Rimini Street Announces Fiscal First Quarter 2019 Financial Results

Published

5 years ago

May 9, 2019

Zoltan_Tundik

Reading Time: 12 minutes

Quarterly revenue of $66.3 million, up 11% year over year

Quarterly gross margin of 64%, up from 61% year over year

1,852 active clients at March 31, 2019, up 17% year over year

LAS VEGAS–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/RMNI?src=hash” target=”_blank”gt;#RMNIlt;/agt;–Rimini
Street, Inc. (Nasdaq: RMNI), a global provider of enterprise
software products and services, the leading third-party support provider
for Oracle and SAP software products and a Salesforce partner, today
announced results for the first quarter ended March 31, 2019.

“During the first quarter, we made meaningful progress expanding sales
capacity, improving our global service delivery model and launching and
selling Salesforce.com and other new support services that increase our
total addressable market,” stated Seth
A. Ravin, Rimini Street co-founder, CEO and Chairman of the Board.
“Additionally, in March we prevailed against Oracle in the U.S. Supreme
Court with a unanimous decision. Oracle was ordered to return
approximately $12.8 million plus interest and other costs to Rimini
Street, which Oracle paid in April.”

“Revenue in the first quarter exceeded the high end of our guidance
range and we achieved a better than expected gross margin of 64%,”
stated Tom
Sabol, Rimini Street CFO. “We managed sales and marketing and
general and administrative spend within our guidance range, completed an
additional Series A Preferred financing round to fund new product and
service launches and further strengthen our balance sheet. We remain
committed to the long-term goals of improving free cash flow and
achieving GAAP profitability.”

First Quarter 2019 Financial Highlights

Revenue was $66.3 million for the 2019 first quarter, an increase of
11% compared to $59.8 million for the same period last year.
Annualized Subscription Revenue was approximately $265 million for the
2019 first quarter, an increase of 11% compared to $239 million for
the same period last year.
Active Clients as of March 31, 2019 were 1,852, an increase of 17%
compared to 1,581 Active Clients as of March 31, 2018.
Revenue Retention Rate was 92.0% for the trailing 12 months ended
March 31, 2019 compared to 93.0% for the comparable period ended March
31, 2018.
Gross margin was 64.0% for the 2019 first quarter compared to 60.6%
for the same period last year.
Operating income was $12.7 million for the 2019 first quarter compared
to $25.2 million for the same period last year.
Non-GAAP Operating Income was $7.8 million for the 2019 first quarter
compared to $6.1 million for the same period last year.
Net income was $11.8 million for the 2019 first quarter compared to a
net income of $3.5 million for the same period last year.
Non-GAAP Net Income was $6.7 million for the 2019 first quarter
compared to Non-GAAP Net Loss of $16.3 million for the same period
last year.
Adjusted EBITDA for the 2019 first quarter was $8.1 million compared
to $6.7 million for the same period last year.
Basic earnings per share attributable to common stockholders was $0.07
per share for the 2019 first quarter compared to $0.06 per share for
the same period last year. Diluted earnings per share attributable to
common stockholders was $0.07 per share for the 2019 first quarter
compared to $0.05 per share for the same period last year.

Reconciliations of the non-GAAP financial measures provided in this
press release to their most directly comparable GAAP financial measures
are provided in the financial tables included at the end of this press
release. An explanation of these measures and how they are calculated is
also included under the heading “About Non-GAAP Financial Measures and
Certain Key Metrics.”

First Quarter 2019 Company Highlights

Announced that EBSCO Industries chose Rimini
Street Application Management Services for Salesforce to maximize
the value and ROI of their Salesforce investment.
Announced the Supreme
Court ruled unanimously in the Company’s favor, ordering Oracle to
return approximately $12.8 million in non-taxable expenses plus
interest and other costs to Rimini Street. Oracle paid the amounts in
April.
Announced strong government
client momentum in the ANZ region, with more than 10 Australian
government agencies switching to Rimini Street support.
Won nine Company awards, including a Gold Stevie award for Innovation
in Customer Service, and a Gold One Planet award for Customer Service
Team of the Year.
Closed a record number of support cases, nearly 8,000, and scored a
4.8 in client satisfaction (where 5.0 is excellent).
Delivered more than 20,000 tax, legal and regulatory updates to
clients globally for Peoplesoft, JD Edwards, SAP and Oracle E-Business
Suite products.
Presented at 12 CIO and IT procurement leader events including
Government ICT in London, England, NRF in New York, and Gartner’s EAA
Summit in Tokyo, Japan.

2019 Revenue Guidance

The Company is currently providing second quarter 2019 revenue guidance
to be in the range of approximately $66.5 million to $67.5 million and
reiterating full year 2019 revenue guidance to be in the range of
approximately $265 million to $280 million.

Webcast and Conference Call Information

Rimini Street will host a conference call and webcast to discuss the
first quarter 2019 results at 5:00 p.m. Eastern / 2:00 p.m. Pacific time
on May 9, 2019. A live webcast of the event will be available on Rimini
Street’s Investor Relations site at https://investors.riministreet.com/events-and-presentations/upcoming-and-past-events.
Dial in participants can access the conference call by dialing (855)
213-3942 in the U.S. and Canada and enter the code 1939675. A
replay of the webcast will be available for at least 90 days following
the event.

Company’s Use of Non-GAAP Financial Measures

This press release contains certain “non-GAAP financial measures.”
Non-GAAP financial measures are not based on a comprehensive set of
accounting rules or principles. This non-GAAP information supplements,
and is not intended to represent a measure of performance in accordance
with disclosures required by U.S. generally accepted accounting
principles, or GAAP. Non-GAAP financial measures should be considered in
addition to, not as a substitute for or superior to, financial measures
determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP
results is included in the financial tables included in this press
release. Presented under the heading “About Non-GAAP Financial Measures
and Certain Key Metrics” is a description and explanation of our
non-GAAP financial measures.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise
software products and services, the leading third-party support provider
for Oracle and SAP software products and a Salesforce partner. The
Company has redefined enterprise software support services since 2005
with an innovative, award-winning program that enables licensees of IBM,
Microsoft, Oracle, Salesforce, SAP and other enterprise software vendors
to save up to 90 percent on total maintenance costs. Clients can remain
on their current software release without any required upgrades for a
minimum of 15 years. Over 1,850 global Fortune 500, midmarket, public
sector and other organizations from a broad range of industries
currently rely on Rimini Street as their trusted, third-party support
provider. To learn more, please visit http://www.riministreet.com/,
follow @riministreet on
Twitter and find Rimini Street on Facebook
and LinkedIn.
(IR-RMNI)

Forward-Looking Statements

Certain statements included in this communication are not historical
facts but are forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are accompanied by words such as
“may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,”
“estimate,” “predict,” “potential,” “seem,” “seek,” “continue,”
“future,” “will,” “expect,” “outlook” or other similar words, phrases or
expressions. These forward-looking statements include, but are not
limited to, statements regarding our expectations of future events,
future opportunities, global expansion and other growth initiatives and
our investments in such initiatives. These statements are based on
various assumptions and on the current expectations of management and
are not predictions of actual performance, nor are these statements of
historical facts. These statements are subject to a number of risks and
uncertainties regarding Rimini Street’s business, and actual results may
differ materially. These risks and uncertainties include, but are not
limited to, changes in the business environment in which Rimini Street
operates, including inflation and interest rates, and general financial,
economic, regulatory and political conditions affecting the industry in
which Rimini Street operates; adverse developments in pending litigation
or in the government inquiry or any new litigation; the final amount and
timing of any refunds from Oracle related to our litigation; our need
and ability to raise additional equity or debt financing on favorable
terms and our ability to generate cash flows from operations to help
fund increased investment in our growth initiatives; the sufficiency of
our cash and cash equivalents to meet our liquidity requirements; the
terms and impact of our outstanding 13.00% Series A Preferred Stock;
changes in taxes, laws and regulations; competitive product and pricing
activity; difficulties of managing growth profitably; the success of our
recently introduced products and services, including Rimini Street
Mobility, Rimini Street Analytics, Rimini Street Advanced Database
Security, and services for Salesforce Sales Cloud and Service Cloud
products, in addition to products and services we expect to introduce in
the near future; the loss of one or more members of Rimini Street’s
management team; uncertainty as to the long-term value of Rimini
Street’s equity securities; and those discussed under the heading “Risk
Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on May
9, 2019, and as updated from time to time by Rimini Street’s future
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, and other filings by Rimini Street with the
Securities and Exchange Commission. In addition, forward-looking
statements provide Rimini Street’s expectations, plans or forecasts of
future events and views as of the date of this communication. Rimini
Street anticipates that subsequent events and developments will cause
Rimini Street’s assessments to change. However, while Rimini Street may
elect to update these forward-looking statements at some point in the
future, Rimini Street specifically disclaims any obligation to do so,
except as required by law. These forward-looking statements should not
be relied upon as representing Rimini Street’s assessments as of any
date subsequent to the date of this communication.

© 2019 Rimini Street, Inc. All rights reserved. “Rimini Street” is a
registered trademark of Rimini Street, Inc. in the United States and
other countries, and Rimini Street, the Rimini Street logo, and
combinations thereof, and other marks marked by TM are trademarks of
Rimini Street, Inc. All other trademarks remain the property of their
respective owners, and unless otherwise specified, Rimini Street claims
no affiliation, endorsement, or association with any such trademark
holder or other companies referenced herein.


RIMINI STREET, INC.
Unaudited Condensed Consolidated Balance Sheets Advertisement
(In thousands, except per share amounts)

ASSETS	March 31, 2019			December 31, 2018
Current assets:
Cash and cash equivalents	$	32,264		$	24,771
Restricted cash	435			435
Accounts receivable, net of allowance of $296 and $489, respectively	63,642			80,599
Other receivable	12,987			—
Prepaid expenses and other	8,842			7,099
Total current assets	118,170			112,904
Long-term assets:
Property and equipment, net of accumulated depreciation and amortization of $9,037 and $8,543, respectively	3,673			3,634
Deposits and other	1,406			1,438
Deferred income taxes, net	934			909
Total assets	$	124,183		$	118,885
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Current maturities of long-term debt	$	1,222		$	2,372
Accounts payable	2,921			12,851
Accrued compensation, benefits and commissions	18,922			22,503
Other accrued liabilities	25,094			20,424
Deferred revenue	180,580			180,358
Total current liabilities	228,739			238,508
Long-term liabilities:
Deferred revenue	28,148			28,898
Accrued PIK dividends payable	1,059			1,056
Other long-term liabilities	2,038			2,011
Total liabilities	259,984			270,473
Redeemable Series A Preferred Stock:
Authorized 180 shares; issued and outstanding 148 shares and 141 as of March 31, 2019 and December 31, 2018, respectively. Liquidation preference of $148,408, net of discount for $27,557 and $140,846, net of discount for $26,848, as of March 31, 2019 and December 31, 2018, respectively	120,851			113,998
Stockholders’ deficit:
Preferred Stock, $0.0001 par value per share. Authorized 99,820 shares (exclusive of 180 shares of Series A Preferred Stock); no other series has been designated	—			—
Common Stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding 65,242 and 64,193 shares as of March 31, 2019 and December 31, 2018, respectively	7			6
Additional paid-in capital	105,455			108,347
Accumulated other comprehensive loss	(1,566		)	(1,567		)
Accumulated deficit	(360,548		)	(372,372		)
Total stockholders’ deficit	(256,652		)	(265,586		)
Total liabilities, redeemable preferred stock and stockholders’ deficit	$	124,183		$	118,885


RIMINI STREET, INC.
Unaudited Condensed Consolidated Statements of Operations Advertisement
(In thousands, except per share amounts)

	Three Months Ended
	March 31,
	2019			2018
Revenue	$	66,260		$	59,805
Cost of revenue	23,837			23,541
Gross profit	42,423			36,264
Operating expenses:
Sales and marketing	23,376			20,207
General and administrative	12,424			10,805
Litigation costs and related recoveries:
Professional fees and other defense costs of litigation	2,041			8,899
Litigation appeal refunds	(12,775		)	(21,285		)
Insurance costs and recoveries, net	4,639			(7,583		)
Litigation costs and related recoveries, net	(6,095		)	(19,969		)
Total operating expenses	29,705			11,043
Operating income	12,718			25,221
Non-operating expenses:
Interest expense	(232		)	(13,409		)
Other debt financing expenses	—			(8,617		)
Gain from change in fair value of embedded derivatives	—			500
Other income, net	43			328
Income before income taxes	12,529			4,023
Income tax expense	(705		)	(516		)
Net income	$	11,824		$	3,507

Net income attributable to common stockholders	$	4,740		$	3,507

Net earnings per share attributable to common stockholders:
Basic	$	0.07		$	0.06
Diluted	$	0.07		$	0.05
Weighted average number of shares of Common Stock outstanding:
Basic	64,622			59,393
Diluted	69,101			68,154


RIMINI STREET, INC.
GAAP to Non-GAAP Reconciliations
(In thousands)

	Three Months Ended
	March 31,
	2019			2018

Non-GAAP operating income reconciliation:
Operating income	$	12,718		$	25,221
Non-GAAP adjustments:
Litigation costs and recoveries, net	(6,095		)	(19,969		)
Stock-based compensation expense	1,155			867
Non-GAAP operating income	$	7,778		$	6,119
Non-GAAP net income (loss) reconciliation:
Net income	$	11,824		$	3,507
Non-GAAP adjustments:
Litigation costs and recoveries, net	(6,095		)	(19,969		)
Post-judgment interest in litigation awards	(212		)	(199		)
Stock-based compensation expense	1,155			867
Gain from change in fair value of embedded derivatives	—			(500		)
Non-GAAP net income (loss)	$	6,672		$	(16,294	)
Non-GAAP Adjusted EBITDA reconciliation:
Net income	$	11,824		$	3,507
Non-GAAP adjustments:
Interest expense	232			13,409
Income tax expense	705			516
Depreciation and amortization expense	494			484
EBITDA	13,255			17,916
Non-GAAP adjustments:
Litigation costs and recoveries, net	(6,095		)	(19,969		)
Post-judgment interest in litigation awards	(212		)	(199		)
Stock-based compensation expense	1,155			867
Gain from change in fair value of embedded derivatives	—			(500		)
Other debt financing expenses	—			8,617
Adjusted EBITDA	$	8,103		$	6,732

About Non-GAAP Financial Measures and Certain Key Metrics

To provide investors and others with additional information regarding
Rimini Street’s results, we have disclosed the following non-GAAP
financial measures and certain key metrics. We have described below
Active Clients, Annualized Subscription Revenue and Revenue Retention
Rate, each of which is a key operational metric for our business. In
addition, we have disclosed the following non-GAAP financial measures:
non-GAAP operating income, non-GAAP net income (loss), EBITDA, and
adjusted EBITDA. Rimini Street has provided in the tables above a
reconciliation of each non-GAAP financial measure used in this earnings
release to the most directly comparable GAAP financial measure. Due to a
valuation allowance for our deferred tax assets, there were no tax
effects associated with any of our non-GAAP adjustments. These non-GAAP
financial measures are also described below.

The primary purpose of using non-GAAP measures is to provide
supplemental information that management believes may prove useful to
investors and to enable investors to evaluate our results in the same
way management does. We also present the non-GAAP financial measures
because we believe they assist investors in comparing our performance
across reporting periods on a consistent basis, as well as comparing our
results against the results of other companies, by excluding items that
we do not believe are indicative of our core operating performance.
Specifically, management uses these non-GAAP measures as measures of
operating performance; to prepare our annual operating budget; to
allocate resources to enhance the financial performance of our business;
to evaluate the effectiveness of our business strategies; to provide
consistency and comparability with past financial performance; to
facilitate a comparison of our results with those of other companies,
many of which use similar non-GAAP financial measures to supplement
their GAAP results; and in communications with our board of directors
concerning our financial performance. Investors should be aware however,
that not all companies define these non-GAAP measures consistently.

Active Client is a distinct entity that purchases our services to
support a specific product, including a company, an educational or
government institution, or a business unit of a company. For example, we
count as two separate active clients when support for two different
products is being provided to the same entity. We believe that our
ability to expand our active clients is an indicator of the growth of
our business, the success of our sales and marketing activities, and the
value that our services bring to our clients.

Annualized Subscription Revenue is the amount of subscription
revenue recognized during a fiscal quarter and multiplied by four. This
gives us an indication of the revenue that can be earned in the
following 12-month period from our existing client base assuming no
cancellations or price changes occur during that period. Subscription
revenue excludes any non-recurring revenue, which has been insignificant
to date.

Revenue Retention Rate is the actual subscription revenue
(dollar-based) recognized over a 12-month period from customers that
were clients on the day prior to the start of such 12-month period,
divided by our Annualized Subscription Revenue as of the day prior to
the start of the 12-month period.

Non-GAAP Operating Income is operating income adjusted to
exclude: litigation costs and recoveries, net, and stock-based
compensation expense. The exclusions are discussed in further detail
below.

Non-GAAP Net Income (Loss) is net income adjusted to
exclude: litigation costs and recoveries, net, post-judgment interest on
litigation appeal awards, stock-based compensation expense, gain from
change in fair value of embedded derivatives. These exclusions are
discussed in further detail below.

Specifically, management is excluding the following items from its
non-GAAP financial measures, as applicable, for the periods presented:

Litigation Costs and Recoveries, Net: Litigation costs and the
associated insurance and appeal recoveries relate to outside costs of
litigation activities. These costs and recoveries reflect the ongoing
litigation we are involved with, and do not relate to the day-to-day
operations or our core business of serving our clients.

Stock-Based Compensation Expense: Our compensation strategy
includes the use of stock-based compensation to attract and retain
employees. This strategy is principally aimed at aligning the employee
interests with those of our stockholders and to achieve long-term
employee retention, rather than to motivate or reward operational
performance for any particular period. As a result, stock-based
compensation expense varies for reasons that are generally unrelated to
operational decisions and performance in any particular period.

Post-judgment Interest on Litigation Appeal Award: Post-judgment
interest resulted from our appeals of ongoing litigation and does not
relate to the day-to-day operations or our core business of serving our
clients.

Gain from Change in Fair Value of Embedded Derivatives: Our
former credit facility included features that were determined to be
embedded derivatives requiring bifurcation and accounting as separate
financial instruments. We have determined to exclude the gains and
losses on embedded derivatives related to the change in fair value of
these instruments given the financial nature of this fair value
requirement. We were not able to manage these amounts as part of our
business operations, nor were the costs core to servicing our clients,
so we have excluded them.

Other Debt Financing Expenses: Other debt financing expenses
included non-cash write-offs (including write-offs due to payoff),
accretion, amortization of debt discounts and issuance costs, and
collateral monitoring and other fees payable in cash related to our
former credit facility. Since these amounts related to our debt
financing structure, we have excluded them since they do not relate to
the day-to-day operations or our core business of serving our clients.

EBITDA is net income adjusted to exclude: interest expense,
income tax expense, and depreciation and amortization expense.

Adjusted EBITDA is EBITDA adjusted to exclude: litigation costs
and recoveries, net, post-judgment interest on litigation appeal award,
stock-based compensation expense, gain from change in fair value of
embedded derivatives, and other debt financing expenses, as discussed
above.

Contacts

Investor Relations Contact
Dean
Pohl
Rimini Street, Inc.
+1 203 347-4446
[email protected]

Media Relations Contact
Michelle
McGlocklin
Rimini Street, Inc.
+1 925 523-8414
[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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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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