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Greenbrook TMS Continues Execution of Growth Strategy and Reports First Quarter Financial Results

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TORONTO–(BUSINESS WIRE)–Greenbrook TMS Inc. (TSX:GTMS) (“Greenbrook” or the “Company”),
today announced its first quarter 2019 operational and financial
results. For more information, please refer to Management’s Discussion &
Analysis of Financial Condition and Results of Operations (“MD&A”)
and the unaudited condensed interim consolidated financial statements of
the Company for the three-months ended March 31, 2019 and 2018. These
documents will be available on the Company’s website at www.greenbrooktms.com
and under the Company’s SEDAR profile at www.sedar.com.
All values in this news release are in United States dollars, unless
otherwise stated.

Bill Leonard, President and Chief Executive Officer of Greenbrook
commented:

We are pleased with our results this quarter as we continue to
experience strong year-over-year growth rates both with our newly
established centers as well as with our existing footprint. With more
than 70 centers now in our network we are meeting our development
objectives and with the recent financing we have the opportunity to
accelerate that growth even faster.”

FIRST QUARTER 2019 FINANCIAL AND OPERATIONAL HIGHLIGHTS

  • Revenue increased by 69% to $6.6 million, up $2.7 million from the
    first quarter of fiscal 2018 (“Q1 2018”)
  • Regional operating income increased by 186% to $0.6 million, up $0.4
    million from Q1 2018. Of this increase, 141% related to the adoption
    of IFRS 16 which was effective as at January 1, 2019 (1)
  • Our strong development pipeline with six new management regions
    currently in development increased the net loss for the quarter to
    $2.6 million as compared to $1.1 million in Q1 2018, in line with
    management expectations
  • Established 10 new TMS centers this quarter, bringing the total to 67
    and have since added another four bringing the network to 71. An
    increase of 100% from this time last year
  • On April 29, 2019, the Company announced it had entered into an
    agreement with a syndicate of underwriters to complete a bought deal
    public offering and concurrent private placement of common shares for
    aggregate gross proceeds of approximately C$29.0 million, the net
    proceeds of which are intended to be used to accelerate the Company’s
    expansion strategy by developing new TMS Centers and management
    regions, exploring opportunities for potential acquisitions and for
    working capital and general corporate purposes.
________
(1)    

The Company adopted IFRS 16, Leases (“IFRS 16”)
effective as at January 1, 2019 using the modified retrospective
approach. As a result of this approach the prior year figures were
not adjusted. For comparison purposes, the Company has provided
explanations for prior year figures adjusting for the effects of
IFRS 16. Please refer to the respective underlying discussions in
our MD&A for further details on the impact of the implementation
of IFRS 16 on our financial results.

 

SELECTED FIRST QUARTER FINANCIAL AND OPERATING RESULTS (1)

    Q1 2019     Q1 2018
(US$) (unaudited) (unaudited)
Total Revenue 6,607,198 3,901,571
Regional Operating Income 627,000

219,601(2)

Loss before income taxes (2,640,087) (1,129,283)
Loss for the year and comprehensive loss (2,640,087) (1,129,283)
Loss attributable to the common shareholders of Greenbrook (2,570,422) (1,155,539)
Net loss per share (basic and diluted) (0.05) (0.03)
________
Notes:
(1)     Please note that additional selected consolidated financial
information can be found at the end of this press release.
(2) The Company adopted IFRS 16 effective as at January 1, 2019 using
the modified retrospective approach. As a result of this approach,
the prior period figures were not adjusted.
 
   
As at March 31, As at December 31,
(unaudited)

2019

 

2018

2018

Number of active TMS Centers(1) 57 31 47
Number of TMS Centers-in-development(2) 10 2 10
Total TMS Centers 67 33 57
Number of management regions 9 3 8
Number of TMS Devices installed 118 75 108
Number of regional personnel 155 91 132
Number of shared-services / corporate personnel(3) 27 12 17
Number of TMS providers(4) 55 29 46
Number of consultations performed 1,441 797 4,211
Number of patient starts 840 541 2,626
Number of TMS treatments performed 29,387 18,288 95,621
Average revenue per TMS treatment $225 $213 $222
_______
Notes:
(1)     Active TMS Centers represent TMS Centers that have performed
billable TMS services.
(2) TMS Centers-in-development represents TMS Centers that have
committed to a space lease agreement and the development process is
substantially complete.
(3) Shared-services / corporate personnel is disclosed on a full-time
equivalent basis. The Company utilizes part-time staff and
consultants as a means of managing costs.
(4) Represents physician partners that are involved in the provision of
TMS therapy services from our TMS Centers.
 

CONFERENCE CALL AND WEBCAST

First Quarter 2019 Conference Call Details:

Bill Leonard, President and Chief Executive Officer and Erns Loubser,
Chief Financial Officer will host a conference call at 10:00 a.m.
(Eastern Time) on May 10, 2019 to discuss the financial results for the
quarter.

Toll Free North America: 1-866-521-4909

Toronto: 647-427-2311

Webcast:

For more information or to listen to the call via webcast, please visit:
www.greenbrooktms.com/events.htm

Conference Call Replay:

Toll Free (North America): 1-800-585-8367

Toronto: 416-621-4642

Passcode: 9194635

The conference call replay will be available from 1:00 p.m. ET on May
10, 2019, until 23:59 p.m. ET on June 10, 2019.

About Greenbrook TMS Inc.

Operating through 71 Company-operated treatment centers, Greenbrook is a
leading provider of TMS, an FDA-cleared, non-invasive therapy for the
treatment of Major Depressive Disorder and other mental health
disorders, in the United States. TMS therapy provides local
electromagnetic stimulation to specific brain regions known to be
directly associated with mood regulation. Greenbrook has provided more
than 250,000 TMS treatments to over 6,500 patients struggling with
depression.

Cautionary Note Regarding Forward-Looking Information

Certain information in this press release, including with respect to the
rapid expansion of our TMS Center network, the successful completion and
intended use of proceeds from the Offering, or the Company’s future
financial or operating performance, constitutes forward-looking
information. In some cases, but not necessarily in all cases,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “targets”, “expects” or
“does not expect”, “is expected”, “an opportunity exists”, “is
positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does
not anticipate” or “believes”, or variations of such words and phrases
or state that certain actions, events or results “may”, “could”,
“would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.
In addition, any statements that refer to expectations, projections or
other characterizations of future events or circumstances contain
forward-looking information. Statements containing forward-looking
information are not historical facts but instead represent management’s
expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered reasonable by
the Company as of the date of this press release, are subject to known
and unknown risks, uncertainties, assumptions and other factors that may
cause the actual results, level of activity, performance or achievements
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to the factors
described in greater detail in the “Risk Factors” section of the IPO
Prospectus available at www.sedar.com.
These factors are not intended to represent a complete list of the
factors that could affect the Company; however, these factors should be
considered carefully. There can be no assurance that such estimates and
assumptions will prove to be correct. The forward-looking statements
contained in this press release are made as of the date of this press
release, and the Company expressly disclaims any obligation to update or
alter statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by law.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(US$)  

Q1 2019
(unaudited)

 

Q1 2018
(unaudited) (1)

Total Revenue 6,607,198 3,901,571
 
Direct center and patient care costs 3,456,616 2,722,740
Regional employee compensation 1,251,421 572,872
Regional marketing expenses 464,041 376,540
Depreciation 808,120 9,818
Total direct center and regional costs 5,980,198 3,681,970
Regional Operating Income 627,000 219,601
Center development costs 264,696 111,673
Corporate employee compensation 1,460,101 503,150
Corporate marketing expenses 204,346 154,011
Other corporate, general and administrative expenses 667,895 383,748
Share-based compensation 294,159 119,904
Interest expense 397,840 76,398
Interest income (21,950)
Loss before income taxes (2,640,087) (1,129,283)
 
Income tax expense
Loss for the year and comprehensive loss (2,640,087) (1,129,283)
Income attributable to non-controlling interest (69,665) 26,256
Loss attributable to the common shareholders of Greenbrook (2,570,422) (1,155,539)
Loss for the year attributable to:
Non-controlling interest (69,665) 26,256
Common shareholders of Greenbrook (2,570,422) (1,155,539)
Net loss per share (basic and diluted) (0.05) (0.03)
_______
Notes:
(1)     The Company adopted IFRS 16 effective as at January 1, 2019 using
the modified retrospective approach. As a result of this approach,
the prior period figures were not adjusted.
 

Contacts

Erns Loubser
Chief Financial Officer, Treasurer and Corporate
Secretary
Greenbrook TMS Inc.

Linda Armstrong
Investor Relations
Greenbrook TMS Inc.

Contact Information:
[email protected]
1-855-797-4867


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Innocan

Innocan Pharma Announces Study Findings that LPT-CBD maintains its prolonged release in Rabbits

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innocan-pharma-announces-study-findings-that-lpt-cbd-maintains-its-prolonged-release-in-rabbits

HERZLIYA, Israel and CALGARY, AB, Feb. 26, 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 the latest findings from the Company’s pharmacokinetic study of its LPT-CBD platform in rabbits.

The fundamentals of LPT-CBD lay in its ability to slowly release CBD into the blood stream. Studies conducted in various animal models including mice, dogs, goats, and sheep showed long pharmacokinetics of CBD that persisted up to several weeks. In the Company’s latest study conducted on rabbits, the results showed additional supportive data for the long exposure of CBD obtained following a single subcutaneous LPT-CBD injection.   

The Company is encouraged by these study results as they confirm the approach the Company is taking with its LPT platform. The results from studies of several organisms injected with the Company’s liposomal CBD –have consistently demonstrated that a detectable CBD level could be maintained for weeks following one injection. The Company will continue with human trials in the near future.

Pharmacokinetics (PK) is an important tool that helps evaluate the bioavailability and exposure level of a specific drug. Parameters such as maximal blood drug concentration (cMax), time to reach cMax (Tmax) and half-life of the drug are calculated based on data collected from blood analysis of the drug across a determined time. The collected PK parameters along with other tests help to define the required dose of a drug to achieve a maximal therapeutic effect. In the study conducted on rabbits, the animals were collected for blood analysis of the drug for up to 11 days. As expected, the animals presented a persistent CBD concentration in their blood that maintained through the entire testing period. This correlates to PK results obtained from other species, supporting the long CBD exposure and the necessity of only a single LPT-CBD injection to obtain a long and wide therapeutic window for CBD.   

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
info@innocanpharma.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward-Looking Information

Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. . The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.

Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

Logo: https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg

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SCHWAZZE

Schwazze Appoints Forrest Hoffmaster as Interim Chief Executive Officer

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DENVER, Feb. 23, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), today announced that Forrest Hoffmaster, the Company’s Chief Financial Officer, has been appointed to the additional role of interim Chief Executive Officer (“CEO”). This follows Nirup Krishnamurthy’s resignation as CEO and as a member of the Board of Directors (“Board”), effective February 20, 2024, due to personal reasons.

Mr. Hoffmaster, who joined the Company in January 2023, brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by over 30% in two years. Prior to New Seasons Market, Forrest held leadership positions with other leading grocers including Whole Foods Market and H-E-B.

“Forrest is well-positioned to seamlessly step in and lead the Company’s day-to-day operations as we conduct our search for a permanent successor,” said Justin Dye, Chairman of the Board. “With Forrest’s proven track record and deep retail expertise, we plan to continue leveraging our operating playbook to drive strong Adjusted EBITDA margins and consistent cash flow generation. On behalf of the Board, I’d like to wish Nirup the best in his future endeavors.”

About Schwazze

Schwazze (OTCQX: SHWZ) (NEO: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.

Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.

Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected] 

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Cannabis

Hemp, Inc. Reports: Hemp-Based Foods Market Set to Reach $8.36 Billion by 2028

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GrassNews.net: Your premier portal for the latest developments in the cannabis industry. We provide timely news, insightful analysis, and in-depth features on everything from legislation changes and business trends, to scientific research and lifestyle topics. Stay informed and navigate the rapidly evolving cannabis landscape with GrassNews.net..

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