Endava Announces Third Quarter Fiscal Year 2019 Results

Published

5 years ago

May 21, 2019

Zoltan_Tundik

Reading Time: 13 minutes

Q3 FY2019

24.7% Year on Year Revenue Growth to £73.1 million

23.2% Revenue Growth at Constant Currency

IFRS diluted EPS £0.11 compared to £0.08 in the prior year
comparative period

Adjusted diluted EPS £0.19 compared to £0.13 in the prior year
comparative period

LONDON–(BUSINESS WIRE)–Endava plc (NYSE: DAVA) (“Endava” or the “Company”) a global
provider of digital transformation, agile development and intelligent
automation services, today announced results for the three months ended
March 31, 2019, the third quarter of its 2019 fiscal year (“Q3 FY2019”).

“Endava continues to deliver strong results and I am pleased with our
performance. Our revenue for Q3 FY2019 was £73.1 million, an impressive
increase of 24.7% Year on Year on a reported basis from £58.6 million in
the same quarter in the prior year. We continue to expand in all of our
geographies and industry verticals.” said John Cotterell, Endava’s CEO.

FINANCIAL HIGHLIGHTS:

Revenue for Q3 FY2019 was £73.1 million, an increase of 24.7% compared
to £58.6 million in the same period in the prior year.
Revenue growth rate at constant currency(a non-IFRS
measure) was 23.2% for Q3 FY2019 compared to 39.6% in the same period
in the prior year.
Profit before tax for Q3 FY2019 was £7.6 million compared to £5.5
million in the same period in the prior year, or 10.4% of revenue
compared to 9.4% in the same period in the prior year.
Adjusted profit before tax (a non-IFRS measure) for Q3 FY2019 was
£13.2 million compared to £8.5 million in the same period in the prior
year, or 18.1% of revenue compared to 14.5% in the same period in the
prior year.
Profit for the period was £6.3 million in Q3 FY2019, resulting in a
diluted EPS of £0.11, compared to profit for the period of £4.2
million and diluted EPS of £0.08 in the same period in the prior year.
Adjusted profit for the period (a non-IFRS measure) was £10.6 million
in Q3 FY2019, resulting in adjusted diluted EPS (a non-IFRS measure)
of £0.19 compared to adjusted profit for the period of £6.9 million
and adjusted diluted EPS of £0.13 in the same period in the prior year.
Net cash from operating activities was £12.6 million in Q3 FY2019
compared to £7.9 million in the same period in the prior year.
Free cash flow (a non-IFRS measure) was £11.4 million in Q3 FY2019
compared to £7.2 million in the same period in the prior year.
At March 31, 2019, Endava had cash and cash equivalents of £59.3
million, compared to £15.0 million at June 30, 2018. Net cash at March
31, 2019 was £59.3 million compared to net borrowing of £4.7 million
at June 30, 2018.

OTHER METRICS:

Headcount reached 5,573 at March 31, 2019, with 5,012 average
operational employees in Q3 FY2019, compared to a headcount of 4,700
at March 31, 2018 and 4,246 average operational employees in the third
quarter of the prior year.
Number of clients with over £1 million in spend grew to 67 on a
rolling twelve months basis at March 31, 2019 compared to 42 at March
31, 2018.
Top 10 clients accounted for 40% of revenue in Q3 FY2019, unchanged
from the same period in the prior year.
By geographic region, 27% of revenue was generated in North America,
27% was generated in Europe and 46% was generated in the United
Kingdom in Q3 FY2019. This compares to 25% in North America, 31% in
Europe and 44% in the United Kingdom in the same period in the prior
year.
By industry vertical, 53% of revenue was generated from Payments and
Financial Services, 28% from TMT and 19% from Other. This compares to
54% Payments and Financial Services, 29% TMT and 17% Other in the same
period in the prior year.

OUTLOOK:

For Q4 FY2019:

We expect revenues will be in the range £75m to £76m, representing
constant currency growth of between 21% and 22%. We expect adjusted
diluted EPS to be in the range of £0.17 to £0.18 per share.

Full Fiscal Year 2019:

We expect revenues will be in the range £286m to £287m, representing
constant currency growth of 31%. We expect adjusted diluted EPS to be in
the range of £0.73 to £0.74 per share.

Endava is not able, at this time, to provide an outlook for IFRS diluted
EPS for Q4 FY2019 or FY2019 because of the unreasonable effort of
estimating certain items that are excluded from adjusted diluted EPS,
including, for example, share-based compensation expense, amortisation
of acquired intangible assets and foreign currency exchange (gains)
losses, the effect of which may be significant.

CONFERENCE CALL DETAILS:

The Company will host a conference call at 8:00 am EST today, May 21,
2019, to review its Q3 FY2019 results. To participate in Endava’s Q3
FY19 earnings conference call, please dial in at least five minutes
prior to the scheduled start time (877) 683-6368 or (647) 689-5450 for
international participants, Conference ID 4226669.

Investors may listen to the call on Endava’s Investor Relations website
at http://investors.Endava.com.
The webcast will be recorded and available for replay until Friday, June
7, 2019.

ABOUT ENDAVA PLC:

Endava is a leading next-generation technology services provider and
helps accelerate disruption by delivering rapid evolution to
enterprises. Using distributed enterprise agile at scale, Endava
collaborates with its clients, seamlessly integrating with their teams,
catalysing ideation and delivering robust solutions. Endava helps its
clients become digital, experience-driven businesses by assisting them
in their journey from idea generation to development and deployment of
products, platforms and solutions. It services clients in the following
industries: Payments and Financial Services, TMT, Consumer Products,
Retail, Logistics and Healthcare. Endava had 5,573 employees as of March
31, 2019 located in offices in North America and Western Europe and
delivery centres in Romania, Moldova, Bulgaria, Serbia, Macedonia,
Argentina, Uruguay, Venezuela, and Colombia.

NON-IFRS FINANCIAL INFORMATION:

To supplement Endava’s Consolidated Statements of Comprehensive Income,
Consolidated Balance Sheets and Consolidated Statements of Cash Flow
presented in accordance with IFRS, the Company uses non-IFRS measures of
certain components of financial performance. These measures include:
revenue growth rate at constant currency, adjusted profit before tax,
adjusted profit for the period, adjusted diluted EPS and free cash flow.

Revenue growth rate at constant currency is calculated by translating
revenue from entities reporting in foreign currencies into British
Pounds using the comparable foreign currency exchange rates from the
prior period. For example, the average rates in effect for the fiscal
quarter ended March 31, 2018 were used to convert revenue for the fiscal
quarter ended March 31, 2019 and the revenue for the comparable prior
period.

Adjusted profit before tax is defined as the Company’s profit before tax
adjusted to exclude

the impact of share-based compensation expense, amortisation of acquired
intangible assets, realized and unrealized foreign currency exchange
gains and losses, initial public offering expenses incurred,
Sarbanes-Oxley compliance readiness expenses, fair value movement of
contingent consideration, secondary offering expenses incurred and stamp
duty on transfer of shares (all of which are non-cash other than
realized foreign currency exchange gains and losses, initial public
offering expenses, Sarbanes-Oxley compliance readiness expenses,
secondary offering expenses incurred and stamp duty on transfer of
shares). Adjusted PBT margin is adjusted profit before tax as a
percentage of total revenue.

Adjusted profit for the period is defined as the Company’s profit for
the period adjusted to exclude the impact of share-based compensation
expense, amortisation of acquired intangible assets, realized and
unrealized foreign currency exchange gains and losses, initial public
offering expenses incurred, Sarbanes-Oxley compliance readiness
expenses, fair value movement of contingent consideration, secondary
offering expenses incurred and stamp duty on transfer of shares (all of
which are non-cash other than realized foreign currency exchange gains
and losses, initial public offering expenses, Sarbanes-Oxley compliance
readiness expenses, secondary offering expenses incurred and stamp duty
on transfer of shares) together with the tax impact of these adjustments.

Adjusted diluted EPS is defined as the Company’s profit for the period
adjusted to exclude the impact of share-based compensation expense,
amortisation of acquired intangible assets, realized and unrealized
foreign currency exchange gains and losses, initial public offering
expenses incurred, Sarbanes-Oxley compliance readiness expenses, fair
value movement of contingent consideration, secondary offering expenses
incurred and stamp duty on transfer of shares (all of which are non-cash
other than realized foreign currency exchange gains and losses, initial
public offering expenses, Sarbanes-Oxley compliance readiness expenses,
secondary offering expenses incurred and stamp duty on transfer of
shares), divided by weighted average number of shares outstanding –
diluted.

Free cash flow is the Company’s net cash from/(used in) operating
activities, plus grants received, less net purchases of non-current
assets (tangible and intangible).

In order for Endava’s investors to be better able to compare its current
period results with those of previous periods, the Company has shown a
reconciliation of IFRS to non-IFRS financial measures. Management
believes these measures help illustrate underlying trends in the
Company’s business and uses the measures to establish budgets and
operational goals, communicated internally and externally, for managing
the Company’s business and evaluating its performance. Management also
believes the presentation of its non-IFRS financial measures enhances an
investor’s overall understanding of the Company’s historical financial
performance. The presentation of the Company’s non-IFRS financial
measures is not meant to be considered in isolation or as a substitute
for the Company’s financial results prepared in accordance with IFRS,
and its non-IFRS measures may be different from non-IFRS measures used
by other companies.

This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may be identified by the use of terms and
phrases such as “believe,” “expect,” “outlook,” and other similar terms
and phrases. Such forward-looking statements include, but are not
limited to, the statements regarding our projected financial performance
for our fourth fiscal quarter and full-fiscal year 2019. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from the
results anticipated by these forward-looking statements, including, but
not limited to: our ability to sustain our revenue growth rate in the
future; our ability to retain existing clients and attract new
clients, including our ability to increase revenue from existing clients
and diversify our revenue concentration; our ability to attract and
retain highly-skilled IT professionals at cost-effective rates; our
ability to penetrate new industry verticals and geographies and grow our
revenue in current industry verticals and geographies; our ability to
maintain favorable pricing and utilization rates; our ability to
successfully identify acquisition targets, consummate acquisitions and
successfully integrate acquired businesses and personnel; the effects of
increased competition as well as innovations by new and existing
competitors in our market; the size of our addressable market and market
trends; our ability to adapt to technological change and innovate
solutions for our clients; our plans for growth and future operations,
including our ability to manage our growth; our expectations of future
operating results or financial performance; our ability to effectively
manage our international operations, including our exposure to foreign
currency exchange rate fluctuations; and our future financial
performance, including trends in revenue, cost of sales, gross profit,
selling, general and administrative expenses, finance income and expense
and taxes, as well as other risks and uncertainties discussed in the
“Risk Factors” section of our Annual Report on Form 20-F filed with the
Securities and Exchange Commission on October 11, 2018 and the final
prospectus relating to our recent public offering filed with the
Securities and Exchange Commission pursuant to Rule 424(b)(4) on April
18, 2019.

In addition, the forward-looking statements included in this press
release represent our views and expectations as of the date hereof and
are based on information currently available to us. We anticipate
that subsequent events and developments may cause our views to change.
However, while we may elect to update these forward-looking statements
at some point in the future, we specifically disclaim any obligation to
do so except as required by law. These forward-looking statements should
not be relied upon as representing our views as of any date subsequent
to the date hereof.


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Nine Months Ended March 31				Three Months Ended March 31
	2019		2018		2019		2018
	£’000		£’000		£’000		£’000
REVENUE	211,312		156,140		73,064		58,598
Cost of sales
Direct cost of sales	(127,356)		(96,104)		(44,330)		(35,783)
Allocated cost of sales	(11,050	)	(9,281	)	(3,745	)	(3,235	)
Total cost of sales	(138,406	)	(105,385	)	(48,075	)	(39,018	)
GROSS PROFIT	72,906		50,755		24,989		19,580
Selling, general and administrative expenses	(48,609	)	(31,755	)	(17,601	)	(13,705	)
OPERATING PROFIT	24,297		19,000		7,388		5,875
Net finance (expense) / income	(4,644	)	(1,030	)	216		(370	)
PROFIT BEFORE TAX	19,653		17,970		7,604		5,505
Tax on profit on ordinary activities	(3,874)		(3,893)		(1,290)		(1,286)
PROFIT FOR THE PERIOD AND PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT	15,779		14,077		6,314		4,219
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	(2,365)		(1,108)		(3,027)		(1,363)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT	13,414		12,969		3,287		2,856

EARNINGS PER SHARE:
Weighted average number of shares outstanding – Basic	49,072,773		45,100,165		49,500,875		45,100,165
Weighted average number of shares outstanding – Diluted	54,648,204		50,050,447		54,912,822		51,142,347
Basic EPS (£)	0.32		0.31		0.13		0.09
Diluted EPS (£)	0.29		0.28		0.11		0.08


CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2019		June 30, 2018		March 31, 2018
	£’000		£’000		£’000

ASSETS – NON-CURRENT
Goodwill	41,197		41,062		39,267
Intangible assets	28,800		30,787		30,051
Property, plant and equipment	9,359		8,584		8,350
Deferred tax assets	4,731		2,488		926
TOTAL	84,087		82,921		78,594
ASSETS – CURRENT
Inventories	–		16		57
Trade and other receivables	63,041		52,352		50,190
Corporation tax receivable	649		677		–
Cash and cash equivalents	59,339		15,048		9,462
TOTAL	123,029		68,093		59,709
TOTAL ASSETS	207,116		151,014		138,303
LIABILITIES – CURRENT
Borrowings	29		19,744		23,612
Trade and other payables	43,983		40,243		32,843
Corporation tax payable	2,045		1,488		644
Contingent consideration	1,211		5,259		4,947
Deferred consideration	1,516		4,401		2,851
Other liabilities	248		– Advertisement		–
TOTAL	49,032		71,135		64,897
LIABILITIES – NON CURRENT
Borrowings	1		20		34
Contingent consideration	–		7,251		6,751
Deferred consideration	–		–		1,238
Deferred tax liabilities	2,380		2,832		2,621
Other liabilities	67		277		267
TOTAL	2,448		10,380		10,911
EQUITY
Share capital	1,085		996		996
Share premium	16,451		2,678		2,678
Merger relief reserve	4,430		4,430		4,430
Retained earnings	133,219		59,260		52,959
Other reserves	2,692		4,410		3,707
Investment in own shares	(2,241	)	(2,275	)	(2,275	)
TOTAL	155,636		69,499		62,495
TOTAL LIABILITIES AND EQUITY	207,116		151,014		138,303


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Advertisement

	Nine Months Ended				Three Months Ended
	March 31				March 31
	2019		2018		2019		2018
	£’000		£’000		£’000		£’000
OPERATING ACTIVITIES
Profit for the period	15,779		14,077		6,314		4,219
Income tax charge	3,874		3,893		1,290		1,286
Non-cash adjustments	18,270		4,453		4,965		1,781
Tax paid	(3,641	)	(3,688	)	(730	)	(1,414	)
UK research and development credit received	1,278		1,854		1,278		–
Net changes in working capital	(11,271	)	(215	)	(493	)	2,074
Net cash from operating activities	24,289		20,374		12,624		7,946

INVESTING ACTIVITIES
Purchase of non-current assets (tangibles and intangibles)	(5,153	)	(3,680	)	(1,189	)	(919	)
Proceeds from disposal of non-current assets	33		2		8		8
Acquisition of business / subsidiaries (net of cash acquired)	(3,142	)	(25,423	)	(3,142	)	(8,031	)
Interest received	286		30		160		7
Net cash used in investing activities	(7,976	)	(29,071	)	(4,163	)	(8,935	)

FINANCING ACTIVITIES
Proceeds from borrowings	3,500		22,979		–		–
Repayment of borrowings	(23,538	)	(28,094	)	(12	)	(14,451	)
Interest paid	(280	)	(413	)	(58	)	(210	)
Grant received	1,784		147		–		147
Net proceeds from initial public offering	44,828		– Advertisement		–		–
Issue of shares	85		–		85		–
Net cash from financing activities	26,379		(5,381	)	15		(14,514	)
Net change in cash and cash equivalents	42,692		(14,078	)	8,476		(15,503	)

Cash and cash equivalents at the beginning of the period	15,048		23,571		51,044		25,066
Exchange differences on cash and cash equivalents	1,599		(31	)	(181	)	(101	)
Cash and cash equivalents at the end of the period	59,339		9,462		59,339		9,462

RECONCILIATION OF ADJUSTED FINANCIAL MEASURES TO COMPARABLE IFRS
FINANCIAL MEASURES

RECONCILIATION OF REVENUE GROWTH RATE AT CONSTANT CURRENCY TO
REVENUE GROWTH RATE AS REPORTED UNDER IFRS:

Nine Months ended

Three Months ended

March 31

2019

2018

2019

2018

REVENUE GROWTH RATE AT CONSTANT CURRENCY

34.4

34.6

23.2

39.6

Foreign exchange rates impact

0.9

(0.4

1.5

(3.0

REVENUE GROWTH RATE AS REPORTED UNDER IFRS

35.3

34.2

24.7

36.6

RECONCILIATION OF ADJUSTED PROFIT BEFORE TAX AND ADJUSTED
PROFIT FOR THE PERIOD:

Nine Months Ended

Three Months Ended

March 31

Mar 31

2019

2018

2019

2018

£’000

PROFIT BEFORE TAX

19,653

17,970

7,604

5,505

Adjustments:

Share-based compensation expense

8,690

1,026

3,680

306

Amortisation of acquired intangible assets

2,609

1,804

857

844

Foreign currency exchange (gains) losses, net

(1,262

)

545

(121

)

Initial public offering expenses incurred

1,055

2,472

–

1,787

Sarbanes-Oxley compliance readiness expenses incurred

1,227

–

529

–

Fair value movement of contingent consideration

5,805

–

Secondary offering expenses incurred

306

–

306

–

Stamp duty on transfer of shares

385

–

385

–

Total adjustments

18,815

5,847

5,636

3,001

ADJUSTED PROFIT BEFORE TAX

38,468

23,817

13,240

8,506

PROFIT FOR THE PERIOD

15,779

14,077

6,314

4,219

Adjustments:

Adjustments to profit before tax

18,815

5,847

5,636

3,001

Tax impact of adjustments

(3,661

)

(745

)

(1,312

)

(359

)

ADJUSTED PROFIT FOR THE PERIOD

30,933

19,179

10,638

6,861

Diluted EPS (£)

0.29

0.28

0.11

0.08

Adjusted diluted EPS (£)

0.57

0.38

0.19

0.13

RECONCILIATION OF NET CASH FROM OPERATING ACTIVITIES TO FREE
CASH FLOW

Nine Months Ended

Three Months Ended

March 31

2019

2018

2019

2018

£’000

Net cash from operating activities

24,289

20,374

12,624

7,946

Adjustments:

Grant received

1,784

147

–

147

Net purchases of non-current assets (tangible and intangible)

(5,120

)

(3,678

)

(1,181

)

(911

)

Free cash flow

20,953

16,843

11,443

7,182


SUPPLEMENTARY INFORMATION


SHARE-BASED COMPENSATION EXPENSE

	Nine Months Ended		Three Months Ended
	March 31		March 31
	2019	2018	2019	2018
	£’000	£’000	£’000	£’000

Direct cost of sales	3,587	686	1,648	205
Selling, general and administrative expenses	5,103	340	2,032	101
Total	8,690	1,026	3,680	306


DEPRECIATION AND AMORTIZATION

	Nine Months Ended		Three Months Ended
	March 31		March 31
	2019	2018	2019	2018
	£’000	£’000	£’000	£’000

Direct cost of sales	2,870	2,371	1,011	821
Selling, general and administrative expenses	3,030	2,081	972	944
Total	5,900	4,452	1,983	1,765


EMPLOYEES, TOP 10 CUSTOMERS and REVENUE SPLIT

	Nine Months Ended				Three Months Ended
	March 31				March 31
	2019		2018		2019		2018

Closing number of total employees	5,573		4,700		5,573		4,700
Average operational employees	4,821		3,829		5,012		4,246

Top 10 customers %	36	%	43	%	40	%	40	%
Number of clients with > £1m of revenue (rolling 12 months)	67		42		67		42

Geographic split of revenue %
North America	27	%	19	%	27	%	25	%
Europe	28	%	35	%	27	%	31	%
UK	45	%	46	%	46	%	44	%
Industry vertical split of revenue %
Payments and Financial Services	53	%	58	%	53	%	54	%
TMT	27	%	28	%	28	%	29	%
Other	20	%	14	%	19	%	17	%

Contacts

INVESTOR CONTACT:
Endava Plc
Laurence Madsen, Investor
Relations Manager
[email protected]

Indivior

Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder

Published

4 days ago

September 4, 2024

CISION (PR Newswire)

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

Innocan

Innocan Pharma Announces Closing of Private Placement and Grant of Stock Options

Published

1 week ago

August 29, 2024

CISION (PR Newswire)

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) 1/3^rd of the Options vested immediately at grant; (ii) 1/3^rd of the Options will vest on February 28, 2025; and (iii) 1/3^rd 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

Published

1 week ago

August 29, 2024

GlobeNewswire

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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