Park City Group Reports 200% Increase in Net Income for Fiscal Third Quarter of 2019
Reading Time: 10 minutes
Strong Profitability Drove Record Operating Cash Flow for Highest
Cash Balance Ever
Company Achieves Goal of Implementing MarketPlace Across Entire
Supplier Base
Board of Directors Approves $4 Million Common Share Repurchase
Program
SALT LAKE CITY–(BUSINESS WIRE)–Park City Group, Inc. (NASDAQ: PCYG), the parent company of ReposiTrak,
Inc., which operates a B2B ecommerce, compliance and supply chain
platform that partners with retailers, wholesalers, and their suppliers,
to accelerate sales, control risk and improve supply chain efficiencies,
announced financial results for the third fiscal quarter ended March 31,
2019.
Third Fiscal Quarter Financial and Recent Business Highlights:
-
Net Income tripled to $921,000, Operating Cash Flow of $1.65
million drove cash to $18.1 million. -
MarketPlace Similar Supplier use case launched with more than
20,000 category participants. -
Compliance connections reach 84,000 for 342,000 total connections
across all applications. -
Supply Chain and Compliance trends positive with recurring revenues
up year-over-year.
“We made significant progress with MarketPlace, leveraging on our early
successes to launch our most important use case, Similar Supplier, which
enables the replacement of non-compliant suppliers,” said Randall K.
Fields, Chairman and CEO of Park City Group. “This required our
development team to successfully launch sophisticated capabilities that
allow a retail or wholesale HUB to search our entire Compliant Supplier
base, and the Customer Success Team to reach out to literally thousands
of suppliers to help them to add supplementary information about the
products they sell. As a result of these efforts, we were able to launch
Similar Supplier with over 20,000 category participants, giving us the
largest database linking suppliers’ products and compliance, enhancing
the value of our platform for all industry participants.”
“The launch of MarketPlace Similar Supplier was a herculean effort
involving everyone on the team,” added Fields. “And while we were
executing on this initiative, we also substantially reorganized our
salesforce, moved our corporate headquarters, and more than doubled the
capacity of our data center. The salesforce reorganization better aligns
the team to our converged application platform and will enable cross
selling and increased the adoption of more services per customer, while
the move to a new headquarters and the upgrade or our data center
doubles the space to grow our Customer Success Team and increases the
capacity to handle our scaled MarketPlace application. Revenue from net
new customer additions was held back as a result of these initiatives;
however, the Company is now positioned for growth for years to come.”
“While expanding MarketPlace’s use cases and enhancing our operational
capabilities, we never lost sight of our commitment to our customers’
success,” continued Fields. ”We reached 84,000 Compliance connections.
With growth in Supply Chain, total connections are now 342,000.
Compliance levels for existing customers grew, as did recurring revenue.
Importantly, we also launched an initiative, backed by the Federation of
Wholesale Distributors, to make ReposiTrak the industry standard for
food safety compliance in the U.K.. And with all of this going on, we
tripled net income and delivered record operating cash flow, ending the
quarter with over $18 million in cash. In short, the core is gaining
strength, and the moat around our business gives us the ability to scale
strategically while generating quarterly profitability.”
“This was an important quarter for the Company. It was imperative that
MarketPlace be able to help solve the problems our Compliance service
identifies, and that we are better prepared to cross sell our
applications and scale our business. We remain confident in our
converged platform strategy. We are unique in our capabilities to help
retailers or wholesaler manage their relationships with their suppliers
across the entire workflow of the supply chain from sourcing a supplier,
to vetting that supplier, and then transacting with them efficiently.
This end-to-end capability positions us as the only company capable of
enhancing these customers’ competitive position by allowing them to make
rapid sourcing decisions, diversifying their product line-ups, and
enabling them to compete better in a post-Amazon world.”
Financial Results Summary:
Third Fiscal Quarter 2019 Results: Total revenue declined 5% to $5.0
million for the three months ended March 31, 2019, as compared to $5.3
million during the same period a year ago primarily due to lower
revenues from new implementations and a year-over-year decline in
MarketPlace revenue. Total operating expenses were $4.0 million, an 18%
decrease from $4.8 million a year ago, as the Company is leveraging
investments made in increasing productivity. GAAP net income was $1.1
million, or 21% of revenue, versus $457,000, or 9% of revenue, a year
ago, and GAAP net income to common shareholders was $921,000, or $0.05
per diluted share, compared to $311,000, or $0.02 per diluted share, a
year ago.
Fiscal 2019 To Date Results: Total revenue increased 5% to $16.5 million
for the nine months ended March 31, 2019, as compared to $15.7 million
during the same period a year ago primarily due to an increase in
subscription revenues for the Company’s Compliance and Supply chain
services. Total operating expenses were $12.8 million, a 5% decrease
from $13.5 million a year ago, as the Company is leveraging investments
made in increasing productivity. GAAP net income was $3.7 million, or
23% of revenue, versus $2.1 million, or 14% of revenue, a year ago, and
GAAP net income to common shareholders was $3.3 million, or $0.16 per
diluted share, compared to $1.7 million, or $0.08 per diluted share, a
year ago.
Conference Call:
The Company will host a conference call at 4:30 P.M. ET today, May 9,
2019 to discuss the Company’s results. Investors and interested parties
may participate in the call by dialing 877-830-2596 or 785-424-1744
(international) and referring Conference ID: 134465. The conference call
is also being webcast and is available via the investor relations
section of the Company’s website, www.parkcitygroup.com.
A replay of the conference call will be available from 7:30 ET today
until 11:59 p.m. ET on June 9, 2019. The Replay can be accessed by
calling 844-512-2921 (toll-free) or 412-317-6671 (international). Please
enter pin number 134465 to access the replay.
About Park City Group:
Park City Group, Inc. (NASDAQ: PCYG), the parent company of ReposiTrak,
Inc., a compliance, supply chain, and e-commerce platform that partners
with retailers, wholesalers and their suppliers, to accelerate sales,
control risk, and improve supply chain efficiencies. More information is
available at www.parkcitygroup.com
and www.repositrak.com.
Specific disclosure relating to Park City Group, including management’s
analysis of results from operations and financial condition, are
contained in the Company’s annual report on Form 10-Q for the fiscal
quarter ended December 31, 2018 and other reports filed with the
Securities and Exchange Commission. Investors are encouraged to read and
consider such disclosure and analysis contained in the Company’s Form
10-K and other reports, including the risk factors contained in the Form
10-K.
Non-GAAP Financial Measures
While this press release does not include non-GAAP financial measures,
the financial presentation below contains certain financial measures
defined as “non-GAAP financial measures” by the Securities and Exchange
Commission, including non-GAAP EBITDA and non-GAAP earnings per share.
These measures may be different from non-GAAP financial measures used by
other companies. The presentation of this financial information, which
is not prepared under any comprehensive set of accounting rules or
principles, is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with generally accepted accounting principles.
Reconciliations of these non-GAAP financial measures to the nearest
comparable GAAP measures will be provided upon the completion of the
Company’s annual audit.
Non-GAAP EBITDA excludes items such as impairment charges, allowance for
doubtful accounts, non-cash stock-based compensation and other one-time
cash and non-cash charges. Non-GAAP EPS excludes items such as non-cash
stock-based compensation, amortization of acquired intangible assets and
other one-time cash and non-cash charges. The Company believes the
non-GAAP measures provide useful information to both management and
investors by excluding certain expenses, gains and losses or net
purchases of property and equipment, as the case may be, which may not
be indicative of its core operation results and business outlook.
Because Park City Group has historically reported certain non-GAAP
results to investors, the Company believes that the inclusion of
non-GAAP measures in the financial presentation below allows investors
to compare the Company’s financial results with the Company’s historical
financial results reported using non-GAAP financial measures, as well as
with the financial results reported by others.
Forward-Looking Statement
Any statements contained in this document that are not historical facts
are forward-looking statements as defined in the U.S. Private Securities
Litigation Reform Act of 1995. Words such as “anticipate,” “believe,”
“estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,”
“predict,” “if”, “should” and “will” and similar expressions as they
relate to Park City Group, Inc. (“Park City Group”) are intended to
identify such forward-looking statements. Park City Group may from time
to time update these publicly announced projections, but it is not
obligated to do so. Any projections of future results of operations
should not be construed in any manner as a guarantee that such results
will in fact occur. These projections are subject to change and could
differ materially from final reported results. For a discussion of such
risks and uncertainties, see “Risk Factors” in Park City’s annual report
on Form 10-K, its quarterly report on Form 10-Q, and its other reports
filed with the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as amended. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the dates on which they are made.
| Park City Group, Inc. | ||||||||||||||||||||||
| INCOME STATEMENT | ||||||||||||||||||||||
| 3 Months Ended | 9 Months Ended | |||||||||||||||||||||
| FY ENDS June | 3/31/19 | 3/31/18 | % Chg. | 3/31/19 | 3/31/18 | % Chg. | ||||||||||||||||
| Total Revenues | $ | 5,006,132 | $ | 5,278,783 | (5 | %) | $ | 16,513,363 | $ | 15,715,654 | 5 | % | ||||||||||
| Operating Expenses | ||||||||||||||||||||||
| Cost of Services and Product Support | (1,342,051 | ) | (1,805,256 | ) | (26 | %) | (4,341,236 | ) | (4,649,620 | ) | (7 | %) | ||||||||||
| Sales and Marketing | (1,485,785 | ) | (1,574,663 | ) | (6 | %) | (4,533,664 | ) | (4,781,752 | ) | (5 | %) | ||||||||||
| General and Administrative | (1,020,652 | ) | (1,293,727 | ) | (21 | %) | (3,490,698 | ) | (3,569,584 | ) | (2 | %) | ||||||||||
| Depreciation and Amortization | (140,312 | ) | (165,189 | ) | (15 | %) | (429,717 | ) | (487,815 | ) | (12 | %) | ||||||||||
| Total Operating Expenses | (3,988,800 | ) | (4,838,835 | ) | (18 | %) | (12,795,315 | ) | (13,488,771 | ) | (5 | %) | ||||||||||
| Operating Income | $ | 1,017,332 | $ | 439,948 | 131 | % | $ | 3,718,048 | $ | 2,226,883 | 67 | % | ||||||||||
| Interest Income | 75,670 | 17,730 | 327 | % | 165,567 | – | NM | |||||||||||||||
| Interest (Expense) | (4,706 | ) | – | NM | (20,802 | ) | (12,157 | ) | 71 | % | ||||||||||||
| Income Before Taxes | 1,088,296 | 457,678 | 138 | % | 3,862,813 | 2,214,726 | 74 | % | ||||||||||||||
| Provision for Taxes | (20,210 | ) | (349 | ) | NM | (142,710 | ) | (76,063 | ) | 88 | % | |||||||||||
| Net Income | $ | 1,068,086 | $ | 457,329 | 134 | % | $ | 3,720,103 | $ | 2,138,663 | 74 | % | ||||||||||
| Dividends on Preferred Stock | (146,610 | ) | (146,611 | ) | (0 | %) | (439,832 | ) | (426,737 | ) | 3 | % | ||||||||||
| Net Income to Common Shareholders | $ | 921,476 | $ | 310,718 | 197 | % | $ | 3,280,271 | $ | 1,711,926 | 92 | % | ||||||||||
| GAAP EPS, Basic | $ | 0.05 | $ | 0.02 | 193 | % | $ | 0.17 | $ | 0.09 | 89 | % | ||||||||||
| GAAP EPS, Diluted | $ | 0.05 | $ | 0.02 | 196 | % | $ | 0.16 | $ | 0.08 | 90 | % | ||||||||||
| Weighted Average Shares, Basic | 19,861,000 | 19,648,000 | 19,823,000 | 19,519,000 | ||||||||||||||||||
| Weighted Average Shares, Diluted | 20,390,000 | 20,321,000 | 20,369,000 | 20,250,000 | ||||||||||||||||||
| Park City Group, Inc. | |||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP ITEMS | |||||||||||||||||||||||
| 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
| FY ENDS June | 3/31/19 | 3/31/18 | % Chg. | 3/31/19 | 3/31/18 | % Chg. | |||||||||||||||||
| Net Income | $ | 1,068,086 | $ | 457,329 | 134 | % | $ | 3,720,103 | $ | 2,138,663 | 74 | % | |||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and Amortization | 140,312 | 165,189 | (15 | %) | 429,717 | 487,815 | (12 | %) | |||||||||||||||
| Interest Expense (Income) | (70,964 | ) | (17,730 | ) | NM | (144,765 | ) | 12,157 | (1291 | %) | |||||||||||||
| Provision for Taxes | 20,210 | 349 | 5691 | % | 142,710 | 76,063 | 88 | % | |||||||||||||||
| Other (Incl. Bad Debt Exp.) | 150,000 | 100,000 | 50 | % | 350,000 | 295,050 | 19 | % | |||||||||||||||
| Stock Compensation Expense | 150,283 | 101,649 | 48 | % | 473,556 | 489,748 | (3 | %) | |||||||||||||||
| Adjusted EBITDA | $ | 1,457,927 | $ | 806,786 | 81 | % | $ | 4,971,321 | $ | 3,499,496 | 42 | % | |||||||||||
| Net Income | $ | 1,068,086 | $ | 457,329 | 134 | % | $ | 3,720,103 | $ | 2,138,663 | 74 | % | |||||||||||
| Adjustments: | |||||||||||||||||||||||
| Stock Compensation Expense | 150,283 | 101,649 | 124 | % | 473,556 | 489,748 | 12 | % | |||||||||||||||
| Acquisition Related Amortization | 32,850 | 32,850 | – | 98,550 | 98,550 | – | |||||||||||||||||
| Adjusted non-GAAP Net Income | 1,251,219 | 591,828 | 111 | % | 4,292,209 | 2,726,961 | 57 | % | |||||||||||||||
| Preferred Dividends | (146,610 | ) | (146,611 | ) | (0 | %) | (439,832 | ) | (426,737 | ) | 3 | % | |||||||||||
| Adjusted non-GAAP Net Income | |||||||||||||||||||||||
| to Common Shareholders | $ | 1,104,609 | $ | 445,217 | 148 | % | $ | 3,852,377 | $ | 2,300,224 | 67 | % | |||||||||||
| Adjusted Non-GAAP EPS | $ | 0.05 | $ | 0.02 | 147 | % | $ | 0.19 | $ | 0.11 | 66 | % | |||||||||||
| Weighted Average Shares, Diluted | 20,390,000 | 20,321,000 | 20,369,000 | 20,250,000 | |||||||||||||||||||
| Park City Group, Inc. | |||||||||||||
| CONSOLIDATED BALANCE SHEET | |||||||||||||
| Period Ended | |||||||||||||
| FY ENDS June | 3/31/19 | 6/30/18 | |||||||||||
| Assets | |||||||||||||
| Current Assets: | |||||||||||||
| Cash | $ | 18,145,369 | $ | 14,892,439 | |||||||||
| Receivables, Net Allowances | 3,977,982 | 4,222,348 | |||||||||||
| Contract Asset (Current Portion of Unbilled) | 3,379,652 | 3,502,287 | |||||||||||
| Prepaid Expenses and Other Current Assets | 1,219,878 | 1,116,387 | |||||||||||
| Total Current Assets | $ | 26,722,881 | $ | 23,733,461 | |||||||||
| Property and Equipment, Net | $ | 1,683,923 | $ | 1,896,348 | |||||||||
| Other Assets: | |||||||||||||
| Deposits, and Other Assets | 3,922 | 18,691 | |||||||||||
| Contract Asset (Long-Term Portion of Unbilled) | 1,864,974 | 1,194,574 | |||||||||||
| Investments | 476,884 | 477,884 | |||||||||||
| Customer Relationships | 821,250 | 919,800 | |||||||||||
| Goodwill | 20,883,886 | 20,883,886 | |||||||||||
| Capitalized Software Costs, Net | 95,380 | 168,926 | |||||||||||
| Total Other Assets | $ | 24,146,296 | $ | 23,663,761 | |||||||||
| Total Assets | $ | 52,553,100 | $ | 49,293,570 | |||||||||
| Liabilities | |||||||||||||
| Current Liabilities: | |||||||||||||
| Accounts Payable | $ | 622,803 | $ | 1,490,434 | |||||||||
| Accrued Liabilities | 1,328,037 | 745,694 | |||||||||||
| Contract Liability (Deferred Revenue) | 2,063,810 | 2,335,286 | |||||||||||
| Lines of Credit | 4,660,000 | 3,230,000 | |||||||||||
| Current Portion of Notes Payable | 36,891 | 188,478 | |||||||||||
| Total Current Liabilities | $ | 8,711,541 | $ | 7,989,892 | |||||||||
| Long-Term Liabilities: | |||||||||||||
| Notes Payable, Less Current Portion | 255,054 | 1,592,077 | |||||||||||
| Other Long-Term Liabilities | – | 7,275 | |||||||||||
| Total Long-Term Liabilities | $ | 255,054 | $ | 1,599,352 | |||||||||
| Total Liabilities | $ | 8,966,595 | $ | 9,589,244 | |||||||||
| Shareholder Equity | |||||||||||||
| Series B Preferred | $ | 6,254 | $ | 6,254 | |||||||||
| Series B-1 Preferred | 2,124 | 2,124 | |||||||||||
| Common Stock | 198,715 | 197,738 | |||||||||||
| Additional Paid-In Capital | 77,312,818 | 76,711,887 | |||||||||||
| Accumulated Deficit | (33,933,406 | ) | (37,213,677 | ) | |||||||||
| Total Shareholder Equity | $ | 43,586,505 | $ | 39,704,326 | |||||||||
| Total Liabilities and Shareholder Equity | $ | 52,553,100 | $ | 49,293,570 | |||||||||
| Park City Group, Inc. | |||||||||||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||||||||
| 3 Months Ended | 9 Months Ended | ||||||||||||||||
| FY ENDS June | 3/31/19 | 3/31/18 | 3/31/19 | 3/31/18 | |||||||||||||
| Cash Flows From Operating Activities: | |||||||||||||||||
| Net Income | $ | 1,068,086 | $ | 457,329 | $ | 3,720,103 | $ | 2,138,663 | |||||||||
| Adj. to Reconcile Net Income to Net Cash from Operating Activities: | |||||||||||||||||
| Depreciation and Amortization | 140,313 | 165,187 | 429,718 | 487,815 | |||||||||||||
| Stock Compensation Expense | 150,283 | 101,649 | 473,556 | 489,748 | |||||||||||||
| Bad Debt Expense | 150,000 | 100,000 | 350,000 | 295,050 | |||||||||||||
| Decrease (Increase) in Accounts Receivables | (191,050 | ) | (952,816 | ) | 17,001 | (2,999,613 | ) | ||||||||||
|
Decrease (Increase) in LT Receivables, Prepaid Expenses & Other Assets |
1,133,459 | 143,498 | (759,122 | ) | 764,513 | ||||||||||||
| Increase (Decrease) in Accounts Payable | (215,348 | ) | 614,142 | (867,631 | ) | 688,073 | |||||||||||
| Increase (Decrease) in Accrued Liabilities | 25,123 | (173,204 | ) | 392,089 | (98,821 | ) | |||||||||||
| Increase (Decrease) in Deferred Revenue | (607,486 | ) | (49,422 | ) | (271,752 | ) | 9,548 | ||||||||||
| Net Cash From (Used In) Operating Activities | $ | 1,653,380 | $ | 406,363 | $ | 3,483,962 | $ | 1,774,976 | |||||||||
| Cash Flows From Investing Activities: | |||||||||||||||||
| Capitalization of Software Costs | – | – | – | (111,241 | ) | ||||||||||||
| Purchase of Long-Term Investments | 1,000 | – | 1,000 | – | |||||||||||||
| Purchase of Property and Equipment | (41,650 | ) | (26,361 | ) | (45,197 | ) | (204,004 | ) | |||||||||
| Net Cash From (Used In) Investing Activities | $ | (40,650 | ) | $ | (26,361 | ) | $ | (44,197 | ) | $ | (315,245 | ) | |||||
| Cash Flows From Financing Activities: | |||||||||||||||||
| Net Increase in Line of Credit | – | 380,000 | 1,430,000 | 380,000 | |||||||||||||
| Proceeds from Issuance of Notes Payable | – | – | – | 56,078 | |||||||||||||
| Preferred Stock Redemption | – | (999,990 | ) | – | (999,990 | ) | |||||||||||
| Proceeds from Employee Stock Plans | – | 124,627 | – | 244,417 | |||||||||||||
| Proceeds from Exercise of Options and Warrants | – | 666,903 | 164,997 | 666,903 | |||||||||||||
| Dividends Paid | (146,611 | ) | (162,966 | ) | (293,222 | ) | (488,897 | ) | |||||||||
| Payments on Notes Payable and Capital Leases | (3,032 | ) | (378,923 | ) | (1,488,610 | ) | (544,088 | ) | |||||||||
| Net Cash From (Used In) Financing Activities | $ | (149,643 | ) | $ | (370,351 | ) | $ | (186,835 | ) | $ | (685,577 | ) | |||||
| Net Increase (Decrease) in Cash | $ | 1,463,087 | $ | 9,651 | $ | 3,252,930 | $ | 774,154 | |||||||||
| Cash at Beginning of Period | 16,682,282 | 14,818,509 | 14,892,439 | 14,054,006 | |||||||||||||
| Cash at End of Period | $ | 18,145,369 | $ | 14,828,160 | $ | 18,145,369 | $ | 14,828,160 | |||||||||
Contacts
Investor Relations:
Todd Mitchell, CFO
Park City Group
435-645-2216
[email protected]
Rob
Fink
Hayden IR
646-415-8972
[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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