation and ongoing investigations to which we are or may become a party; our reliance on third parties to manufacture commercial supplies of most of our products, conduct our clinical trials and at times to collaborate on products in our pipeline; our ability to comply with legal and regulatory settlements, healthcare laws and regulations, requirements imposed by regulatory agencies and payment and reporting obligations under government pricing programs; risks related to the manufacture and distribution of our products, most of which contain controlled substances; market acceptance of our products as well as our ability to commercialize our products and compete with other market participants; competition; the uncertainties related to the development of new products, including through acquisitions, and the related regulatory approval process; our dependence on third-party payors for the reimbursement of our products and the increasing focus on pricing and competition in our industry; unintended side effects caused by the clinical study or commercial use of our products; our ability to successfully execute acquisitions, partnerships, joint ventures, dispositions or other strategic acquisitions; our ability to protect our intellectual property rights and the substantial cost of litigation or other proceedings related to intellectual property rights; the risks related to product liability claims or product recalls; the significant amount of laws and regulations that we are subject to, including due to the international nature of our business; macroeconomic trends and other global developments such as armed conflicts and pandemics; the terms of our debt instruments, changes in our credit ratings and our ability to service our indebtedness and other obligations as they come due; changes in applicable tax rate or tax rules, regulations or interpretations and our ability to realize our deferred tax assets; and volatility in our share price due to factors unrelated to our operating performance or that may result from the potential move of our primary listing to the U.S.
Forward-looking statements speak only as of the date that they are made and should be regarded solely as our current plans, estimates and beliefs. Except as required by law, we do not undertake and specifically decline any obligation to update, republish or revise forward-looking statements to reflect future events or circumstances or to reflect the occurrences of unanticipated events.
This release is being made by Kathryn Hudson, Company Secretary Indivior PLC.
About Indivior
Indivior is a global pharmaceutical company working to help change patients’ lives by developing medicines to treat substance use disorders (SUD), overdose and serious mental illnesses. Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease.
Building on its global portfolio of OUD treatments, Indivior has a pipeline of product candidates designed to both expand on its heritage in this category and potentially address other chronic conditions and co-occurring disorders of SUD. Headquartered in the United States in Richmond, VA, Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide. Visit www.indivior.com to learn more. Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.
References:
- National Library of Medicine (U.S.) (2022, April). Effect of AEF0117 on treatment-seeking patients with cannabis use disorder (CUD) (SICA2). Identifier
NCT05322941 https://www.clinicaltrials.gov/study/NCT05322941
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Innocan
Innocan Pharma Announces Closing of Private Placement and Grant of Stock Options
![innocan-pharma-announces-closing-of-private-placement-and-grant-of-stock-options](https://grassnews.net/wp-content/uploads/2024/08/61828-innocan-pharma-announces-closing-of-private-placement-and-grant-of-stock-options.jpg)
HERZLIYA, Israel and CALGARY, Alberta, Aug. 29, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce that it has completed its previously announced non-brokered private placement offering of 5,025,725 units of the Company (the “Units”) at a price of C$0.22 per Unit for gross proceeds of C$1,105,659.50 (the “Offering”).
Each Unit is comprised of: (i) one (1) common share in the capital of the Company (each a “Common Share”); and (ii) one (1) common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.32 for a period of four (4) years from the date of issuance.
Innocan intends to use the proceeds of the Offering for working capital and general corporate purposes.
The securities issued to Canadian subscribers in connection with the Offering are subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.
Iris Bincovich, Chief Executive Officer of the Company, stated “we are very pleased with our successful offering. I would like to extend my sincere gratitude to our investors for their unwavering support. We see this as a strong vote of confidence by both existing and new investors which demonstrates investor support of our vision and strategic direction. These new funds will provide us with additional working capital to enable us to capitalize on new opportunities and allow us to advance strongly on our growth plans.”
The Company is also pleased to announce that it has granted an aggregate of 300,000 stock options (each an “Option“) to certain consultants of the Company pursuant to the Company’s stock option plan (the “Plan“). Each Option may be exercised for one (1) common share in the capital of the Company (each, a “Share“) at a price of $0.25 per Share. The Options expire on August 27, 2029.
All Options granted vest in accordance with the following vesting schedule: (i) 1/3rd of the Options vested immediately at grant; (ii) 1/3rd of the Options will vest on February 28, 2025; and (iii) 1/3rd will vest on August 27, 2025; all subject to the terms and conditions of the Plan.
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Cannabis
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
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Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Cannabis Oil Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032.” report has been added to ResearchAndMarkets.com’s offering.
The Europe Medical Cannabis Oil market is poised for significant growth, projected to escalate from US$ 0.91 billion in 2023 to US$ 2.40 billion by 2032, advancing at a CAGR of 12.08%. In this comprehensive research report, the market is analyzed by:
- Derivatives;
- Source;
- Application;
- Route of Administration;
- End-user;
- Distribution Channel; and
- Country.
Market Highlights Identified in the Report
- Progressive legalization across Europe is creating a favorable regulatory environment, enhancing market expansion for medical cannabis oil products.
- Germany leads the market with a robust infrastructure and supportive regulations, while other countries like the UK, Italy, and Spain show significant growth potential based on evolving regulatory landscapes and market dynamics.
- Key players such as Tilray, Aurora Cannabis Inc., and GW Pharmaceuticals dominate the market, emphasizing research, strategic partnerships, and innovation to maintain competitive edge amidst evolving industry dynamics.
The medical cannabis oil market has experienced substantial growth as legalization and acceptance of cannabis-based treatments expand globally. Cannabis oil, derived from the cannabis plant through extraction methods, contains cannabinoids such as THC and CBD, known for their therapeutic properties. Increasing recognition of cannabis oil’s potential in alleviating symptoms of various medical conditions, including chronic pain, epilepsy, and anxiety disorders, has driven its adoption in medical settings.
Governments in several countries are progressively legalizing medical cannabis, creating a conducive regulatory environment for market expansion. Additionally, growing consumer awareness about alternative and natural therapies has fueled the demand for cannabis oil products. The market is characterized by diverse product offerings, including full-spectrum and CBD-isolate oils, catering to different therapeutic needs and preferences.
Despite regulatory challenges and stigma associated with cannabis, the medical cannabis oil market continues to evolve, driven by ongoing research, favorable legislative changes, and shifting attitudes toward cannabis-based therapies in healthcare.
Regional Insights
Germany is likely to maintain its leadership position in the European medical cannabis oil market due to its established infrastructure, supportive regulations, and strong healthcare system. Germany legalized medical cannabis in 2017, giving the market a head start compared to many other European countries. This established infrastructure and experience position Germany as a leader in the field. As awareness and acceptance of medical cannabis increase, the number of patients seeking treatment in Germany is steadily rising. This fuels market growth and incentivizes further investment in research and development.
Germany’s regulatory framework for medical cannabis is considered relatively patient-friendly compared to some other European countries. This facilitates access for patients with qualifying conditions. The UK legalized medical cannabis in 2018 and is experiencing an increase in patient access programs. This, coupled with ongoing research, could lead to significant market growth. Italy legalized medical cannabis in 2006 but has faced challenges with availability. As regulations become more streamlined and patient access expands, the Italian market holds significant growth potential. Spain has a well-established medical cannabis industry with a focus on domestic production. As regulations evolve and export opportunities increase, the Spanish market could see a boost.
Competitive Landscape
The Medical Cannabis Oil market is characterized by a vigorous competitive landscape, with prominent entities like Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almiral, Bedrocan, and others at the forefront, collectively accounting for approximately 41 % of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Medical Cannabis Oil industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry’s fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector’s comprehensive growth and transformation.
Key Topics Covered
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Europe Medical Cannabis Oil Market
Chapter 4. Europe Medical Cannabis Oil Market Overview
Chapter 5. Europe Medical Cannabis Oil Market Analysis, by Derivatives
Chapter 6. Europe Medical Cannabis Oil Market Analysis, by Source
Chapter 7. Europe Medical Cannabis Oil Market Analysis, by Application
Chapter 8. Europe Medical Cannabis Oil Market Analysis, by Route of Administration
Chapter 9. Europe Medical Cannabis Oil Market Analysis, by End-user
Chapter 10. Europe Medical Cannabis Oil Market Analysis, by Distribution Channel
Chapter 11. Europe Medical Cannabis Oil Market Analysis, by Country
Chapter 12. The UK Medical Cannabis Oil Market Analysis
Chapter 13. Germany Medical Cannabis Oil Market Analysis
Chapter 14. The Netherlands Medical Cannabis Oil Market Analysis
Chapter 15. Italy Medical Cannabis Oil Market Analysis
Chapter 16. Spain Medical Cannabis Oil Market Analysis
Chapter 17. Poland Medical Cannabis Oil Market Analysis
Chapter 18. Rest of Europe Medical Cannabis Oil Market Analysis
Chapter 19. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
A selection of companies mentioned in this report includes, but is not limited to:
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
For more information about this report visit https://www.researchandmarkets.com/r/dh7q46
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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