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Astrotech Reports Third Quarter of Fiscal Year 2019 Financial Results

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AUSTIN, Texas–(BUSINESS WIRE)–Astrotech Corporation (NASDAQ: ASTC) reported its financial results for
the third quarter of fiscal year 2019 ended March 31, 2019.

The third quarter was pivotal for Astrotech’s 1st Detect
subsidiary, having announced on February 21 that it received official
European Civil Aviation Conference (ECAC) certification for both
passenger and cargo screening.

With a near-zero false alarm rate, a virtually unlimited detection
library, and near 100% uptime, the TRACER 1000™ is the only certified
explosives trace detector (ETD) that can detect more threats than the
extremely limited number detected by current ETDs. We believe these
features will accelerate airport passenger security line throughput,
significantly enhance passenger and cargo security, and position the
TRACER 1000 as a market disruptor in explosives and harmful substance
trace detection.

“ECAC certification has led to two successful field trials and in both
instances, the state-of-the-art TRACER 1000 outperformed the currently
deployed ion mobility spectrometry (IMS) based ETDs. We are excited that
these field trials confirm the results we have been seeing in testing,”
stated Thomas B. Pickens III, Chairman and CEO of Astrotech.

Following the end of the third quarter, in April 2019, Astrotech
completed a $2 million private investment from its Chairman and CEO and
another long-term investor.

“This investment is expected to provide the resources toward the goal of
transitioning from a devoted R&D company to a manufacturing organization
after receiving ECAC certification,” continued Pickens.

Third Quarter Fiscal Year 2019 Financial Highlights

Management continues efforts to optimize our resources while reducing
cost and adding financial flexibility.

  • Operating expenses decreased 27% through the third quarter of fiscal
    2019, compared to the third quarter of fiscal 2018, due to an ongoing
    emphasis on cost reduction.
  • Monthly cash burn for the fiscal year has been reduced to $731
    thousand, a 25% reduction from our run rate through the third quarter
    of fiscal year 2018.
  • Astrotech Corporation had no debt at March 31, 2019.

About Astrotech

Astrotech (NASDAQ: ASTC) is a science and technology development and
commercialization company that launches, manages, and builds scalable
companies based on innovative technology in order to maximize
shareholder value. 1st Detect develops,
manufactures, and sells chemical analyzers for use in the security,
defense, healthcare, and environmental markets. Astral Images sells
film-to-digital image enhancement, defect removal, color correction, and
post processing software, providing economically feasible conversion of
film to the new 4K ultra-high definition (UHD), high-dynamic range (HDR)
format. Astrotech is headquartered in Austin, Texas. For information,
please visit www.astrotechcorp.com.

This press release contains forward-looking statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks, trends, and uncertainties that could cause actual
results to be materially different from the forward-looking statement.
These factors include, but are not limited to, the Company’s use of
proceeds from the private placement transaction, whether we can
successfully develop our proprietary technologies and whether the market
will accept our products and services, as well as other risk factors and
business considerations described in the Company’s Securities and
Exchange Commission filings including the annual report on Form 10-K for
the fiscal year ended June 30, 2018. Any forward-looking statements in
this document should be evaluated in light of these important risk
factors. In addition, any forward-looking statements included in this
press release represent the Company’s views only as of the date of its
publication and should not be relied upon as representing its views as
of any subsequent date. The Company assumes no obligation to update
these forward-looking statements.

       

ASTROTECH CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and
Comprehensive Loss

(In thousands, except per share data)

(Unaudited)

 
Three Months Ended

March 31,

Nine Months Ended

March 31,

2019   2018 2019   2018
Revenue $ $ $ 40 $ 41
Cost of revenue           11     24  
Gross profit           29     17  
Operating expenses:
Selling, general and administrative 1,238 1,363 3,667 4,397
Research and development   1,026     1,495     3,027     4,721  
Total operating expenses   2,264     2,858     6,694     9,118  
Loss from operations (2,264 ) (2,858 ) (6,665 ) (9,101 )
Interest and other income, net   12     3     15     103  
Loss before income taxes (2,252 ) (2,855 ) (6,650 ) (8,998 )
Income tax benefit   858         858      
Net loss $ (1,394 ) $ (2,855 ) $ (5,792 ) $ (8,998 )
Weighted average common shares outstanding:
Basic and diluted 5,467 4,060 4,734 4,059
Basic and diluted net loss per common share:
Net loss $ (0.25 ) $ (0.70 ) $ (1.22 ) $ (2.22 )
Other comprehensive loss, net of tax:
Net loss $ (1,394 ) $ (2,855 ) $ (5,792 ) $ (8,998 )
Available-for-sale securities:
Net unrealized gain (32 ) (67 )
Reclassification adjustment for realized loss       42     31     76  
Total comprehensive loss $ (1,394 ) $ (2,845 ) $ (5,761 ) $ (8,989 )
 
       

ASTROTECH CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

 
March 31,

2019

June 30,

2018

Assets
Current assets
Cash and cash equivalents $ 1,524 $ 552
Short-term investments 3,551
Accounts receivable, net of allowance 41 12
Income tax receivable 429
Prepaid expenses and other current assets   328     161  
Total current assets 2,322 4,276
Property and equipment, net 531 733
Deferred tax asset 429
Long-term investments 50
Other assets, net   81     81  
Total assets $ 3,363   $ 5,140  
Liabilities and stockholders’ equity
Current liabilities
Accounts payable 139 112
Payroll-related accruals 312 412
Accrued liabilities and other 393 434
Income tax payable   2     2  
Total current liabilities 846 960
Other liabilities   156     188  
Total liabilities   1,002     1,148  
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value, convertible, 2,500,000 shares
authorized; no shares issued and outstanding at March 31, 2019 and
June 30, 2018, respectively
Common stock, $0.001 par value, 15,000,000 shares authorized;
6,176,425 and 4,496,873 shares issued at March 31, 2019 and June 30,
2018, respectively; 5,776,509 and 4,097,346 shares outstanding at
March 31, 2019 and June 30, 2018, respectively
190,648 190,570
Treasury stock, 399,916 and 399,527 shares at cost at March 31, 2019
and June 30, 2018, respectively
(4,129 ) (4,128 )
Additional paid-in capital 5,798 1,745
Accumulated deficit (189,956 ) (184,164 )
Accumulated other comprehensive loss       (31 )
Total stockholders’ equity   2,361     3,992  
Total liabilities and stockholders’ equity $ 3,363   $ 5,140  
 

Contacts

Eric Stober, Chief Financial Officer, Astrotech Corporation, (512)
485-9530


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Innocan

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

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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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