KEW MEDIA GROUP Reports First Quarter 2019 Financial Results
Reaffirms Full Year 2019 Outlook
TORONTO–(BUSINESS WIRE)–KEW MEDIA GROUP INC. (“KEW MEDIA”, “KEW” or the “Company”) (TSX:KEW and
KEW.WT) today released its financial results for the three month period
ended March 31, 2019 (“Q1 2019”). KEW MEDIA’s audited annual financial
statements along with its Management’s Discussion and Analysis for Q1
2019 are available on the Company’s investor relations website at https://investors.kewmedia.com
and under the Company’s profile at www.sedar.com.
All financial results are reported in Canadian dollars unless otherwise
stated.
Q1 2019 Highlights
- Revenue of $52.0 million (2018: $39.8 million)
- Gross Profit1 of $14.1 million (2018: $12.8 million)
-
General and Administrative expenses2 (“G&A”) of $14.0
million (2018: $10.5 million) - Adjusted EBITDA3 of ($0.1) million (2018: $2.5 million)
- Net Loss of ($7.9) million (2018: ($0.2) million)
-
Adjusted Net Loss4 after tax5 of ($3.2) million
(2018: $2.5 million) -
Reaffirmed full year 2019 outlook of mid to high single digit
percentage organic growth over the annualized Pro forma 2018 Adjusted
EBITDA of $31.9 million6
|
|
Three months ended | |||||||||||||
|
(in millions of Canadian dollars, except  |
March 31, |
March 31, |
% Chg | |||||||||||
| Revenue | ||||||||||||||
| Production | $ | 33.5 | $ | 24.5 | 36.7 | % | ||||||||
| Distribution | $ | 18.5 | $ | 15.3 | 20.9 | % | ||||||||
| Total | $ | 52.0 | $ | 39.8 | 30.7 | % | ||||||||
| Gross Profit | ||||||||||||||
| Production | $ | 9.0 | $ | 6.5 |
38.5 |
% | ||||||||
| Distribution | $ | 5.0 | $ | 6.3 |
(20.1 |
) | % | |||||||
| Total | $ |
14.1 |
$ | 12.8 | 9.4 | % | ||||||||
| Gross Profit Margin – Production | 26.9 | % | 26.5 | % | ||||||||||
| Gross Profit Margin – Distribution | 27.0 | % |
41.2 |
% | ||||||||||
| Gross Profit Margin Total | 26.9 | % | 32.2 | % | ||||||||||
| Adjusted EBITDA | $ | (0.1 | ) | $ | 2.5 | N.M. | ||||||||
| Net Loss | $ | (7.9 | ) | $ | (0.2 | ) | N.M. | |||||||
| Adjusted Net Income (Loss) after tax | $ | (3.2 | ) | $ | 2.5 | N.M. | ||||||||
| Net Loss Per Share | $ | (0.64 | ) | $ | (0.06 | ) | N.M. | |||||||
| Adjusted Earnings (Loss) Per Share | $ | (0.24 | ) | $ | 0.21 | N.M. | ||||||||
Steven Silver, Chief Executive Officer of KEW MEDIA, said, “Our first
quarter results were in line with our expectations as the group saw a
meaningful increase in revenues and gross profits, which were offset by
higher levels of budgeted G&A. The difference in profitability in the
first quarter compared to the prior year period is due to timing
differences related to revenue recognition and product mix. Our sales
momentum is strong and we have made excellent progress with our full
year product pipeline. We remain focused on enhancing our quality of
revenues and driving greater margins and profitability across the group.”
Peter Sussman, Executive Chairman of KEW MEDIA, added, “These are
exciting times for KEW with a mountain of content being produced, both
internally and by third party producers which is being sold around the
world by our distribution teams. The demand for content and the
proliferation of streaming players coming to market continues to be a
significant tailwind for our business.”
Financial Highlights for the Three Months Ended
March 31, 2019
KEW MEDIA’s results in any given quarter or year can be affected by
seasonality and/or specific product mix timing. Typically, production
occurs over the summer and starts delivering in the fall and winter
months. Q1 2019’s revenue of $52.0 million was comprised of $33.5
million from Production and $18.5 million from Distribution. Gross
Profit of $14.1 million included $9.0 million from Production and $5.0
million from Distribution. Gross Profit Margin was 26.9%, with segmented
Gross Profit Margin of 26.9% for Production and 27.0% for Distribution.
Overall margins met management’s expectations for the quarter. Inside
the Production segment, Gross Profit Margins were higher due to improved
margins in the quarter, including the introduction of Essential. Inside
the Distribution segment, margin percentages met management’s
expectations and were lower than in previous periods due to product mix
and revenue recognition timing. Adjusted EBITDA was ($0.1 million), the
Net Loss was ($7.9 million), or ($0.64) per share and Adjusted Net Loss
after tax was ($3.2 million), or ($0.24) per share.
Segment Information
Production
During the first quarter, Revenues were $33.5 million, an increase of
36.7%, Gross Profit was $9.0 million, an increase of 38.5%, and the
Gross Margin percentage was 26.9% (2018: 26.5%). G&A increased by 38.7%
to $7.2 million. All of these increases were predominantly due to the
inclusion of Essential in the quarter. Adjusted EBITDA increased by $0.2
million to $1.0 million. The titles that were produced across the
segment included: Texas Flip and Move 12-13, Death Row Stories
4 for CNN in the US, Dance Moms 8 for A&E in the US, Dirty
Money 2 for Netflix, Stats of Life 2 for CBC, Backyard
Builds 2 for Corus, Fire Masters for Corus, and The Brigade
for Outdoor Network.
Distribution
During the first quarter, Revenues were $18.5 million, an increase of
20.6%, Gross Profit was $5.0 million, a decrease of 20.1%, and the Gross
Margin percentage was 27.0% (2018: 41.3%). G&A increased by 32.4% to
$4.5 million. Adjusted EBITDA decreased by $2.4 million to $0.5 million.
The segment’s revenues benefitted from the delivery in the quarter of
some high revenue/low margin titles. Consequently, whilst revenues
increased, gross profit decreased compared to Q1 last year, which had a
product mix with comparatively higher margin titles. Additionally, we
have budgeted for higher G&A in this segment this year to drive its
growth. The titles that were distributed across the segment included: Slasher
3, Paranormal 911, Republic of Doyle, Leaving
Neverland, Egypt’s Unexplained Files, and Abandoned
Engineering.
Gross Profit and G&A
KEW MEDIA focuses on Gross Profit as a performance indicator given that
the Company has a diverse product range with some low revenue items
attracting 100% Gross Profit Margins and other high revenue items having
Gross Profit Margins as low as 5%. Gross Profit for Q1 2019 was $14.1
million compared to $12.8 million last year, an overall increase of 9.4%.
G&A was in line with our expectations, with an increase of $3.5 million
in the quarter compared to last year. This was predominantly due to the
inclusion of Essential in this year’s Q1 results, together with an
increased investment in our distribution platform and the addition of
centralized infrastructure costs.
Developments in the Quarter
Across the Group there have been a number of positive developments in Q1
that have contributed to our confidence in the full year result. These
include:
-
Leaving Neverland became one of the industry’s most prominent
documentaries attracting front page coverage and some of the highest
ratings seen for a documentary in particular territories. Some of the
revenues for this title were recognized in Q1 and will continue in Q2
and throughout the year -
The highly awaited reboot of Dance Moms, one of the largest
series in the Group, went into full production and will start
delivering in Q2 with a forecast first broadcast date in June. Several
specials in relation to the series have been ordered and ongoing
revenues are anticipated throughout the year -
Jigsaw delivered The Inventor: Out for Blood in Silicon Valley,
the highly anticipated documentary on Elizabeth Holmes and the
Theranos scandal for HBO in the US -
Several major series have been renewed in the Distribution segment,
including Frankie Drake Mysteries 3 and Abandoned Engineering
4 -
In the Production segment, there have been renewals for Best Cake
Wins 2, Paranormal Survivor 5 and Haunted Hospitals
2, and new series were commissioned including Backyard Beats as
well as several new documentaries from Jigsaw
Balance Sheet and Net Debt
As of March 31, 2019, the Company had cash and cash equivalents of $23.6
million, approximately $3.6 million in loan availability and Net Debt7
of $103.9 million.
Adjusted Net Debt8 as of March 31, 2019 was $84.7 million.
This figure takes into account material foreign exchange movements since
the beginning of the year and amounts expended by KEW MEDIA’s treasury
on interim production financing.
The Adjusted Net Debt of $84.7 million to Pro forma 2018 Adjusted EBITDA
of $31.9 million is 2.7:1. The Company continues to anticipate that this
ratio will reduce further into 2019 with an overall target of 2:1 or
below, reflecting the projected growth in our Adjusted EBITDA for the
year, together with the expected benefits from positive cash flow
generation.
Free Cash Flow (FCF)91
FCF before movements in working capital and before movements in film and
television rights was ($3.0 million) compared to $1.1 million last year.
FCF after movements in working capital but before investments in film
and television rights was $6.2 million compared to ($2.0 million) last
year. After movements in both working capital and investments in film
and television rights, FCF was ($2.0 million) compared to ($2.2 million)
last year.
At the segment level, Production FCF before movements in working capital
and investments in film and television rights was $0.6 million. FCF
after movements in working capital but before movements in investments
in film and television rights was $5.4 million. After movements in both
working capital and investments in film and television rights, FCF was
($1.1 million).
Distribution FCF before movements in working capital and movements in
investments in film and television rights was $0.5 million. FCF after
movements in working capital but before movements in investments in film
and television rights was $3.9 million. After movements in both working
capital and investments in film and television rights, FCF was $2.2
million.
7Net Debt is debt less any cash and cash equivalent balances. 8Adjusted
Net Debt is Net Debt less interim production loans provided by KEW MEDIA
treasury less effect of foreign exchange movements. See “Non-IFRS
Measures” and “Forward-Looking Statements” below in this press release.9Free
Cash Flow is Adjusted EBITDA adjusted for additions to Property and
Equipment, Interest and cash taxes. 10The statements set out
in this Outlook section are based on management’s assumptions, current
strategies and assessment of the outlook for the business. Given the
seasonal and other fluctuations in KEW MEDIA’s business, the Company may
not be in a position to provide periodic updates on its progress in
meeting its expectations. These statements constitute forward looking
information for purposes of applicable Canadian securities legislation
and readers are cautioned that KEW MEDIA’s actual result may vary from
these forward looking statements and that variation could be material.
See “Forward Looking Statements” for a description of the assumptions
and risks associated with these forward looking statements.
Outlook9
For the full year 2019, KEW MEDIA continues to expect a range of mid to
high single digit growth on full year 2018 Pro forma Adjusted EBITDA of
$31.9 million. KEW MEDIA’s results in any given quarter or year can be
affected by seasonality and/or specific product delivery timing.
Typically, production occurs over the summer and starts delivering in
the fall and winter months. As reflected in our 2018 performance, our
2019 results are expected to be heavily weighted in the fourth quarter.
Conference Call
KEW MEDIA will host a conference call to discuss the first quarter 2019
financial results on Wednesday, May 15, 2019 at 9:00 a.m. ET. The
conference call can be accessed live over the phone by dialing
877-407-0784 (USA and Canada) or 201-689-8560 (International). A replay
will be available from 12:00 p.m. ET on May 15, 2019 through May 22,
2019, and can be accessed by dialing 844-512-2921 (USA and Canada) or
412-317-6671 (International). The replay passcode will be 13689714.
The call will also be webcast live from KEW MEDIA’s investor relations
website at https://investors.kewmedia.com.
Following completion of the call, a recorded replay of the webcast will
be available on the website.
About KEW MEDIA GROUP INC.
KEW MEDIA GROUP is a leading publicly-listed content company that
produces and distributes multi-genre content worldwide. Companies
included in the KEW family are the production companies: Architect
Films, Awesome Media & Entertainment, Bristow Global Media, Collins
Avenue Productions, Essential Media Group, 4East Media, Frantic Films,
Jigsaw Productions, Media Headquarters, Our House Media, Sienna Films,
Spirit Digital Media, and Two Rivers Media; and the distribution
companies: KEW Media Distribution and TCB Media Rights.
With primary offices in London, Los Angeles, New York, Sydney and
Toronto, the KEW MEDIA GROUP companies develop, produce and distribute
more than 2,000 hours of content every year, as well as manage a library
of more than 14,000 hours of content, for almost every available viewing
platform worldwide. KEW aspires to offer great content from all over the
world to viewers of all ages and tastes. KEW promotes transparency,
equality, respect, and inclusiveness and plans to grow with the benefit
of people from a wide range of perspectives and backgrounds.
Forward-Looking Statements
This news release may include forward-looking statements. All such
statements constitute forward looking information within the meaning of
securities law and are made pursuant to the “safe harbour” provisions of
applicable securities laws. Forward-looking statements may include, but
are not limited to, statements about anticipated future events or
results including comments with respect to the Company’s objectives and
priorities for 2019 and beyond, and strategies or further actions with
respect to the Company, its business operations, financial performance
and condition. Forward-looking statements are statements that are
predictive in nature, depend upon or refer to future events or
conditions and are identified by words such as “will”, “expects”,
“anticipates”, “intends”, “plans”, “believes”, “estimates” or similar
expressions concerning matters that are not historical facts. Such
statements are based on current expectations of the Company’s management
and inherently involve numerous risks and uncertainties, known and
unknown, including economic factors.
In particular, the statements set out in the Outlook section of this
press release regarding our expected Adjusted EBITDA for the year ending
December 31, 2019, our expected financial performance for the remainder
of 2019 and our expectations regarding the performance of our production
and distribution segments for the remainder of 2019, constitute
forward-looking statements. These statements are based on management’s
current strategies, assumptions concerning growth and assessment of the
outlook for the business. In particular, such statements assume that:
(i) our production companies will continue to develop, produce and
deliver successful productions in a manner consistent with past
experience and on expected delivery schedules as outlined under
“Outlook” in the press release; (ii) the product mix of the Company’s
revenues will continue to be skewed towards higher margin titles; (iii)
we will continue to acquire and distribute content in a manner
consistent with past experience; (iv) our operating and overhead costs
will be within budget; and (v) that the companies we have acquired will
meet or exceed our performance expectations. We consider the foregoing
assumptions to be reasonable in the circumstances given the time period
for such outlook. However, readers are cautioned that KEW’s
actual results may vary from these forward-looking statements and that
variation could be material. The forward-looking information contained
in this news release is presented for the purpose of assisting readers
in understanding the Company’s business and strategic priorities and
objectives as at the periods indicated and may not be appropriate for
other purposes. A number of risks, uncertainties and other factors may
cause actual results to differ materially from the forward-looking
statements contained in this news release, including, among other
factors, those referenced in the section entitled “Risk Factors” in the
Company’s annual information form for the year ended December 31, 2018,
a copy of which is available on the SEDAR website at www.sedar.com
under the Company’s profile. In particular, KEW’s results of operations
fluctuate significantly quarter to quarter depending on the number and
timing of content delivered or made available to various media. As in
past years, KEW anticipates that its 2019 financial results will be
heavily weighted in the fourth quarter and as a result, KEW may not have
visibility on its ability to meet the 2019 guidance until the end of the
fourth quarter of 2019.
Forward-looking statements contained in this news release are not
guarantees of future performance and, while forward-looking statements
are based on certain assumptions that the Company considers reasonable,
actual events and results could differ materially from those expressed
or implied by forward-looking statements. Readers are cautioned to
consider these and other factors carefully when making decisions with
respect to the Company and not place undue reliance on forward-looking
statements. Circumstances affecting the Company may change rapidly.
Except as may be expressly required by applicable law, KEW does not
undertake any obligation to update publicly or revise any such
forward-looking statements, and as a result of new information, future
events or otherwise.
Non-IFRS Measures
This news release contains references to certain measures that do not
have a standardized meaning under International Financial Reporting
Standards (“IFRS”) as prescribed by the International Accounting
Standards Board and are therefore unlikely to be comparable to similar
measures presented by other companies. Rather, these measures are
provided as additional information to complement IFRS measures by
providing a further understanding of operations from management’s
perspective. Accordingly, non-IFRS measures should not be considered in
isolation nor as a substitute for analysis of financial information
reported under IFRS. This news release makes reference to Gross Profit,
Gross Profit Margin, Adjusted Net Income, Adjusted EBITDA, Free Cash
Flow, Net debt, and Adjusted Net Debt, each of which is a non-IFRS
financial measure. The Company believes these non-IFRS financial
measures are frequently used by securities analysts, investors and other
interested parties as measures of financial performance and it is
therefore helpful to provide supplemental measures of operating
performance and thus highlight trends that may not otherwise be apparent
when relying solely on IFRS financial measures.
The Company’s definitions of non-IFRS financial measures are as
follows:
- Gross Profit is revenue less cost of sales.
- Gross Profit Margin is gross profit as a percentage of revenue.
-
Adjusted Net Income is Income (Loss) before income tax recovery
then includes add-back adjustments for items such as transaction
costs, reorganization and exceptional costs, share-based compensation,
deferred compensation, other intangibles amortization, gain on change
in fair value of financial liabilities, and (gain) loss on sale of
subsidiary. -
Adjusted EBITDA is also provided to better analyze trends in
performance and present a truer economic representation on a
comparative basis. Adjusted EBITDA is Adjusted Net Income including
additional add-back adjustments for Interest Expense, net of Interest
Income, Depreciation and any non-cash amortization (to the extent not
added back to Adjusted Net Income). -
Free Cash Flow is Adjusted EBITDA adjusted for additions to
Property and Equipment, Interest and cash taxes. -
Adjusted Free Cash Flow is Free Cash Flow adjusted for additions to
film and television rights, net of amortization. -
Adjusted Net Income after tax is adjusted net income less income
tax recovery. -
Adjusted Net Debt is Net Debt less intra-group interim production
financing and adjusted for the impact of foreign exchange -
Adjusted Earnings Per Share is Adjusted Net Income divided by
weighted average number of common shares in the capital of the Company
Please see the Company’s management’s discussion and analysis for the
three months ended March 31, 2019 for a detailed description of these
measures and a reconciliation of these measures to the nearest IFRS
measure.
Selected Comparative Information
Below is selected information from the consolidated statements of loss
for the three months ended March 31, 2019 and the three months ended
March 31, 2018.
|
Three months |
Three months |
||||||
| Revenue | |||||||
| Production and distribution revenue | 52,001 | 39,782 | |||||
| Cost of sales | 37,995 | 26,982 | |||||
| Gross profit (1) | 14,006 | 12,800 | |||||
| Expenses | |||||||
| General and administrative expenses | 14,056 | 10,544 | |||||
| Amortization of other intangible assets | 2,157 | 2,168 | |||||
| Amortization of right-of-use asset | 1,322 | – | |||||
| Transaction costs | – | 932 | |||||
| Deferred compensation | 902 | – | |||||
| Share-based compensation | 923 | 45 | |||||
| Interest expense, net of interest income, on long term borrowings | 2,175 | 1,158 | |||||
| Interest expense on lease obligations | 326 | – | |||||
| Depreciation | 375 | 190 | |||||
| (Gain) loss on change in fair value of financial liabilities | 34 | (1,897) | |||||
| Foreign exchange on financial liabilities | (39) | 451 | |||||
| Total expenses | 22,231 | 13,591 | |||||
| Loss before income tax recovery | (8,225) | (791) | |||||
| Income tax recovery | 341 | 612 | |||||
| Net loss for the period | (7,884) | (179) | |||||
| Net income (loss) attributable to: | |||||||
| Equity holders of the parent | (8,562) | (690) | |||||
| Non-controlling interest | 678 | 511 | |||||
| (7,884) | (179) | ||||||
| Loss per share attributable to equity holders of the parent: | |||||||
| Loss per share | |||||||
| – basic and diluted | (0.64) | (0.06) | |||||
| Weighted average number of Common Shares outstanding | |||||||
| – basic and diluted | 13,438,866 | 11,818,646 | |||||
|
Calculation of Adjusted net income (loss) (1) and Adjusted EBITDA: (1) |
|||||||
| Loss before income tax recovery | (8,225) | (791) | |||||
| Amortization of other intangible assets | 2,157 | 2,168 | |||||
| Transaction costs | – | 932 | |||||
| Deferred compensation | 902 | – | |||||
| Share-based compensation | 923 | 45 | |||||
| (Gain) loss on change in fair value of financial liabilities | 34 | (1,897) | |||||
| Foreign exchange on financial liabilities | (39) | 451 | |||||
| Corporate reorganization costs (2) | – | 315 | |||||
| Exceptional costs (2) | 664 | 639 | |||||
| Adjusted net income (loss) for the period | (3,584) | 1,862 | |||||
| Depreciation | 375 | 190 | |||||
| Amortization of right-of-use asset | 1,322 | – | |||||
| Interest expense, net of interest income, on long-term borrowings | 2,175 | 1,158 | |||||
| Interest expense on lease obligations | 326 | – | |||||
| Adjusted EBITDA before NCI | 614 | 3,210 | |||||
| Non-controlling interest | (760) | (733) | |||||
| Adjusted EBITDA after NCI | (146) | 2,477 | |||||
| (1) | Refer to the “Use of Non-IFRS Financial Measures” section of the MD&A | |
| (2) | Included in general and administrative expenses | |
| (3) |
On January 1, 2019, Kew adopted IFRS 16, Leases. No adjustment was made to the three-month period ended March 31, 2018. The amounts reflected in the three months ended March 31, 2019 reflect the relevant changes under the standard. As noted in the interim condensed consolidated financial statements, payments made under lease obligations were $1,185 in the quarter. |
|
Revenue, Cost of Sales, Gross Profit and Segmental Analysis
|
Three months |
Three months |
||||||
| Revenue | |||||||
| Production and distribution revenue | 52,001 | 39,782 | |||||
| Cost of sales | 37,995 | 26,982 | |||||
| Gross profit(1) | 14,006 | 12,800 | |||||
The Company’s business activities are conducted through two segments.
| Three months ended March 31, 2019 | Production | Distribution | Corporate | Consolidated | |||||||||
| Revenues | 33,542 | 18,459 | – | 52,001 | |||||||||
| Cost of sales | 24,514 | 13,481 | – | 37,995 | |||||||||
| Gross profit(1) | 9,028 | 4,978 | – | 14,006 | |||||||||
| General and administrative expenses | 7,243 | 4,501 | 2,312 | 14,056 | |||||||||
| Segment profit (loss) | 1,785 | 477 | (2,312) | (50) | |||||||||
| Exceptionals | – | 68 | 596 | 664 | |||||||||
| NCI | (760) | – | – | (760) | |||||||||
| Adjusted EBITDA(1) | 1,025 | 545 | (1,716) | (146) | |||||||||
Contacts
Investor Relations:
Steven Silver
Chief Executive
Officer
647-957-2194
[email protected]
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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View original content:https://www.prnewswire.co.uk/news-releases/indivior-provides-update-on-aelis-farmas-clinical-phase-2b-study-results-with-aef0117-in-participants-with-cannabis-use-disorder-302237355.html
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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View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-announces-closing-of-private-placement-and-grant-of-stock-options-302234455.html
Cannabis
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
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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