Sierra Metals Reports Consolidated Financial Results for the First Quarter of 2019 Conference Call May 14, 2019 AT 10:30 AM (EDT)
(All $ figures reported in USD)
-
Adjusted EBITDA of $12.0 million in Q1 2019 decreased from $27.4
million in Q1 2018 -
Operating cash flows before movements in working capital of $11.8
million in Q1 2019 decreased from $27.4 million in Q1 2018 -
Revenue from metals payable of $49.2 million in Q1 2019 decreased
from $61.7 million in Q1 2018 due to lower throughput and lower
realized metal prices -
Q1 2019 consolidated copper production of 7.7 million pounds,
consolidated silver production of 0.7 million ounces, consolidated
zinc production of 16.4 million pounds, consolidated lead production
of 7.0 million pounds, and consolidated gold production of 1,986
ounces; a 4% decrease, 16% increase, 10% decrease, a 10% increase, and
a 2% increase respectively, compared to Q1 2018, management expects
that annual production guidance will still be met(1) - Record quarterly throughput at the Cusi Mine in Mexico
- $23.9 million of cash and cash equivalents as at March 31, 2019
- Net Debt of $45.0 million as at March 31, 2019
-
The Company through its Normal Course Issuer Bid has to date
repurchased and cancelled a total of 907,266 shares at an average VWAP
of C$2.04 -
Shareholder conference call to be held Tuesday, May 14, 2019, at
10:30 AM (EST)
(1) Silver equivalent ounces and copper and zinc equivalent pounds
for Q1 2019 were calculated using the following realized prices:
$15.57/oz Ag, $2.85/lb Cu, $0.94/lb Pb, $1.23/lb Zn, $1,305/oz Au.
Silver equivalent ounces and copper and zinc equivalent pounds for Q1
2018 were calculated using the following realized prices: $16.75/oz Ag,
$3.14/lb Cu, $1.15/lb Pb, $1.56/lb Zn, $1,334/oz Au.
TORONTO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Capex?src=hash” target=”_blank”gt;#Capexlt;/agt;–Sierra Metals Inc. (TSX:SMT)(BVL:SMT)(NYSE American:SMTS)
(“Sierra Metals” or the “Company”) today reported revenue of $49.2
million and adjusted EBITDA of $12.0 million on throughput of 568,401
tonnes and metal production of 4.0 million silver equivalent ounces, or
21.8 million copper equivalent pounds, or 50.6 million zinc equivalent
pounds for the three month period ended March 31, 2019.
The Company has continued to be successful in maintaining positive
operating cash flow generation from its existing operations in order to
reduce debt levels, fund required capital expenditures, and maintain
liquidity.
Despite the loss of 12 days of production at the Yauricocha Mine during
March 2019 due to the illegal strike action which has subsequently been
resolved, the mine continued its strong operational performance during
Q1 2019, realizing an increase in zinc equivalent metal production
compared to Q1 2018. The revenues and Adjusted EBITDA generated during
Q1 2019 allowed the Company to fund its capital expenditure programs and
repay some of the existing debt obligations, despite a challenging metal
price environment.
The Company achieved record quarterly throughput from the Cusi Mine, and
the third highest quarterly throughput from the Bolivar Mine, continuing
the successful production increases realized in Mexico during 2018.
Consolidated production of silver increased 16% to 0.7 million ounces,
copper declined 4% to 7.7 million pounds, lead increased 10% to 7.0
million pounds, zinc declined 10% to 16.4 million pounds, and gold
increased 2% to 1,986 ounces compared to Q1 2018.
Igor Gonzales, President, and CEO of Sierra Metals stated: “The first
quarter has presented us with several challenges including an illegal
strike at Yauricocha, as well as slower than expected ramp up of
throughput at Bolivar and Cusi with lower head grades and recoveries. I
want to assure shareholders that management remains focused on the
expansions in Mexico and improving tonnage, head grades, and recovery
rates which in turn will help to lower costs. Also, as noted above, it
still bears mentioning that in Q1 2019 Yauricocha saw an increase in
zinc equivalent metal production, Cusi had record throughput and Bolivar
had a 1% increase in throughput over Q1 2018. Subsequent to Q1 2019,
throughput rates continue to improve. At Yauricocha the strike
has been settled and the mine is working to full capacity. In Mexico,
production increases are expected to become more apparent in late Q2
2019 when we should reach higher throughput rates at both Bolivar and
Cusi. Production is also expected to be higher in the latter half of
2019 when the mines are running at the higher throughput rates. Cash
flow continues to be strong and with continued efforts, we expect to see
further improvements in cash flow and good returns on the capital being
invested. Management expects that the Company will still be within the
annual production guidance provided.
We continue to modernize and improve all our Mines, implementing best
operational practices. These improvements are expected to allow for the
Company to increase metal production over the course of the coming year.
Our Company-wide ongoing brownfield exploration programs should also
lead to further significant growth in reserves and resources, which will
add to the value of our assets during the year ahead.”
He continued, “Sierra Metals’ balance sheet remains strong with the
liquidity needed to meet our operational and growth expenditure
requirements. The Company is on-track for further growth in 2019
based upon positive PEA studies which demonstrates robust growth
opportunities for the Company at all Mines. We continue working
on Life of Mine plans which are expected to be completed in mid-2019.
Furthermore, NI 43-101 Technical Reports are expected to be completed
for the Yauricocha Mine by the end of Q2 2019 and for Bolivar and Cusi
Mines by the end of Q4 2019. We are very optimistic that these updated
reports will provide for additional reserves and resources at all Mines.”
The following table displays selected financial and operational
information for the three months ended March 31, 2019:
MDA Selected Financial Results | ||||||||||
Three Months Ended | ||||||||||
(In thousands of dollars, except per share and cash cost |
March 31, 2019 |
March 31, 2018 |
||||||||
Operating |
|
|||||||||
Ore Processed / Tonnes Milled | 568,401 | 557,710 | ||||||||
Silver Ounces Produced (000’s) | 691 | 594 | ||||||||
Copper Pounds Produced (000’s) | 7,732 | 8,090 | ||||||||
Lead Pounds Produced (000’s) | 6,954 | 6,312 | ||||||||
Zinc Pounds Produced (000’s) | 16,421 | 18,214 | ||||||||
Gold Ounces Produced | 1,986 | 1,952 | ||||||||
Copper Equivalent Pounds Produced (000’s)1 | 21,767 | 23,445 | ||||||||
Zinc Equivalent Pounds Produced (000’s)1 | 50,562 | 47,209 | ||||||||
Silver Equivalent Ounces Produced (000’s)1 |
3,988 |
4,394 | ||||||||
Cash Cost per Tonne Processed | $ | 51.77 | $ | 46.66 | ||||||
Cost of sales per AgEqOz | $ | 8.48 | $ | 7.15 | ||||||
Cash Cost per AgEqOz2 |
$ | 8.30 | $ | 6.77 | ||||||
AISC per AgEqOz2 | $ | 13.71 | $ | 9.85 | ||||||
Cost of sales per CuEqLb2 | $ | 1.55 | $ | 1.34 | ||||||
Cash Cost per CuEqLb2 | $ | 1.52 | $ | 1.27 | ||||||
AISC per CuEqLb2 | $ | 2.51 | $ | 1.85 | ||||||
Cost of sales per ZnEqLb2 | $ | 0.67 | $ | 0.67 | ||||||
Cash Cost per ZnEqLb2 | $ | 0.66 | $ | 0.63 | ||||||
AISC per ZnEqLb2 | $ | 1.08 | $ | 0.92 | ||||||
Cash Cost per ZnEqLb (Yauricocha)2 | $ | 0.54 |
$ |
0.57 | ||||||
AISC per ZnEqLb (Yauricocha)2 | $ | 0.85 | $ | 0.82 | ||||||
Cash Cost per CuEqLb (Bolivar)2 |
$ | 2.04 | $ | 1.29 | ||||||
AISC per CuEqLb (Bolivar)2 | $ | 3.59 | $ | 1.94 | ||||||
Cash Cost per AgEqOz (Cusi)2 | $ | 16.53 | $ | 18.34 | ||||||
AISC per AgEqOz (Cusi)2 | $ | 30.57 | $ | 28.33 | ||||||
Financial |
||||||||||
Revenues |
$ |
49,180 | $ | 61,675 | ||||||
Adjusted EBITDA2 | $ | 12,041 | $ | 27,403 | ||||||
Operating cash flows before movements in working capital | $ | 11,804 | $ | 27,348 | ||||||
Adjusted net income attributable to shareholders2 | $ | 886 | $ | 11,187 | ||||||
Net income (loss) attributable to shareholders | $ | (1,724 | ) | $ | 8,703 | |||||
Cash and cash equivalents | $ | 23,937 | $ | 25,514 | ||||||
Working capital(3) | $ | (19,795 | ) | $ | (1,576 | ) | ||||
(1) Silver equivalent ounces and copper and |
|
|||||||||
(2) This is a non-IFRS performance measure, |
||||||||||
(3) The decrease in working capital was due to the Corona Acquisition Facility with BCP being classified as a current liability, as it was repaid in full during May 2019. |
||||||||||
Q1 2019 Financial Highlights
Revenue from metals payable of $49.2 million in Q1 2019 decreased by 20%
from $61.7 million in Q1 2018. The decrease in revenues was partially
due to a 14% decrease in tonnes processed at the Yauricocha Mine due to
the illegal strike action initiated by members of the Union of the Mine
and Metallurgical Workers of Minera Corona on March 19, 2019; which was
partially offset by higher head grades and recoveries for all metals,
except gold head grades at Yauricocha. Lower revenues were also affected
by the decreases in the prices of silver (7%), copper (9%), zinc (21%),
lead (18%), and gold (2%). Additionally, lower copper head grades and
silver and gold recoveries realized at the Bolivar Mine resulted in a
15% decrease in revenues, while Cusi’s revenues increased by 61% due to
the 165% increase in throughput, quarter over quarter.
Yauricocha’s cash cost per zinc equivalent payable pound was $0.54 (Q1
2018 – $0.57), and AISC per zinc equivalent payable pound of $0.85 (Q1
2018 – $0.82). The increase in the AISC per zinc equivalent payable
pound for Q1 2019 compared to Q1 2018 was due to the increase in
treatment and refining charges for the zinc concentrate sold. This was
partially offset by the increase in zinc equivalent payable pounds as
the Company realized higher head grades and recoveries for all metals,
except gold head grades.
Bolivar’s cash cost per copper equivalent payable pound was $2.04 (Q1
2018 – $1.29), and AISC per copper equivalent payable pound was $3.59
(Q1 2018 – $1.94) for Q1 2019 compared to Q1 2018. The increase in the
AISC per copper equivalent payable pound during Q1 2019 compared to Q1
2018 due to higher labour and contractor costs incurred related to stope
and ramp development within the mine required to increase throughput to
the 3,600 tpd and 4,000 tpd level. The majority of these costs are
included in opex. Additionally, sustaining capital expenditures were
$3.6 million higher in Q1 2019 compared to Q1 2018 and related to the
purchase of mining equipment, mine development costs, exploration
drilling within the mine, and plant improvements required to produce
3,600 to 4,000 tpd.
Cusi’s cash cost per silver equivalent payable ounce was $16.53 (Q1 2018
– $18.34), and AISC per silver equivalent payable ounce was $30.57 (Q1
2018 – $28.32) for Q1 2019 compared to Q1 2018. AISC per silver
equivalent payable ounce increased due to higher sustaining capital
expenditures incurred due to investments made in the concentrator plant
in order to increase throughput to 1,200 tpd during Q2 2019.
Adjusted EBITDA(1) of $12.0 million for Q1 2019 decreased
compared to $27.4 million in Q1 2018. The decrease in adjusted EBITDA in
Q1 2019 was due to the decrease in revenues realized at Yauricocha and
Bolivar, mainly due to the illegal strike action at Yauricocha and a
decrease in the prices of all metals.
Cash flow generated from operations before movements in working capital
of $11.8 million for Q1 2019 decreased compared to $27.3 million in Q1
2018. The decrease in operating cash flow is mainly the result of lower
revenues generated and lower gross margins realized.
Net income (loss) attributable to shareholders for Q1 2019 was $(1.7)
million (Q1 2018: $8.7 million) or $(0.01) per share (basic and diluted)
(Q1 2018: $0.05).
Cash and cash equivalents of $23.9 million and working capital of
$(19.8) million as at March 31, 2019 compared to $21.8 million and
$(8.3) million, respectively, at the end of 2018. The decrease in
working capital was due to the Corona Acquisition Facility with BCP
being classified as a current liability, as it was repaid in full during
May 2019. Cash and cash equivalents have increased by $2.1 million
during Q1 2019 due to $1.5 million of operating cash flows, and $20.7
million drawn down from the new Senior Secured Corporate Facility, being
partially offset by capital expenditures incurred in Mexico and Peru of
$(11.3) million, $(0.1) million of share repurchases, and repayments of
loans, credit facilities and interest of $(8.7) million.
(1) This is a non-IFRS performance measure, see Non-IFRS
Performance Measures section of the MD&A.
Debt Refinancing Update
During Q1 2019 the Company announced the Closing of a $100 million
Senior Secured Corporate Credit Facility in March. The facility has a
6-year term with a 2-year grace period and has a rate of Libor +3.15%.
This facility will provide the Company with additional liquidity and
will offer financial flexibility to fund future capital projects in
Mexico as well as working capital requirements. The Company will also
use the proceeds of the Corporate Facility to repay existing debt in the
near term.
Subsequent to end of the first quarter, on May 9th, the Company repaid
the remaining $33.2 million existing on the Corona Acquisition Facility
with BCP and the $15.0 million existing on the Revolving Credit Facility
with BCP, after drawing funds from the Senior Secured Corporate Credit
Facility.
Project Development
The Company reported the resolution of the illegal strike action at the
Yauricocha Mine that ran from March 19 – April 13, 2019. During the
strike there were no material situations that took place and an
agreement was been reached whereby no contractors dismissed as part of
the contractor change will be reinstated, which was the initial reason
for the strike.
Mine development at Bolívar during Q1 2019 totaled 1,454 meters. A
portion of the meters (1,070m) were developed to prepare stopes for mine
production. The remainder of the meters (384m) were related to the
deepening of ramps and developing service ramps to be used for
ventilation and pumping in the Lower El Gallo Inferior orebody and
Bolivar West orebody.
During Q1 2019, at the Cusi property, mine development totaled 1,251
meters, which included 100 meters of ramp development at the Santa Rosa
de Lima Zone; the rest of the development related to stope preparation
in various zones within the mines.
Exploration Update
Peru:
During Q1 2019, the Company drilled 59 holes totaling 9,345 meters at
Yauricocha. The drilling included the following:
Exploration Drilling:
-
Copper Porphyry Mineralization (Central Mine Zone Level 720): 2 holes
totaling 1,849 meters were drilled to continue to test the priority
anomaly located in the monzonite intrusive zone, where a copper
molybdenum mineralized porphyry was discovered earlier in the year;
drill results continue to display the presence of a copper molybdenum
porphyry orebody, where we have observed typical alterations, as well
as copper mineralization disseminated in the encased rock, as veinlets
with quartz and copper are present with molybdenum; -
Antacaca Orebody (Level 1070 Central Mine Zone): 2 holes totaling
1,029 meters to explore the continuity of mineralization of the
orebody at depth; the hole confirmed the continuity of this
mineralized orebody at depth, with magnetite mineralization with
nodules of chalcopyrite; -
Contacto Occidental Orebody (Level 1070 Central Mine Zone): 11 holes
totaling 1,644 meters to explore the continuity of this high-grade
orebody at depth; six of the drill holes had positive results and
allowed us to confirm and define the irregularities of the gaps within
the orebody;
Definition Drilling:
-
Esperanza (Level 1020 Central Mine Zone): 5 holes totaling 639 meters
which confirmed the continuity of mineralization of the orebody; holes
were executed between the sublevel development level 8 meters above
the 1020 level; -
Esperanza Distal (Level 1020 Central Mine Zone): 15 holes totaling
1,661 meters to further define the continuity of this mineralized
orebody in order to bring it into production during Q3 2019; -
Catas (1070 Level Central Mine Zone): 13 holes totaling 1,440 meters
to define and provide greater certainty for the continuity of the
orebody down to the 16th floor of the 1120 level; -
Karlita (870 Level Cachi Cachi Mine): 11 holes totaling 1,083 meters
to provide more certainty to the resources existing on the 16th
floor of the 920 level of the mine.
Mexico:
Bolivar
-
At Bolívar during Q1 2019, 8,240 meters were drilled from surface as
well as diamond drilling within the mine. 1,794 meters were drilled
within the mine in the El Gallo zone to the northwest and southeast to
determine the continuity of the skarn orebody. Surface exploration
drilling was performed in the Bolívar West, South extension, area with
1,234 meters drilled, and 2,748 meters in the Bolivar West/Lylli area,
encountering skarn intersections with some mineralization. Exploration
drilling was started to determine the potential of the Lower Gallo
zone to the southeast, which included 708 meters drilled which
encountered intersections of skarn with some mineralization. 1,756
meters of geotechnical holes were drilled to determine the type of
rock that exists near the potential Bolivar West/Piedras Verdes plant
tunnel project.
Cusi
-
During Q1 2019 the Company drilled 1,261 meters to support the
development of the Santa Rosa de Lima vein in Promontorio to further
verify the size and continuity of the orezone. In addition, 3,656
meters of surface diamond drilling was performed to explore the depth
of the mineralized structure of San Nicolas, San Rafael and Santa Rosa
de Lima.
Conference Call Webcast
Sierra Metals’ senior management will host a conference call on Tuesday,
May 14, 2019, at 10:30 AM (EDT) to discuss the Company’s financial and
operating results for the three months ended March 31, 2019.
Via Webcast:
A live audio webcast of the meeting will be available on the Company’s
website:
https://event.on24.com/wcc/r/1956428/CAFED0BBE1AF315572FFBCA7456DFCF6
The webcast along with presentation slides will be archived for 180 days
on www.sierrametals.com.
Via phone:
For those who prefer to listen by phone, dial-in instructions are below.
To ensure your participation, please call approximately five minutes
before the scheduled start time of the call.
Participant Number (Toll-Free North America): (833) 245-9659
Participant
Number (Toll-Free Peru): 0800-71-476
Participant Number
(International): +1 (647) 689-4231
Conference ID: 6988769
Quality Control
All technical production data contained in this news release has been
reviewed and approved by Gordon Babcock, P.Eng., Chief Operating Officer
and a Qualified Person under National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
Americo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of
Corporate Planning is a Qualified Person and chartered professional
qualifying as a Competent Person under the Joint Ore Reserves Committee
(JORC) Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves.
Augusto Chung, FAusIMM CP (Metallurgist) and Vice President Special
Projects and Metallurgy and a chartered professional qualifying as a
Competent Person on metallurgical processes.
About Sierra Metals
Sierra Metals Inc. is Canadian based growing polymetallic mining company
with production from its Yauricocha Mine in Peru, and its Bolivar and
Cusi Mines in Mexico. The Company is focused on increasing production
volume and growing mineral resources. Sierra Metals has recently had
several new discoveries and still has additional brownfield exploration
opportunities at all three Mines in Peru and Mexico that are within or
close proximity to the existing Mines. Additionally, the Company has
large land packages at all three Mines with several prospective regional
targets providing longer term exploration upside and mineral resource
growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de Lima and on
the Toronto Stock Exchange under the symbol “SMT” and on the NYSE
American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com.
Continue to Follow, Like and Watch our progress:
Web: www.sierrametals.com
| Twitter: sierrametals
| Facebook: SierraMetalsInc
| LinkedIn: Sierra
Metals Inc
Forward-Looking Statements
This press release contains “forward-looking information” and
“forward-looking statements” within the meaning of Canadian and U.S.
securities laws related to the Company (collectively, “forward-looking
information”). Forward-looking information includes, but is not limited
to, statements with respect to the Company’s operations, including the
anticipated developments in the Company’s operations in future periods,
the Company’s planned exploration activities, the adequacy of the
Company’s financial resources, and other events or conditions that may
occur in the future. Statements concerning mineral reserve and resource
estimates may also be considered to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that will be encountered if and when the properties are
developed or further developed. These statements relate to analyses and
other information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as “expects”, “anticipates”, “plans”,
“projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”,
“objectives”, “potential” or variations thereof, or stating that certain
actions, events or results “may”, “could”, “would”, “might” or “will” be
taken, occur or be achieved, or the negative of any of these terms and
similar expressions) are not statements of historical fact and may be
forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ from
those reflected in the forward-looking information, including, without
limitation, risks inherent in the mining industry including
environmental hazards, industrial accidents, unusual or unexpected
geological formations, floods, labour disruptions, explosions, cave-ins,
weather conditions and criminal activity; commodity price fluctuations;
higher operating and/or capital costs; lack of available infrastructure;
the possibility that future exploration, development or mining results
will not be consistent with the Company’s expectations; risks associated
with the estimation of mineral resources and the geology, grade and
continuity of mineral deposits and the inability to replace reserves;
fluctuations in the price of commodities used in the Company’s
operations; risks related to foreign operations; changes in laws or
policies, foreign taxation, delays or the inability to obtain necessary
governmental permits; risks relating to outstanding borrowings; issues
regarding title to the Company’s properties; risks related to
environmental regulation; litigation risks; risks related to uninsured
hazards; the impact of competition; volatility in the price of the
Company’s securities; global financial risks; inability to attract or
retain qualified employees; potential conflicts of interest; risks
related to a controlling group of shareholders; dependence on third
parties; differences in U.
Contacts
Mike McAllister
VP, Investor Relations
Sierra Metals
Inc.
+1 (416) 366-7777
[email protected]
Ed Guimaraes
CFO
Sierra Metals Inc.
+1 (416)
366-7777
Igor Gonzales
President & CEO
Sierra Metals Inc.
+1
(416) 366-7777
![](https://grassnews.net/wp-content/uploads/2019/03/Grassnews-600px.png)
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
Logo – https://mma.prnewswire.com/media/1814851/Indivior_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/indivior-provides-update-on-aelis-farmas-clinical-phase-2b-study-results-with-aef0117-in-participants-with-cannabis-use-disorder-302237355.html
Innocan
Innocan Pharma Announces Closing of Private Placement and Grant of Stock Options
![innocan-pharma-announces-closing-of-private-placement-and-grant-of-stock-options](https://grassnews.net/wp-content/uploads/2024/08/61828-innocan-pharma-announces-closing-of-private-placement-and-grant-of-stock-options.jpg)
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.
Logo – https://mma.prnewswire.com/media/2046271/4883982/Innocan_Pharma_Corporation_Logo.jpg
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
![](https://grassnews.net/wp-content/uploads/2024/08/europe-medical-cannabis-market-forecast-2024-2032-tilray-aurora-cannabis-and-gw-pharmaceuticals-dominate-the-market-landscape.gif)
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.
-
Cannabis2 weeks ago
Silly Nice Announces Launch of New 1G 510 Vape Cartridge and 2G All-In-One Vape in New York Dispensaries This September
-
Cannabis2 weeks ago
Cannabis Cultivation Market – Global Food Additives, Oils, Tinctures, Cannabis Indica, Cannabis Sativa Forecast 2024-2030
-
Cannabis1 week ago
Europe Medical Cannabis Market Forecast 2024-2032: Tilray, Aurora Cannabis, and GW Pharmaceuticals Dominate the Market Landscape
-
Cannabis2 weeks ago
Global Hemp Based Food Market Size To Worth USD 4.87 Billion By 2033 | CAGR Of 13.12%
-
Innocan1 week ago
Innocan Pharma Announces Closing of Private Placement and Grant of Stock Options
-
Indivior4 days ago
Indivior Provides Update on Aelis Farma’s Clinical Phase 2B Study Results with AEF0117 in Participants with Cannabis Use Disorder