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2019 BIO International Convention Exhibitor Profiles

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PHILADELPHIA–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/BIO2019?src=hash” target=”_blank”gt;#BIO2019lt;/agt;–The 2019 BIO International Convention runs June 3 – 6, 2019 at the
Pennsylvania Convention Center in Philadelphia, PA.

Business Wire is the official
news distribution partner
for BIO 2019. Exhibitor profiles from
the convention are listed below.

***

Company: Acumen Analytics
Booth: 1301
Web: http://www.acumen-analytics.com/

Acumen Analytics is an information management and analytics
consulting firm that helps clients leverage their data to create
strategies and deliver solutions that drive business outcomes. Our
consultants have a depth and breadth of expertise in highly
regulated, compliance-driven environments – life sciences,
healthcare and manufacturing. Acumen’s advanced reporting and
analytics solution, Optimal Insights helps users achieve
comprehensive insights, enabling data driven-decisions that
improve QMS and EHS processes shifting them from cost to value. A
revolutionary way of extracting, transforming and optimizing data,
delivering near real time data with pre-built dashboards and an
analytics ready warehouse for optimized data access.

 
 
Company: AlloMek
Booth: 649
Web: http://www.allomek.com/
AlloMek strives to develop innovative therapeutics to patients with
rare and debilitating diseases. Targeting orphan diseases using
macrocycles.
 
AlloMek was formed to develop, and out-license, a novel class of MEK
inhibitors represented by the lead compound CIP-137401.
 
CIP-1374 was discovered by Cheminpharma, LLC team. All intellectual
property and rights related to CIP-1374 were transferred from
Cheminpharma to AlloMek Therapeutics.
 
 
Company: Amarex Clinical Research
Booth: Maryland Pavilion
Web: www.amarexcro.com
Amarex is a CRO headquartered in Maryland (USA) providing complete,
worldwide clinical product safety & efficacy testing and FDA
regulatory services. Amarex helps companies from the pre-clinical
stage through the marketing approval application. Our custom
regulatory approval plan serves to guide efficient pre-clinical and
clinical testing and is helpful for fund raising.
 
If your management is new to the regulatory approval process, Amarex
can guide you through to success, serving as your virtual Clinical,
Medical Safety, Biometrics, and Regulatory departments to create and
execute the regulatory approval plan.
 
 
Company: American Gene Technologies
Booth: 3627
Web: www.americangene.com
AGT is a gene and cell therapy company with a gene-delivery platform
designed to rapidly develop cures to infectious diseases, cancers,
and monogenic disorders. AGT’s mission is to transform people’s
lives through genetic medicines that rid the body of disease. AGT’s
lead candidate for an HIV cure is expected to enter the clinic in
2019. In parallel, AGT has a patented immuno-oncology approach to
stimulate the body’s immune system to destroy solid tumors. AGT has
also developed a synthetic gene it expects to cure Phenylketonuria
(PKU) which is anticipated to reach the clinic in 2020.
 
 
Company: American Laboratory Trading
Booth: 1114
Web: www.ALT.bio
American Laboratory Trading, a BIO Business Solutions® provider and
Agilent Channel Partner, specializes in Asset Recovery, Refurbish
and Resale services of secondary lab equipment in the life sciences
industry.
 
Our asset recovery program goes beyond a ‘one-size-fits-all’
approach. Whether you need to monetize one instrument, liquidate an
entire lab or require ongoing program management, we can help.
 
Our refurbish and resale services offer our customers a lower point
of entry to high-quality, brand name instrumentation. We carry more
than 12,000 instruments in-stock, ranging from benchtop accessories
to triple quad mass spectrometers.
 
Learn more at www.ALT.bio.
 
 
Company: Ardigen
Booth: 4133
Web: www.ardigen.com
Ardigen is a life science computational partner in the era of
Artificial Intelligence. We provide comprehensive technology and
custom services that leverage our domain knowledge and expertise in
bioinformatics, machine learning and software engineering together
with our proprietary technology. Ardigen platforms for neoepitope,
biomarker, and microbiome research facilitate the improvement of the
response rates in immuno-oncology.
 
 
Company: Asta Pharmaceuticals Co., Ltd.
Booth: 4000
Web: https://www.astapharma.co.jp/en/

We are a privately held company based in Toyama, Japan with
operation in the US. Our focus is on a disease modifying agent, an
immunomodulator that is a first in class molecule providing once
daily treatment for Ulcerative Colitis and Crohn’s Diseases. Our
proprietary molecule inhibits RORγT activity as well as binding of
chemokines and leukotrienes to their receptors.

 
 
Company: Avacta Life Sciences
Booth: 3559
Ticker Symbol & Exchange: AVCT:LON
Web: www.avacta.com
At Avacta Life Sciences, our mission is to create a high quality,
powerful set of tools to help Life Scientists accelerate the
understanding of biology and disease and to help them apply these
advances to diagnosis and treatment. Affimer® reagents are
engineered affinity proteins that are set to revolutionise the
reagents market. They are based on a small protein scaffold that can
be engineered to bind with high specificity and affinity to a wide
range of protein targets. With a ground-breaking rapid custom
service and a growing online catalogue, Affimer reagents can be used
for a wide range of applications in diagnostics, drug/biomarker
discovery, biotech research & development and as therapeutic agents.
 
 
Company: Axiom Real-Time Metrics
Booth: 408
Web: www.axiommetrics.com
Headquartered in Toronto, Canada, Axiom delivers intuitive, powerful
and cost-effective eClinical solutions and services focused around
small to medium biotech, medical device and CROs. Services include:
Data Management, Data Analytics, Biostatistics and
Pharmacovigilance. Axiom’s eClinical suite, Fusion, delivers a
powerful range of innovative end-user focused, unified functionality
and 15 modules. Axiom serves as the Connected Hub for your entire
clinical study data and operational needs. Fusion Delivers: EDC, DM,
IWRS, CTMS, Inventory Management, IVR, Patient Portal, AE/SAE
Tracking, Safety Database, Central Lab, Imaging, eTMF, and 24/7
Project and Clinical Data Reporting.
 
For more information, please visit http://www.axiommetrics.com/.
 
 
Company: BIO Asia-Taiwan 2019 (Taiwan BIO)
Booth: 2609-A
Web: https://www.bioasiataiwan.com/
Co-organized by the global Biotechnology Innovation Organization
(BIO) and the Taiwan Bio Industry Organization (Taiwan BIO), the
inaugural BIO Asia-Taiwan 2019 Conference and Exhibition will be
held in Taipei, Taiwan 24-28 July, 2019. A week-long festival of
biotech-themed conferences, meetings, and presentations, BIO
Asia-Taiwan is poised to become Asia’s most important gathering of
the biotechnology community. Join 1,500 participants from 25
countries at the 3-day conference for sessions on AI for healthcare,
advances in precision medicine, cell and gene therapies, M&A in the
healthcare sector, and more. Participate in BIO One-on-One
Partnering, and take in the latest products and technologies from
more than 600 companies at the four-day exhibition.
 
 
Company: BioCT
Booth: 649
Web: https://bioct.org
BioCT is dedicated to growing the vibrant bioscience ecosystem in
Connecticut by supporting innovation, collaboration, networking,
education, talent engagement and advocacy. We bring together
companies, institutions, entrepreneurs, investors, government,
service providers, and other passionate, dedicated people, to create
a thriving community to improve patients’ lives and public health
and drive economic growth.
 
 
Company: Bioquell
Booth: 3417
Web: www.bioquell.com
A global leader in providing risk reduction solutions, Bioquell’s
wide range of bio-decontamination systems and services help
facilities establish a safe and productive working environment. With
Bioquell’s proprietary and EPA registered 35% Hydrogen Peroxide
Vapor technology, you can eliminate bioburden within lab spaces and
rooms, manufacturing areas, equipment, pass-throughs, and more.
Backed by numerous peer-reviewed studies and trusted around the
world, the process is rapid, effective, and residue-free. Bioquell’s
technology distributes Hydrogen Peroxide Vapor on all exposed
surfaces, providing a 6-log kill. We also offer uniquely designed,
modular isolators integrated with Bioquell bio-decontamination
technology. Visit www.bioquell.com for more information.
 
 
Company: Bio-Rad Laboratories
Booth: 2249
Ticker Symbol & Exchange: NYSE:BIO
Web: http://www.bio-rad.com/
Bio-Rad is a global leader in developing, manufacturing, and
marketing a broad range of innovative products for the life science
research and clinical diagnostic markets. With a focus on quality
and customer service for over 65 years, our products advance the
discovery process and improve healthcare. Our customers include
university and research institutions, hospitals, biotech and pharma.
Bio-Rad is among the top five life science companies in the world,
providing instruments, software, consumables, reagents, and content
for the areas of cell biology, gene expression, protein
purification, protein quantitation, drug discovery and manufacture,
food safety, and science education.
 
 
Company: BioTalent Canada
Booth: 2427
Web: www.biotalent.ca
BioTalent Canada™ is the HR partner of and a catalyst for growth in
Canada’s bio-economy. Our engagement with employers, associations,
post-secondary institutions, immigrant serving agencies and service
providers has built a dynamic network that is strengthening skills,
connecting job-ready talent to industry and creating opportunities.
Please visit biotalent.ca for more information.
 
 
Company: Biotech Primer Inc.
Booth: 3814
Web: https://biotechprimer.com/
Biotech Primer develops and delivers customized training on the
science and regulatory processes driving the biotechnology,
pharmaceutical, and medical device industries. With continuously
updated materials and industry expert instructors, Biotech Primer
provides the most relevant life science courses worldwide.
 
 
Company: BRG Regulatory Consulting
Booth: 2331
Web: www.biotechresearchgroup.com
BRG Regulatory Consulting is a full service regulatory and product
development consulting firm. BRG has an excellent reputation as a
leading NDA, 510k, and IND consulting firm, which has clients and
consultants in over 60 countries across the globe. The primary aim
of BRG is to provide efficient and expeditious services and give the
best solutions for our clients’ products that include drugs, medical
devices, biologics, cosmetics, cGMP, quality assurance, and
scientific services. BRG has the expertise you need to increase your
chances of initial FDA approval, saving you both time and resources.
 
 
Company: Cayman Chemical Company
Booth: 4239
Web: www.caymanchem.com/Services
Cayman provides pre-clinical discovery and development services to
the global pharmaceutical, biotechnology, and academic research
markets. Our diverse suite of services leverages a team of over 150
highly skilled scientists with expertise in medicinal chemistry,
structure-based drug design, complex multi-step organic synthesis,
analytical chemistry, sample analysis and custom assay development.
We offer a personalized, flexible approach that enables our clients
to accelerate their drug discovery and development through a
single-source partner, from novel drug design and synthesis to
target identification and validation. Visit us at BIO 2019 Exhibitor
Booth #4239.
 
 
Company: Celeritas Solutions, LLC
Booth: 2641
Web: www.celeritassolutions.com

Celeritas Solutions is a clinical financial management company
focused on providing substantial cost savings for our clients
through effective negotiations during the lifecycle of clinical
trials. Celeritas Solutions supports the development and
implementation of our clients’ outsourcing strategy to effectively
and efficiently manage their clinical program spend. Celeritas
also manages all trial level finance related activities for
clinical trials, which includes: trial budget development,
forecasting, site payments, annual and long range planning, site
CTA, CRO and vendor budget negotiations. Our goal is to provide
substantial cost savings for our clients’ clinical trials and
immediate outsourcing and finance expertise at their fingertips.

 
 
Company: Cell Microsystems, Inc.
Booth: 4270
Web: www.cellmicrosystems.com
Cell Microsystems develops, manufactures, and markets innovative
products for single cell research that provide flexibility in
imaging, sorting, and isolation. The CellRaft AIR™ System and
CytoSort™ Array enables high-efficiency sorting and isolation of
single cells under standard culture conditions resulting in
unperturbed phenotypes and high viability. A user can select a cell
in real-time and ‘track and trace’ that cell through imaging,
collection and downstream analysis, even for small, precious
samples. The AIR System is uniquely applicable to a broad range of
applications including genomics, cancer research, T-cell screening
in search of immunotherapies, CRISPR gene editing, and stem cell
research.
 
 
Company: Clinlogix
Booth: 1301
Web: www.clinlogix.com
Clinlogix is a Global Clinical Research Organization working to
improve human quality of life by supporting and accelerating
innovation in the life science industry. Its full suite of clinical
research services supports the regulatory and clinical development
pathway of medical devices, pharmaceuticals, biologics and
diagnostics from proof of concept/discovery, early
feasibility/first-in-human, through pivotal and the
post-marketing/safety surveillance of client products. The company
delivers this global expertise by way of its regional office
locations in the US – Lower Gwynedd, Pennsylvania, Europe – Mainz,
Germany, South America – Medellin, Colombia and Asia – Tokyo, Japan.
 
 

Company:

Clinvet + Hodei Tech

Booth:

4262

Web:

www.clinvet.com; www.hodeitech.com

It is only in the last few years that the Animal Health sector has
come to the attention of the human biotech and investment
communities. While the relative size of the global AH market is
small compared to its human counterpart, it enjoys a 5.7% CAGR and
benefits from far fewer regulatory hurdles, a rapid to-market
timeline, and direct pay.

 

We invite you to stop by Booth 4262 (opposite the
startup/innovation pavilions) to discuss if/how your products,
services or devices might fit into the AH arena and add polish to
your bottom line.

 
 
Company: Connecticut Innovations
Booth: 649
Web: https://ctinnovations.com
CI is Connecticut’s strategic venture capital arm and is the leading
source of financing and ongoing support for innovative, growing
companies. By offering equity investments, strategic guidance and
introductions to valuable partners, we enable promising businesses
to thrive.
 
How we help:
•Investment: Venture capital and strategic support for early-stage
technology companies.
•Connections: Introductions to our vast network of small and big
businesses, talent, university researchers, service providers,
suppliers and more.
•Business Advisers: Mentors who specialize in your sector or the
skills you need, including executives in residence.
 
 
Company: CoreRx, Inc
Booth: 3154
Web: www.corerxpharma.com
CoreRx, a Contract Development Manufacturing Organization (CDMO)
with capabilities to support clinical – niche commercial
manufacturing, offering state of the art facilities to support your
supply chain needs. Our integrated offerings provide comprehensive
services for the development, manufacturing, and testing of solid,
liquid and semi-solid dosage forms.
 
 
Company: Crowell & Moring LLP
Booth: Belgian Pavilion
Web: www.crowell.com
Crowell & Moring LLP is an international law firm with approximately
550 lawyers representing clients in litigation and arbitration,
regulatory, and transactional matters. Our experienced life sciences
team helps businesses and individuals explore and exploit new
opportunities and markets for their products and ideas, ensure
compliance with regulatory requirements, and resolve disputes
through litigation, mediation, and settlement. Our clients include
individual inventors, research labs, privately owned start-ups,
small to large biotech product and platform companies, and
multinational pharmaceutical, and bioagricultural companies. The
firm has offices in Washington, D.C., New York, Los Angeles, San
Francisco, Orange County, London, and Brussels.
 
 
Company: Daicel Corporation
Booth: 4342
Web: www.daicelpharmaservices.com
Daicel Corporation, a leader in analysis, manufacturing, and
celebrating 100 years of service to the scientific community, is
expanding its Life Science portfolio to meet the challenges of a
rapidly evolving pharmaceutical industry. Daicel Pharma Services
offers innovative analytical solutions to support timely, safe drug
development with improved cost efficiency. Our GMP facilities are
FDA compliant and offer a full range of analytical method
development, validation, and transfer on formulation products and
drug substances. Daicel Pharma Standards offers a wide range of
high-quality pharmaceutical standards of >95%. Our experienced
chemists employ strict manufacturing protocols to produce effective,
high-purity and high-quality products.
 
 
Company: DataArt
Booth: 2754
Web: https://www.dataart.com/industry/healthcare-and-life-sciences
DataArt is a global technology consultancy that designs, develops
and supports unique software solutions, helping clients take their
businesses forward. Recognized for their deep domain expertise and
superior technical talent, DataArt teams create new products and
modernize complex legacy systems that affect technology
transformation in select industries.
 
DataArt has earned the trust of some of the world’s leading brands
and most discerning clients, including Nasdaq, Travelport, Ocado,
Centrica/Hive, BetfairPaddyPower, IWG, Univision, Meetup and Apple
Leisure Group among others. DataArt brings together expertise of
over 2,800 professionals in 22 locations in the US, Europe, and
Latin America.
 
 
Company: DeltaTrak, Inc.
Booth: 3415
Web: www.deltatrak.com
DeltaTrak®, Inc., is a leading innovator of food safety and cold
chain management and temperature monitoring solutions.
 
 
Company: DelveInsight Business Research
Booth: 4141
Web: www.delveinsight.com

DelveInsight is a Business Consulting and Market research company,
providing expert business solutions for life science vertical. It
facilitates global Pharmaceutical and Biotech companies to take
coherent business decisions to grow in this competitive world.
DelveInsight offers quintessential advisory services in the areas
of R&D, Strategy Formulation, Operations, Competitive
Intelligence, Competitive Landscaping, and Mergers & Acquisitions.
Equipped with in-depth off-the-shelf market research, DelveInsight
offers different reports types viz. Market Insights, Epidemiology
Insights, Pipeline Insights, Rare Insights and others.
DelveInsight is introducing a new tech-based repository of around
500+ market reports enabling its clients to access the vast report
catalogue conveniently.

 
 
Company: Eurofins BioPharma Services
Booth: 2949
Ticker Symbol & Exchange: ERFSF : Euronext 100
Web: https://eurofinscentrallaboratory.com/
Eurofins BioPharma Services is a full-service global organization
with dedicated testing facilities for Early Clinical Development,
Central Laboratory Services, Bioanalytical Services, Virology and
Immunology Testing Services, Anatomic Pathology and Genomics
Services. As a division of the Eurofins Scientific Group, our sole
and only focus is clinical laboratory analysis. With €3,781.1
million in annual revenues [2018], over 45,000 employees in 800
laboratories across 47 countries, a portfolio of over 200,000
analytical methods and over 400,000,000 tests performed annually,
Eurofins Scientific is a world leader in laboratory science,
providing a unique range of analytical testing services to the
pharmaceutical, food, environment, and consumer product industries
and to governments.
 
 
Company: Fina Biosolutions LLC
Booth: 3427
Web: https://www.finabio.net/
Fina Biosolutions LLC (Rockville, MD) is a conjugate vaccine
research and development company. Our mission is to promote
conjugate vaccines. We are a leading provider of conjugate vaccine
technology, including conjugation chemistry, laboratory services and
consulting. Chemistry developed by FinaBio scientists is used in
licensed vaccines world-wide. FinaBio is also a source for
affordable CRM197 vaccine carrier protein. We express CRM197 as a
soluble, properly-folded intracellular protein in E. coli, with high
expression levels and a simple purification process. The protein is
marketed as EcoCRM®. With EcoCRM® and our conjugate vaccine
expertise, we can help turn your antigens into vaccines.
 
 
Company: G-CON Manufacturing, Inc.
Booth: 4009
Web: www.gconbio.com
G-CON Manufacturing designs, builds and installs prefabricated G-CON
POD® cleanrooms. G-CON’s POD portfolio provides cleanrooms in a
number of dimensions for a variety of uses, from laboratory
environments to personalized medicine and production process
platforms. G-CON POD® cleanroom units surpass traditional cleanroom
structures in scalability, mobility and the possibility of
repurposing the PODs once the production process reaches its
lifecycle end.
 
 
Company: GVK BIO | Aragen Bioscience
Booth: 3513
Web: www.gvkbio.com

Established in 2001, GVK BIO is a global Contract Research &
Development Organization providing Drug Discovery and Development
services to biopharma industry. With over 2100 people our
expertise spans across Integrated Discovery, Chemistry, Biology,
Large and Small Molecule R&D, Chemical Development, Formulation &
Analytical development, Contract Manufacturing and Drug
Repurposing. Aragen Bioscience offers pre-clinical research
services to the biotech industry. Our services include Hybridoma
and recombinant cell line development, cloning and protein
expression, humanization, production of antibodies and recombinant
proteins, In Vivo Efficacy models of human disease, Ex Vivo / in
Vitro functional analysis, and Cell-based assay development.

 
 
Company: Hesperos, Inc.
Booth: IZ-32
Web: www.hesperosinc.com
Hesperos Inc. provides insights into novel drug candidates at the
preclinical stage by evaluating their efficacy and safety using
sensitive, functional readouts in human-on-a-chip multi-organ models
to reduce and eventually eliminate use of animal models. This
innovative new technology is helping pharmaceutical researchers,
large and small, make more informed decisions on which drugs to move
forward with, ultimately bringing patients new therapeutics cheaper
and quicker than ever possible before and enabling patient specific
treatments.
 
 

Company:

Hodei Tech

Booth:

4262

Web:

www.hodeitech.com

Telepresence: the next best thing to being there.

 

Hodei’s GEMINI and IKASI Telepresence programs simplify live
HIPAA-compliant medical, surgical, and biotech/pharma process
training and hands-on instructional oversight. Proprietary Google
Glass technology streamlines real-time communication between
multiple on- and off-site staff, investigators, or clients with
on-demand live audio/video streaming that provides the Remote
Expert with a first-person Point of View (POV) experience.

 

Trusted by scientists and medical professionals globally, Hodei
redefines live clinical training and direct project guidance;
fast-tracks assignments, and significantly reduces travel
expenditures.

 

Schedule a meeting or stop by Booth 4262 (opposite the
Innovation/Start-Up Pavilion) for a private demo to see how your
research and projects will benefit from this state-of-the-art
solution platform.

 
 
Company: IIAM
Booth: 4215
Web: www.iiam.org
The International Institute for the Advancement of Medicine (IIAM)
is at the forefront of providing non-transplantable, healthy and
diseased human organs and tissues to the medical research community.
Working with every organ procurement organization in the U.S., IIAM
receives over 15,000 organ referrals for research each year. We
assist with unprecedented collaborations by sourcing livers and
other organs for therapeutic applications and pre-clinical
investigations targeting a multitude of debilitating disorders.
IIAM’s breadth of services also includes a Neonatal Donor Program
that provides neonatal organs and tissues for medical research,
education and development. Please visit our website at www.iiam.org.
 
 
Company: ILLUSTRATUM
Booth: 551
Web: www.ILLUSTRATUM.net
We are ILLUSTRATUM, a British biotechnology company who are
commercialising DARC Technology, developed by Professor M Francesca
Cordeiro through Wellcome Trust funding.
 
DARC technology is a new exploratory biomarker for use in glaucoma &
AMD clinical studies.
 
DARC combines an innovative patented biologic with a
state-of-the-art AI algorithm. For the first time in humans, using
standard imaging equipment, DARC is able to identify cellular level
disease activity.
 
DARC can de-risk clinical development, improving study outcomes
whilst reducing time to market and costs for glaucoma and AMD
therapeutics.
 
 
Company: InveniAI Corp
Booth: 649
Web: https://www.inveniai.com
InveniAI is a technology company that has pioneered the application
of artificial intelligence (AI) and machine learning (ML) to
transform innovation across healthcare and other industries.
 
Our flagship platform, AlphaMeld™, was designed on the premise that
every innovation begins with a core discovery or invention that
gathers momentum.
 
Numerous industry collaborations with big pharma, specialty pharma,
biopharma, and consumer healthcare showcase the value of our
platform in recognizing complex patterns and associations that
represent the earliest signals of innovation.
 
 
Company: JoVE
Booth: 3854
Web: www.jove.com/biopharma
JoVE is a productivity and training platform for pharmaceutical and
biotechnology companies creating innovative new medicines and cures.
With JoVE’s clearly visualized cutting-edge experiments with
peer-reviewed video articles, corporate scientists will:
– Increase productivity in the lab,

– Streamline training processes,

 

– Learn emerging techniques and technologies,
– Skip avoidable experimental errors,
– Get results faster and beat R&D deadlines.
 
Headquartered in Cambridge, Massachusetts, JoVE also maintains
offices in the United States, Europe, India, and Australia. Please
visit www.jove.com/biopharma to learn more.
 
 
Company: KaloCyte, Inc.
Booth: IZ-57
Web: www.kalocyte.com
Blood loss is the leading cause of preventable death after trauma.
KaloCyte, Inc., a preclinical biotech startup, has demonstrated
proof of concept for ErythroMer, a dried, bio-inspired artificial
red blood cell, to treat life-threatening hemorrhage when stored
blood is not an available option. This nano-encapsulated human
hemoglobin mimics RBC physiology and is a highly efficient oxygen
carrier. Its synthetic polymer shell makes it a universal option for
all blood types. It can be freeze-dried for long-term storage
without refrigeration, and quickly reconstituted for rapid
administration when needed – potentially saving thousands of lives
in pre-hospital settings.
 
 
Company: ktMINE
Booth: 3558
Web: www.ktmine.com
ktMINE collects, organizes, and connects transactional and
Intellectual Property (patents, trademarks, agreements, royalty
rates, etc.) data to help you quickly and confidently perform
research. ktMINE then takes that data and turns it into real,
actionable insights.
 
With ktMINE, quickly develop, value and create tactics to execute an
IP transaction strategy using a single tool. We support your IP
research, analysis and decision-making process with the ability to
investigate competitors, technologies, patents and other
intelligence to foster your IP transaction strategy, maximize your
IP asset strategy by leveraging data to drive commercialization &
monetization agreements and much more.
 
 
Company: Latham BioPharm Group
Booth: 3309
Web: https://www.lathambiopharm.com/
Latham BioPharm Group provides the insight, knowledge, and network
to unite teams and technologies in the Life Sciences. We provide the
depth of expertise necessary to advance programs, by offering a
range of life science services including business development,
program management, functional subject matter expertise and
strategic consulting; with proven experience in biodefense/pandemic
response and strategic product development.
 
We assist clients in evaluating critical business decisions and
connecting with the target markets to assess opportunities. We
assist in finding and securing funding. We then drive successful
advancement to a targeted value-inflection point and help monetize
the results.
 
 
Company: LAT RESEARCH
Booth: 3727
Web: www.latresearch.com
LAT Research is a privately-owned full-service CRO company which
operates in Latin American countries with staff dedicated to all
aspects of Regulatory Affairs, Strategic Planning, Clinical
Research, Medical Writing, Biostatistics and Pharmacovigilance. LAT
was created in 2010 to conduct the first full-scale clinical trial
in the setting of Chagas Disease in pediatric population. Since
then, our staff have been involved in 50 different studies, 26 of
them fully conducted enrolling more than 6,600 patients in different
therapeutic areas. Particularly in neglected diseases, LAT is the
more experienced organization in conducting clinical trials in
LATAM. Solid experience in helping companies to reach the goals for
priority review vouchers in neglected or tropical diseases, rare
disease or pediatric indications based on qualified staff and access
to target population.
 
 
Company: LBT Innovations
Booth: #2349
Ticker Symbol & Exchange: ASX: LBT
Web: www.lbtinnovations.com
LBT Innovations is an Australian medical technology company using AI
to deliver automation in healthcare. The company has developed a
patent protected, machine learning and intelligent imaging platform
technology to deliver the only FDA Class II cleared instrument
utilizing AI technology in clinical microbiology.
 

The APAS® Independence automates the imaging, image analysis,
interpretation and reporting of growth on culture plates after
incubation. The instrument improves the clinical efficiency of
microbiology laboratories by enabling faster diagnosis and
reporting of infectious diseases.

 
LBT Innovations is exploring opportunities to extend our platform
technology towards new healthcare applications requiring
cutting-edge computer vision and analysis.
 
 
Company: Leuven MindGate
Booth: 526
Web: http://www.leuvenmindgate.be
Leuven MindGate represents the ecosystem of Leuven, a knowledge
region at the pinnacle of Health, High-Tech and Creativity, an ideal
place for companies and talented people.
 
 
Company: LifeNet Health
Booth: 3649
Web: https://www.lifenethealth.org/
LifeNet Health is a leading global provider of human transplant,
tissue allografts, and regenerative medicine solutions, driven by
our mission of saving lives, restoring health and giving hope. The
LifeSciences Division is dedicated to providing researchers with a
broad spectrum of services to drive human tissue and cell-based
discovery. Our resources and services include:
 
Human primary cells including hepatocytes and islets, biospecimens
for research, and a fully human 3D microtumor oncology assay system.
 
To learn more, contact us by email at
[email protected] or by phone at 757-464-4761.
 
 
Company: LMK Clinical Research Consulting
Booth: 4253
Web: https://lmkclinicalresearch.com/
Inspection Readiness. Two words that can ignite worry, fear, and
stress. At LMK, we work with our clients to alleviate those concerns
and ensure that you are inspection ready from Day One. We believe
that the clinical trial content is the foundation of every clinical
trial, and a strong foundation is key to the overall health and
stability of any clinical program. We offer our clients a
combination of expertise, tools, processes, and extensive knowledge
of the clinical drug development process. Our experts will assess
your study requirements and processes and create a plan customized
to meet your specific needs.
 
 
Company: ManagedLab Services
Booth: 3658
Web: www.managedlab.com
ManagedLab Services is a Certified Women Owned Small Business,
leading the life science industry in Lab Support, Vendor Managed
Inventory, and Project Management for U.S. based labs of all sizes,
from startup through large pharma.
 
We combine top-notch customer service with our expertise in best
practices for Laboratory Operations and overlay that with
cutting-edge automation to give you the most efficient lab available.
 
Our unique combination of highly trained PEOPLE, documented
PROCESSes, and reportable DATA ensures your lab is always
science-ready.
 
Our vendor agnostic approach allows us to support all products, from
all suppliers, giving you the FREEDOM OF CHOICE.
 
 
Company: Mazars USA LLP
Booth: 4217
Web: https://mazarsusa.com/
Mazars USA LLP is a high-performing accounting, tax and consulting
firm with significant national presence in strategic US geographies.
Since 1921, our dedicated professionals have leveraged technical
industry expertise to develop customized solutions for clients,
create value, and optimize their performance. We offer a broad array
of industry specialists providing services to growth-oriented
enterprises and individuals. As the independent US member firm of
Mazars Group, we deliver seamless access to the expertise of 23,000
professionals in 89 countries. At local and global levels, we are
proud of our value-added services, building lasting relationships
with our clients and communities. For more information, visit us at
www.mazarsusa.com.
 
 
Company: Meridian BioGroup LLC
Booth: 3627
Web: www.meridianbiogroup.com
Meridian BioGroup is a Maryland-based service provider and
consultancy to FDA-regulated pharmaceutical and biopharmaceutical
companies, government institutes and academic institutions in the
areas of Quality, Validation and Regulatory Affairs. Established in
2007, Meridian currently employs 30 skilled professionals and eight
subcontracted partners, with a combined 400+ years of experience in
GXP (cGMP, GLP, GTP), CLIA and ISO and backgrounds in manufacturing,
quality control, quality assurance, regulatory affairs, engineering,
validation, and document control. We have experience in
pharmaceuticals, biologics, medical devices, biosimilars, and
combination products and extensive expertise with multi-product and
contract manufacturing facilities, contract testing operations, and
third-party auditing.
 
 
Company: National Taiwan Ocean University GLORIA
Booth: 2549
Web: http://www.gloria.ntou.edu.tw/index2.php
The NTOU GLORIA serves as a platform further bridging the academia
and industry sectors through forming a strong alliance with
resources from both sectors and assets from NTOU’s resourceful
alumni and partner research institutes. The GLORIA provides
customized services to the industrial partners to meet their
specific needs to grow business. GLORIA focuses on advanced
aquaculture technology fields.
 
We build Industry-University-Institute platforms in order to link
Taiwan with the global market.
 
We also provide industry consultant and scientific research services.
 
 
Company: Nuventra, Inc.
Booth: 337
Web: https://www.nuventra.com/
Nuventra is a group of pharmaceutical scientists that partner as
virtual extensions of our clients’ teams. We focus on helping
companies avoid costly missteps in their development programs and
can increase their chances for regulatory authorization.
 
Specializing in nonclinical and clinical pharmacology,
pharmacokinetics, pharmacodynamics and modeling and simulation, our
consultants bring their 10-30 years of experience to advise on next
steps.
 
We can come on board as early as candidate selection and work
alongside through clinical studies. Our team can help identify risks
and the strategies to mitigate them.
 
We enable drug developers and investors to make better strategic
decisions. Our ability to translate complex PK/PD data into
actionable insights to inform development and investment decisions
is what makes us unique.
 
 
Company: Oligomerix, Inc.
Booth: 4270 – IZ-29
Web: www.oligomerix.com
Oligomerix is an early-stage biotechnology company focused on
discovering and developing novel, small-molecule tau oligomer
inhibitors for Alzheimer’s disease (AD) and related
neurodegenerative diseases with tau pathology. Oligomerix’ drug
discovery platform has identified a pipeline of novel, central
nervous system (CNS) small molecule lead compounds designed to
inhibit tau oligomer formation at the beginning of the aggregation
process. The company’s lead program targeting AD has initiated
IND-enabling studies. The NYC based company is located at the
Ullmann Research Center for Health Sciences within the Albert
Einstein College of Medicine and has received considerable support
from the National Institute of Health (NIH). Oligomerix is seeking
strategic partners to support the acceleration and advancement of
these important programs. For more information about Oligomerix,
please visit www.oligomerix.com.
 
 
Company: Ology Bioservices, Inc.
Booth: 3749
Web: www.ologybio.com
Ology Bioservices is a biologics-focused Contract Development
Manufacturing Organization (CDMO) serving both government and
commercial clients from early stage through commercial product. The
company has 183,000 square feet of manufacturing, process
development, and quality assurance/quality control space in its
state-of-the-art facility in Alachua, FL; and an analytical,
bioanalytical, & cell-line development and testing laboratory in
Berkeley, CA. The experienced team at Ology Bio provides support in
upstream & downstream process development, formulation & analytical
development, and cGMP manufacturing of mAbs, recombinant proteins,
live viral products, nucleic acids, and cell & gene therapies up to
BioSafety Level 3 (BSL-3). The company also offers full regulatory
support from preclinical through licensure from its Frederick, MD
office.
 
 
Company: Ompi – Stevanato Group
Booth: 237
Web: https://www.stevanatogroup.com/
Founded in 1949, Stevanato Group is committed to creating systems,
processes, and services that guarantee the integrity of parenteral
medicines.
 
It comprises two operational divisions dedicated to serving the
pharmaceutical and healthcare industry: The Pharmaceutical Systems
Division, specialized in glass primary packaging, – through Ompi –
specialty plastics and delivery devices, and the Engineering Systems
Division dedicated to assembly and packaging solutions, as well as
reliable inspection systems. The Group also benefits from SG Lab
activity that provides technical and analytical services to ensure
drug’s integrity and device’s injection performance.
 
 
Company: Oxford Brain Diagnostics Ltd.
Booth: 3227
Web: www.oxfordbraindiagnostics.com
Oxford Brain Diagnostics, a spinout from the University of Oxford,
has developed a novel approach (Cortical Disarray Measurement – CDM)
for extracting correlates of micro-anatomy from standard MRI brain
images, providing valuable information about Alzheimer’s disease
(paper under review). The past eight years has seen the
collaboration of two world class specialists – Dr Steven Chance
(CEO), Neuroscience and Pathology and Professor Mark Jenkinson
(Co-Founder), Neuroimaging.
 
In unpublished tests, CDM has been used to classify which patients
will develop Alzheimer’s and other forms of dementia within 2 – 3
years. Early results indicate promising outcomes for differential
diagnosis between dementias.
 
 
Company: PARAS BIOPHARMACEUTICALS FINLAND OY
Booth: 3353
Web: WWW.PARASBIOPHARMA.COM
Paras Biopharmaceuticals is a Finland-based Biopharmaceutical
company. We offer Microbial CDMO services, Biosimilars & Biologics,
and Bioprocess enzymes.
 
-Microbial CDMO for the production of Fusion Proteins scFv, Complex
Biologics, Nanobodies, Diabodies
-Biologics & Biosimilars – Recombinant Teriparatide, Recombinant
Anakinra (Kineret® Biosimilar), Recombinant Rasburicase and
Recombinant Romiplostim (N-plate® Biosimilar).
-Bioprocess Enzymes – Recombinant TEV and Enterokinase.
 
Paras Biopharmaceuticals has a fully equipped microbial production
facility in Finland, for the production of recombinant therapeutic
products.
 
Please refer to our website www.parasbiopharma.com for further
information.
 
 
Company: PharmaEssentia Corp.
Booth: 2609
Web: www.pharmaessentia.com
PharmaEssentia Corp. is a fully integrated global biopharmaceutical
company headquartered in Taipei, Taiwan. It was established by a
group of highly accomplished scientists from leading pharmaceutical
companies, and led by seasoned executives with 100+ years of
experience at biotechnology and regulatory agencies. The company
aims to deliver efficacious, safe, and cost-effective therapeutic
products to treat human disease, while bringing long lasting value
to stakeholders.
 
Ropeginterferon alfa-2b is a novel, mono-pegylated proline
interferon alfa-2b invented by PharmaEssentia and manufactured at
its own biologics facility in Taichung, Taiwan. The biologics
facility had been certified by Taiwan Food and Drug Administration
and European Medicines Agency, and is also designed and operated to
be compliant with US FDA requirements.
 
 
Company: PMI BioPharma Solutions
Booth: 3261
Web: www.pmibio.com
Located in Nashville, TN, PMI Bio provides high throughput library
screens and designs, develops and tests drugs in vitro and in vivo
using relevant cell lines and murine models. Our research scientist
also express and purify proteins and develop assays around protein
targets using NMR, SPR, crystallography, ITC, TR-FRET, and DSF to
name a few. We even have a vivarium with mice and rats bred
specifically for search supporting immunology, wound healing, cancer
research, genetics, diabetes and toxicology. PMI can also provide
you with aseptic and non-aseptic clinical trial materials.
 
 
Company: Quanterix
Booth: 2852
Ticker Symbol & Exchange: QTRX NASDAQ
Web: www.quanterix.com
Quanterix™ is a company that is digitizing biomarker analysis with
the goal of advancing the science of precision health and
dramatically changing the way healthcare is provided. Our two
ultra-sensitive technology platforms, Simoa® Bead and Simoa Planar
Array, give researchers the ability to quantify biomarkers for a
range of diseases at lower levels than ever before, in most common
sample types. Simoa’s ultra-sensitivity, multiplex detection
capability and flexibility in custom assay development are advancing
academic research and helping to accelerate drug development and
approval, both in our customers’ own facilities and by contract in
our CLIA-certified Quanterix Accelerator Laboratory.
 
 
Company: Queensland University of Technology
Booth: 2349
Web: www.qut.edu.au
Queensland University of Technology (QUT) is a major Australian
university internationally recognised as a provider of high-impact
medical and agricultural biotechnology research delivered through:
 
The Institute of Health and Biomedical Innovation (IHBI), a
multidisciplinary research institute devoted to improving the health
of individuals and communities through research innovation. IHBI has
world leading expertise in areas of prostate cancer, infectious
diseases, burns and wound management, genomics, orthopaedics and
trauma, vision, medical robotics and devices and biofabrication.
 

The Centre for Tropical Crops and Biocommodities, brings together
a unique mix of international expertise in tropical crop
biotechnology, biofuels and biomaterials, industrial chemistry and
process engineering to create integrated research and development.

 
 
Company: Random42 Scientific Communication
Booth: 2454
Web: www.random42.com
Random42 is the global leader in providing digital scientific
communication solutions to the pharmaceutical and biotechnology
industry. We bring challenging medical and scientific concepts to
life, making them simple, beautiful and easy to digest.
 
Our services:
• Medical Animation
• Scientific Virtual Reality
• Augmented Reality
• Interactive Touchscreens
• Interactive Experiences and Applications
• Booth Design and Exhibition Experiences
• Web and Print
 
With over 27 years’ experience, we have grown into the largest
company within the industry and have won over 175 awards for our
high-quality medical animation and scientific storytelling – a clear
industry leader.
 
 
Company: Recro Gainesville
Booth: 801
Web: www.recrogainesville.com
Recro Gainesville provides oral solid dosage form development,
clinical and commercial manufacturing, and packaging services to the
global pharmaceutical market. Specializing in modified release
formulations and DEA controlled substances, Recro has the experts to
deliver clients’ most complex pharmaceutical development and
manufacturing projects in its best-in-class, 120,000 square feet of
manufacturing space. For more information about Recro’s flexible
CDMO solutions, visit www.recrogainesville.com.
 
 

Company:

Rockville Economic Development, Inc.

Booth:

3427-J

Web:

www.rockvilleredi.org

Rockville Economic Development, Inc. (REDI) assists businesses
locate and grow in the City of Rockville, Maryland, which is part of
the larger Washington DC Metro area. Rockville offers a family
friendly community, top schools, and lower real estate prices than
many neighboring communities in the Washington DC area. The area is
one of the strongest BioHealth ecosystems in the United States, with
proximity to the National Institutes of Health, Federal Drug
Administration, John Hopkins University and the University of
Maryland. For more information contact us at [email protected].
 
 
Company: Sekisui
Booth: 3201
Ticker Symbol & Exchange: 4201, Tokyo Stock Exchange
Web: www.bioproduction-sekisui.com
BioProduction by Sekisui offers contract development and
manufacturing services for the biopharmaceutical industry. Our
facility in the UK has over 40 years of large scale fermentation and
purification experience. We offer expertise in bioprocess
development, scale up and manufacturing of enzymes, plasmids, and
other proteins for use in the production of biopharmaceuticals. We
offer GLP, ISO 13485 and GMP manufacturing.
 
 
Company: SINOPEG BIOTECH CO., LTD
Booth: 4138
Web: www.sinopeg.com
SINOPEG makes high-quality PEG products for therapeutic protein
drugs, medical devices (hydrogel and coatings). Our company serves
pharmaceutical and medical device companies around the globe, with
product presence in various pharmaceutical/device development
pipelines (pre-clinical, clinical, and post authorization large
scale supply).
 
Our facility is ISO9001 and ISO13485 certified (primarily for GMP
requirement of medical devices), and operates according to ICH GMP
guidelines to produce products for pharmaceutical companies.
 
Since its inception, SINOPEG has partnered with different stage
pharmaceutical companies and provided pegylation products, PEG
hydrogels, block polymers and liposomes.
 
 
Company: Site Selection Magazine/Conway Inc.
Booth: 4238
Web: www.SiteSelection.com
For over 65 years Site Selection magazine has been the top-rated and
most respected publication covering foreign direct investment (FDI),
airport cities and global corporate real estate. Site Selection –
winner of the MAGS/GAMMA Gold Award for Best Business to Business
Publication – provides exclusive insight into strategies, real
estate markets, relocation costs and available incentive programs –
in short, the key factors involved in corporate facility planning.
Site Selection’s parent company, Conway Data, offers a host of lead
generation services across the world.
 
 
Company: Spheryx, Inc.
Booth: IZ-44
Web: www.spheryx.solutions

The FDA has advised in its 2014 Guidance for Industry that “It is
critical for manufacturers of therapeutic protein products to
minimize protein aggregation to the extent possible”, while
acknowledging that the technology does not currently exist to
accomplish this goal. Protein aggregation occurs in the
biopharmaceutical pipeline, from development, formulation, and
manufacturing to storage and point of use. Spheryx’s xSight can
detect, count and characterize protein aggregates in formulation,
QA and manufacturing while distinguishing them from other
contaminants. xSight performs Total Holographic Characterization®
to enable product development and control production like never
before possible.

 
 
Company: Synova Health
Booth: 2927
Web:

http://www.synovahealth.com/

Synova is a Full Service Contract Research Organization based out of
Brazil, stemming from the country’s population pool of 200 million.
We are the largest CRO in Latin America, born out of the Brazilian
Bioequivalence Center CAEP, and have become the “Go To” solution in
the Pharma/Biotech and devices Industries.
 
 
Company: Thetis Pharmaceuticals
Booth: 649
Web: http://thetispharma.com/
Thetis is developing a potential first-in-class, safe, oral therapy
for the treatment of inflammatory bowel disease (IBD), a set of
chronic, relapsing gastrointestinal inflammatory disorders that
includes ulcerative colitis and Crohn’s Disease.
 
 
Company: Two Labs – Pennside Partners
Booth: 4063
Web: https://www.pennside.com/partnering
For over 25 years Two Labs – Pennside Partners has assisted
pharmaceutical companies and investors to identify promising
candidates for in-license/investment. Using this experience, we have
developed a service for emerging biotechnology companies to optimize
positioning and messaging when seeking partnerships and investment.
 
Pennside Partners uses primary research along with robust
proprietary databases to ensure our clients are up to date on the
current and future treatment landscapes. Utilizing experts such as
former BD&L Managers from Major Pharma/Biotech companies, we provide
best-in-class partnering support for small pharma/biotech and
emerging companies.
 
Stop by booth 4063 to learn more at BIO 2019.
 
 
Company: Validation & Engineering Group
Booth: 3537
Web: www.veg-group.com
Validation & Engineering Group (V&EG) provides world-class service
to the Biotechnology, Pharmaceutical, Medical Devices, Chemicals
(API), Food, and Cosmetics industries.
 
For more than 20 years V&EG has placed talented professionals in a
position to make a difference in our customer’s success. The
technical experience and expertise of our staff, comprised of more
than 140 professionals from the engineering and sciences fields,
keeps us among the top firms in the industries we serve.
 
Our services platform is split into: Regulatory Compliance,
Validation and Qualification, Laboratory (Validation, Audits), and
Engineering (Design Qualification Services), that ensure adherence
to Federal and European regulatory agencies.
 
 
Company: VGXI, Inc.
Booth: 3349
Web: www.vgxii.com
VGXI, Inc. is a leading contract manufacturer of DNA based
pharmaceuticals with over 15 years experience providing exceptional
quality cGMP products to clinical trials worldwide. The company’s
skilled team has an outstanding track record of success in
manufacturing challenging plasmid products under cGMP conditions
with exceptional yield, quality, and prompt delivery. Production
services include high purity plasmid DNA preparations for
pre-clinical research, Highly Documented (HD) plasmid DNA
manufacturing for use in pharmacology / toxicology studies or GMP
viral vector production, and cGMP plasmid DNA for clinical through
commercial supply.
 
 
Company: Vibalogics GmbH
Booth: 1901
Web: www.vibalogics.com
Vibalogics is a Contract Development and Manufacturing Organisation
(CDMO) offering process development, cGMP manufacturing and
fill/finish of products based on viruses and live bacteria for
companies developing products used as gene and oncolytic viral
therapies and vaccines. With services including feasibility
assessment, technology transfer, process development, cGMP
manufacturing, formulation/blending, fill/finish (liquid and
lyophilized), QC analysis and Product release, Vibalogics offers a
full range of development and manufacturing services, underpinned by
excellent quality and a transparent customer experience. Established
over fifteen years ago, Vibalogics has a proven track record and is
one of the leading players in live biological manufacturing.
 
 
Company: Vistara Biosciences
Booth: 649
Web: https://www.vistarabio.com/
Vistara Bioscience is developing proteomics processes and
bioinformatics for detecting networks of proteins and accessory
factors which are in close collaboration with proteins of clinical
interest. The networks serve as biomarker panels to follow along the
drug discovery process, and additionally, may suggest combinatorial
targets or new ones. Vistara expects to offer Services to pharma and
biotech partners for drug discovery, candidate profiling, and
molecular phenotyping applications with initial focus in Oncology,
Infectious Diseases and CNS disease areas.
 
 
Company: Wyant Simboli
Booth: 649
Web: https://www.wyantsimboli.com/
We are a multi-disciplinary communications design firm with 25+
years of experience partnering with companies to define their story,
structure their brand, and inspire their audience. We are
media-agnostic and are focused on communicating your company’s story
clearly and effectively across every messaging platform.
 
For over 25 years we’ve succeeded in helping our clients to grow and
are honored to be a valued partner for some of the most innovative
and successful companies in the world. Our narrative-first approach
unifies corporate, investor and employee communications to build
brand communications systems that are robust for today’s challenges
and extensible for tomorrow’s opportunities.

Contacts

Jim Liebenau
+1.310.820.9473
Twitter: @tradeshownews

Read full story here


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Cannabis

IM Cannabis Reports 2023 Financial Results

Published

on

im-cannabis-reports-2023-financial-results

TORONTO and GLIL YAM, Israel, March 28, 2024 /PRNewswire/ — IM Cannabis Corp. (the “Company” or “IMC“) (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, announced its financial and operational results for the year ended December 31, 2023, the highlights of which are included in this news release. All figures are reported in Canadian dollars. The Company’s full set of consolidated audited financial statements for the years ended December 31, 2023 and 2022 (the “Annual Financial Statements“) and accompanying management’s discussion and analysis (the “Annual MD&A“) can be accessed by visiting the Company’s website at https://investors.imcannabis.com/, and its profile pages on SEDAR+ at www.sedarplus.ca, and EDGAR at http://www.sec.gov/edgar.

FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2023

  • Revenue decreased to $48.8 million for the fiscal year ended December 31, 2023 (compared to $53.3 in 2022), representing a decrease of 10%.
    • Primarily due to negative currency fluctuations and the impact of the Israel-Hamas war on the Company’s operations.
  • Revenue decreased to $10.7 million for the three months ended December 31, 2023 (compared to $14.5 million in 2022), representing a decrease of 26%.
    • Primarily due to the interruption on the Company’s supply chain caused by the Israel-Hamas war and the Company discounting certain outstanding inventory at lower prices.
  • Gross profit increased to $9.8 million for the fiscal year ended December 31, 2023 (compared to $9.2 million in 2022), representing an increase of 7.5%
  • Gross profit decreased to $0.8 million for the three months ended December 31, 2023 (compared to $2.6 million in 2022), representing a decrease of 68%
    • Primarily due to the interruption on the Company’s supply chain caused by the Israel-Hamas war and the Company discounting certain outstanding inventory at lower prices.
    • The Company’s fair value adjustment was approximately $1 million for the fiscal year ended December 31, 2023 (compared to $2.1 million in 2022).
  • G&A expenses decreased to $11 million for the fiscal year ended December 31, 2023 (compared to $21.5 million in 2022), representing an decrease of 49%
  • G&A expenses decreased to $3.3 million for the three months ended December 31, 2023 (compared to $9.8 million in 2022), representing a decrease of 66%
    • Primarily due to the impairment on Y2022 and restructuring and HC adjustments in 2023.
  • Selling and marketing expenses decreased to $10.8 million for the fiscal year ended December 31, 2023 (compared to $11.5 million in 2022), representing an decrease of 6%
  • Selling and marketing expenses decreased to $2.8 million for the three months ended December 31, 2023 (compared to $3.1 million in 2022), representing a decrease of 10%
    • Primarily due to a decrease in share based compensation payments and a restructuring of the Company’s personnel.
  • Net Loss from continuing operations for the fiscal year ended December 31, 2023 was $10.2 million, as compared to $24.9 million in 2022.
  • Net Loss from continuing operations for the three months ended December 31, 2023 was $3.5 million, as compared to a Net Loss of $9.6 million in the fourth quarter of 2022.
  • Diluted Loss per Share for the fiscal year ended December 31, 2023 was $0.74, compared to a loss of $3.81 per Share in 2022.
  • Diluted Loss per Share for the three months ended December 31, 2023  was $(0.25), compared to a basic loss of $)2.94( per share and a diluted loss of $)3.55( per share in for the three months ended December 31, 2022.
  • Cash and Cash Equivalents as of December 31, 2023, was $1.8 million, compared to $2.4 million as of December 31, 2022. 
  • Total assets were $48.8 million as of December 31, 2023, compared to $60.7 million as of December 31, 2022, representing a decrease of 20%.
    • Primarily attributed to an inventory reduction of about $6.6 million, a reduction in other current assets of $1.8 million and a reduction of non-current assets of about $3.5 million
  • Total Liabilities were $35.1 million as of December 31, 2023, compared to $36.9 as of December 31, 2022, representing a decrease of about 5%. 
    • Primarily attributed to a reduction in trade payables of $6.1 million.
  • Operating expenses decreased to $22.6 million for the year ended December 31, 2023 (compared to $40 million in 2022), representing a decrease of 43%
  • Operating expenses decreased to $6 million for the three months ended December 31, 2023 (compared to $13.3 million in 2022), representing a decrease of 55%
  • Adjusted EBITDA1 decreased to $8 million for the year ended December 31, 2023, (compared to $11.5 in 2022), representing a decrease of 30%
  • Total Dried Flower sold in 2023 was approximately 8,609 kg with an average selling price of $5.14 per gram (compared to approximately 6,794kg, with an average selling price of $7.12 per gram in 2022).
    • Primarily due to increased competition within the retail segment and the Company discounting certain outstanding inventory at lower prices.
  • Total Dried Flower sold in the fourth quarter of 2023 was about 2,082kg with an average selling price of $4.52 per gram (compared to about 2,334kg with an average selling price of $5.19 per gram in 2022).
    • Primarily due to increased competition within the retail segment and the Company discounting certain outstanding inventory at lower prices.

The Annual Financial Statements include a note regarding the Company’s ability to continue as a going concern. The Annual Financial Statements do not include any adjustments relating to the recoverability and classification of assets or liabilities that might be necessary should the Company be unable to continue as a going concern. For more information, please refer to the “Liquidity and Capital Resources” and “Risk Factors” sections in the 2023 Annual MD&A.

Management Commentary

“IMC Germany delivered accelerated growth in 2023, growing 181% from $252K in 2022 to $709K in 2023. During this time, IMC Germany was #1 in sales per stock keeping unit and posted the highest growth against its competitors in the German market.2 With the regulatory rescheduling of cannabis in Germany set to occur effective April 1st, the Company hopes to continue its growth in the market as the market evolves,” said Oren Shuster, Chief Executive Officer of IMC. “In addition, as we are constantly looking for opportunities to maximize shareholder value, we are hopeful that our potential reverse merger with Israel-based Kadimastem Ltd., a clinical cell therapy public company traded on the Tel Aviv stock exchange under the symbol (TASE: KDST) will proceed as expected, which we believe will create significant value for the shareholders.”

“As previously warned and as expected, unfortunately, the Israel-Hamas war had a negative impact on our fourth quarter 2023 results, which weighed on our full year results. Due to the ongoing conflict, there was a 6% decrease in our yearly revenue. Coupled with our fourth quarter of 2023 inventory reduction, the war caused our fourth quarter gross profit to decrease by 68% as compared to the fourth quarter of 2022. However, our gross profit for 2023 increased by 7.5% to $9.8 million as compared to last year,” said Uri Birenberg, Chief Financial Officer of IMC. “Partially offsetting these declines, we were able to reduce our operating costs in the fourth quarter of 2023 by 55% as compared to the fourth quarter of 2022, ending the year with a 43% reduction in our operating costs as compared to last year, as we leaned further into our goal of active cost management.”

Conference Call 

The Company will host a Zoom web conference call today at 9:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. Investors are invited to register by clicking here. All relevant information will be sent upon registration.

If you are unable to join us live, a recording of the call will be available on our website at https://investors.imcannabis.com/ within 24 hours after the call.

Non-IFRS Measures

This press release makes reference to “Gross Margin” and “Adjusted EBITDA”, which are financial measures that are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as complementary information to the Company’s IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should neither be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.

For an explanation of how management defines Gross Margin and Adjusted EBITDA, see the 2023 MD&A.

We reconcile these non-IFRS financial measures to the most comparable IFRS measures as set out below:

About IM Cannabis Corp.

IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. Until recently, the Company also actively operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries, where it cultivated, processed, packaged, and sold premium and ultra-premium cannabis at its own facilities under the WAGNERS and Highland Grow brands for the adult-use market in Canada. The Company has exited operations in Canada and considers these operations as discontinued.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to: the Company leaving the Canadian cannabis market to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany; the impact of the Israel-Hamas war on the Company, including its operations and the medical cannabis industry in Israel; the timing and impact of the partial legalization of medicinal cannabis in Germany, including, the Company having it “all in house”, the Company being positioned to take advantage of the partial legalization, the Company’s growth in 2024, the market growth for medicinal cannabis in Germany, and the stated benefits of the Company’s EU-GMP processing facility and an EU-GDP logistics center; the Company to host a teleconference meeting as stated; and the Company’s stated goals, scope, and nature of operations in Germany, Israel, and other jurisdictions the Company may operate.

Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to focus and resources to achieve sustainable and profitable growth in its highest value markets; the Company’s ability to mitigate the impact of the Israel-Hamas war on the Company; the Company’s ability to take advantage of the partial legalization of medicinal cannabis in Germany; the Company’s ability to host a teleconference meeting as stated; and the Company’s ability to carry out its stated goals, scope, and nature of operations in Germany, Israel, and other jurisdictions the Company may operate.

The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include:  the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt; risks surrounding war, conflict and civil unrest in Eastern Europe and the Middle East, including the impact of the Israel-Hamas war on the Company, its operations and the medical cannabis industry in Israel; risks associated with the Company focusing on the Israel and Germany markets; the inability of the Company to achieve sustainable profitability and/or increase shareholder value; the inability of the Company to actively manage costs and/or improve margins; the inability of the company to grow and/or maintain sales; the inability of the Company to meet its goals and/or strategic plans; the inability of the Company to reduce costs and/or maintain revenues; the Company’s inability to take advantage of the partial legalization of medicinal cannabis in Germany; and the Company’s inability to host a teleconference meeting as stated.

Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

1 Earnings before interest, taxes, depreciation, and amortization (“EBITDA“) and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS“) and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company’s operating performance and therefore highlight trends in Company’s core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company.

2 Based on reporting by Insight Health’s as of December 31, 2023.

 

Company Contact: 

Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]

Oren Shuster, CEO
IM Cannabis Corp.
+972-77-3603504
[email protected]

 

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Canadian Dollars in thousands

December 31,

Note

2023

2022

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$    1,813

$        2,449

Trade receivables

6

7,651

8,684

Advances to suppliers

936

1,631

Other accounts receivable

7

3,889

3,323

Inventory

9

9,976

16,585

24,265

32,672

NON-CURRENT ASSETS:

Property, plant and equipment, net

10

5,058

5,221

Investments in affiliates

15c

2,285

2,410

Right-of-use assets, net

12

1,307

1,929

Deferred tax assets, net

17

763

Intangible assets, net

11

5,803

7,910

Goodwill

11

10,095

9,771

24,548

28,004

Total assets

$       48,813

$       60,676

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Canadian Dollars in thousands

December 31,

Note

2023

2022

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Trade payables

14

$        9,223

$       15,312

Credit from banks and others

13

12,119

9,246

Other accounts payable and accrued expenses

15

6,218

6,013

Accrued purchase consideration liabilities

5

2,097

2,434

PUT Option liability

2,697

Current maturities of operating lease liabilities

12

454

814

32,808

33,819

NON-CURRENT LIABILITIES:

Warrants measured at fair value

17

38

8

Operating lease liabilities

12

815

1,075

Credit from banks and others

394

399

Employee benefit liabilities, net

16

95

246

Deferred tax liability, net

19

963

1,332

2,305

3,060

Total liabilities

35,113

36,879

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY:

20

Share capital and premium

253,882

245,776

Translation reserve

95

1,283

Reserve from share-based payment transactions

9,637

15,167

Accumulated deficit

(249,145)

(239,574)

Total equity attributable to shareholders of the Company

14,469

22,652

Non-controlling interests

(769)

1,145

Total equity

13,700

23,797

Total equity and liabilities

$       48,813

$       60,676

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

Canadian Dollars in thousands

Year ended December 31,

Note

2023

2022

 *) 2021

Revenues

21

$       48,804

$       54,335

$       34,053

Cost of revenues

21

37,974

43,044

25,458

Gross profit before fair value adjustments

10,830

11,291

8,595

Fair value adjustments:

Unrealized change in fair value of biological assets

(315)

6,308

Realized fair value adjustments on inventory sold in the year

(984)

(1,814)

(8,570)

Total fair value adjustments

(984)

(2,129)

(2,262)

Gross profit after fair value adjustments

9,846

9,162

6,333

General and administrative expenses

21

11,008

21,460

17,221

Selling and marketing expenses

21

10,788

11,473

6,725

Restructuring expenses

1

617

4,383

Share-based compensation

20

225

2,637

5,422

Total operating expenses

22,638

39,953

29,368

Operating loss

(12,792)

(30,791)

(23,035)

Finance income

7,006

6,703

23,544

Finance expenses

(3,671)

(1,972)

(673)

Finance income (expense), net

3,335

4,731

22,871

Loss before income taxes

(9,457)

(26,060)

(164)

Income tax expense (benefit)

18

771

(1,138)

500

Net loss from continuing operations

(10,228)

(24,922)

(664)

Net loss from discontinued operations, net of tax

25

(166,379)

(17,854)

Net loss

(10,228)

(191,301)

(18,518)

*)       Reclassified in respect of discontinued operations – see Note 25.

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

Canadian Dollars in thousands, except per share data

Year ended December 31,

Note

2023

2022

 *) 2021

Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:

Remeasurement gain on defined benefit plans

38

59

21

Exchange differences on translation to presentation currency

(894)

(1,238)

858

Total other comprehensive income that will not be reclassified to profit or loss in subsequent periods

(856)

(1,179)

879

Other comprehensive income that will be reclassified to profit or loss in subsequent periods:

Adjustments arising from translating financial statements of foreign operation

231

(246)

530

Total other comprehensive income (loss)

(625)

(1,425)

1,409

Total comprehensive loss

$     (10,853)

$    (192,726)

$      (17,109)

Net loss attributable to:

Equity holders of the Company

$      (9,498)

$    (188,890)

$      (17,763)

Non-controlling interests

(730)

(2,411)

(755)

$       (10,228)

$    (191,301)

$      (18,518)

Total comprehensive loss attributable to:

Equity holders of the Company 

$        (10,648)

$    (190,162)

$      (16,357)

Non-controlling interests 

$        (205)

(2,564)

(752)

$        (10,853)

$    (192,726)

$     (17,109)

Earnings (loss) per share attributable to equity holders of the Company from continuing operations:

22

Basic earnings (loss) per share (in CAD)

$              (0.74)

$          (3.13)

$            0.02

Diluted loss per share (in CAD)

$              (0.74)

$          (3.81)

$           (3.62)

Loss per share attributable to equity holders of the Company from discontinued operations:

Basic and diluted loss per share (in CAD)

$        (23.17)

$          (3.08)

Loss per share attributable to equity holders of the Company from net loss:

Basic earnings (loss) per share (in CAD)

$              (0.74)

$        (26.3)

$          (3.06)

Diluted loss per share (in CAD)

$              (0.74)

$        (26.98)

$          (6.7)

*)       Reclassified in respect of discontinued operations – see Note 25.

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Canadian Dollars in thousands

Share capital and premium

Treasury Stock

Reserve from share-based payment transactions

Translation reserve

Accumulated deficit

Total

Non-controlling interests

Total
equity

Balance as of January 1, 2021

$     37,040

$              –

$       5,829

$       1,229

$   (33,001)

$     11,097

$       1,513

$     12,610

Net loss

(17,763)

(17,763)

(755)

(18,518)

Total other comprehensive income

1,385

21

1,406

3

1,409

Total comprehensive income (loss)

1,385

(17,742)

(16,357)

(752)

(17,109)

Issuance of common shares, net of issuance costs of $3,800

195,259

195,259

2,948

198,207

Purchase of treasury common shares

(660)

(660)

(660)

Exercise of warrants and compensation options

4,293

4,293

4,293

Exercise of options

1,053

(920)

133

133

Share-based compensation

7,471

7,471

7,471

Expired options

32

(32)

Balance as of December 31, 2021

237,677

(660)

12,348

2,614

(50,743)

201,236

3,709

204,945

Net loss

(188,890)

(188,890)

(2,411)

(191,301)

Total other comprehensive income (loss)

(1,331)

59

(1,272)

(153)

(1,425)

Total comprehensive loss

(1,331)

(188,831)

(190,162)

(2,564)

(192,726)

Issuance of treasury common shares

660

660

660

Issuance of shares, net of issuance costs of $178

6,818

6,818

6,818

Exercise of options

992

(659)

333

333

Share-based compensation

3,767

3,767

3,767

Expired options

289

(289)

Balance as of December 31, 2022

245,776

15,167

1,283

(239,574)

22,652

1,145

23,797

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Canadian Dollars in thousands

Share capital
and
premium*)

Reserve from
share-based
payment
transactions

Translation
reserve

Accumulated
deficit

Total

Non-controlling interests

Total
equity

Balance as of December 31, 2022

245,776

15,167

1,283

(239,574)

22,652

1,145

23,797

Net loss

(9,498)

(9,498)

(730)

(10,228)

Total other comprehensive income (loss)

(1,188)

38

(1,150)

525

(625)

Total comprehensive loss

(1,188)

(9,460)

(10,648)

(205)

(10,853)

Issuance of treasury common shares

2,351

2,351

2,351

Issuance of shares, net of issuance costs of $178

Exercise of options

Other comprehensive income Classification

(111)

(111)

(1,709)

(1,820)

Share-based compensation

225

225

225

Expired options

5,755

(5,755)

Balance as of December 31, 2023

253,882

9,637

95

(249,145)

14,469

(769)

13,700

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

Canadian Dollars in thousands

Year ended December 31,

2023

2022

2021

Cash provided from operating activities:

Net loss

$     (10,228)

$ (191,301)

$   (18,518)

Adjustments for non-cash items:

Unrealized gain on changes in fair value of biological assets

(84)

(7,210)

Fair value adjustment on sale of inventory

984

4,342

8,796

Fair value adjustment on warrants, investments, and accounts receivable

(6,955)

(6,000)

(21,638)

Depreciation of property, plant and equipment

644

3,044

3,021

Amortization of intangible assets

1,758

2,343

1,158

Depreciation of right-of-use assets

594

1,944

1,550

Impairment of goodwill

107,854

275

Impairment of property, plant and equipment

2,277

Impairment of intangible assets

7,199

Impairment of right-of-use assets

1,914

Finance income, net

3,019

6,532

1,262

Deferred tax payments (benefit), net

394

(3,004)

278

Share-based payments

225

3,767

7,471

Share based acquisition costs related to business combination

807

Revaluation of other accounts receivable

3,982

Restructuring expenses

8,757

Loss from revaluation of investments

601

1,264

144,867

(4,230)

Changes in non-cash working capital:

Increase (decrease) in trade receivables, net

2,320

6,058

(6,602)

Increase (decrease) in other accounts receivable and advances to suppliers

1,299

3,622

845

Decrease in biological assets, net of fair value adjustments

565

6,412

Increase (decrease) in inventory, net of fair value adjustments

4,771

883

(19,707)

Increase (decrease) in trade payables

(6,098)

11,284

5,573

Changes in employee benefit liabilities, net

(139)

(63)

28

Increase in other accounts payable and accrued expenses

(750)

12,126

2,661

1,403

34,475

(10,790)

Taxes paid

(514)

(681)

(834)

Net cash used in operating activities

(8,075)

(12,640)

(34,372)

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

Canadian Dollars in thousands

Year ended December 31,

2023

2022

2021

Cash flows from investing activities:

Purchase of property, plant and equipment

(581)

(1,562)

(4,578)

Proceeds from sales of property, plant and equipment

210

Proceeds from loans receivable

350

7,796

Purchase of intangible assets

(17)

Acquisition of businesses, net of cash acquired

(12,536)

Deconsolidation of subsidiary (see Note 25)

(406)

Investments in financial assets

(13)

Proceeds from sale of investment

319

Proceeds from (investment in) restricted deposits

17

Investments in associates

(601)

(125)

Net cash used in investing activities

(1,182)

(1,533)

(9,012)

Cash provided by financing activities:

Proceeds from issuance of share capital, net of issuance costs

1,688

3,756

28,131

Proceeds from issuance of warrants measured at fair value

6,585

11,222

Proceeds from exercise of warrants

3,682

Proceeds from exercise of options

333

133

Repayment of lease liability

(586)

(1,656)

(633)

Payment of lease liability interest

(63)

(1,429)

(1,347)

Proceeds from loans

5,482

9,636

7,804

Repayment of loans

(4,827)

(4,976)

Interest paid

(1,664)

(902)

(261)

Proceeds from discounted checks

2,802

Net cash provided by financing activities

9,417

4,762

48,731

Effect of foreign exchange on cash and cash equivalents

(796)

(2,043)

(329)

Increase (decrease) in cash and cash equivalents

(636)

(11,454)

5,018

Cash and cash equivalents at beginning of year

2,449

13,903

8,885

Cash and cash equivalents at end of year

$      1,813

$      2,449

$    13,903

Supplemental disclosure of non-cash activities:

Right-of-use asset recognized with corresponding lease liability

$         309

$         613

$      1,678

Conversion of warrant and compensation options into common shares

$                 –

$             –

$         611

Issuance of shares in payment of purchase consideration liability

$                 –

$      3,061

$             –

Issuance of shares in payment of debt settlement to a non-independent director of the company

$      1,061

$             –

$             –

 

 

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SCHWAZZE

Schwazze Announces Fourth Quarter and Full Year 2023 Financial Results

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schwazze-announces-fourth-quarter-and-full-year-2023-financial-results

 FY 2023 Revenue of $172.4 Million; Income from Operations of $3.3 Million; Adjusted EBITDA of $53.4 Million or 31% of Revenue

 Generated $12.2 Million of Operating Cash Flow in FY 2023

DENVER, March 27, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the fourth quarter and full year ended December 31, 2023.

“This past year, the Schwazze team delivered solid top-line growth in two highly competitive markets with 31% adjusted EBITDA margins and improved operating cash flow,” said Forrest Hoffmaster, Interim CEO of Schwazze. “We continued to sharpen our retail strategy while expanding our store footprint by more than 50% to 63 dispensaries across our two markets. Although the Colorado and New Mexico markets were pressured in 2023, we have built a solid foundation with best-in-class service for our patients and customers. Internally, we are also relentlessly focused on maximizing the operating efficiencies of our manufacturing and cultivation facilities to drive higher yields, improved flower quality, and greater output.”

“With strong demand and over 680 recreational retail stores at year-end, the competitive landscape in Colorado is fierce, underscoring the importance of our investments in and attention to elevating the customer experience. We significantly outpaced the market in Q4 on a sequential and year-over-year basis and expect to bolster our growth through improvements in customer acquisition, retention, and loyalty, as well as in the overall retail experience. Additionally, we are beginning to see wholesale pricing stabilize, which we anticipate will continue based on plant counts and ongoing retail pricing pressure.”

“In New Mexico, the proliferation of new licenses has led to increased competition and aggressive pricing strategies from certain players. Cannabis sales in the state were up 18% across a store base that was over 50% higher year-over-year in Q4, leading to lower average revenue per store. While we are beginning to see a slow-down in net new store openings, we anticipate a challenging market ahead. We remain focused on cost optimization and asset utilization while implementing a balanced pricing and promotional strategy to drive traffic into our stores, where we believe we excel in delivering an elevated retail experience. We are committed to fulfilling our promise of being the retailer of choice in New Mexico.”

“Looking ahead, we are optimistic about the regulatory momentum in the industry at large. In the meantime, we will continue to elevate the customer experience, improve our loyalty program, increase our cost efficiencies, and enhance our retail assets. Our team has a demonstrated track record of executing in competitive markets like Colorado and New Mexico where we remain one of the largest operators. We look forward to driving growth and profitability across each of our markets in 2024.”

Fourth Quarter 2023 Financial Summary

$ in Thousands USD

Q4 2023

Q3 2023

Q4 2022

Total Revenue

$43,325

$46,747

$40,147

Gross Profit

$7,034

$21,438

$21,719

Adjusted Gross Profit[1]

$20,180

$21,438

$21,719

Operating Expenses

$23,276

$12,514

$24,224

Income (Loss) from Operations

$(16,242)

$8,924

$(2,505)

Adjusted EBITDA[2]

$10,953

$14,119

$13,285

Operating Cash Flow

$3,452

$6,946

$6,260

Full Year 2023 Financial Summary

$ in Thousands USD

FY 2023

FY 2022

Total Revenue

$172,448

$159,379

Gross Profit

$76,024

$80,289

Adjusted Gross Profit1

$89,170

$86,830

Operating Expenses

$72,735

$67,434

Income from Operations

$3,289

$12,855

Adjusted EBITDA2

$53,412

$52,010

Operating Cash Flow

$12,201

$6,694

___________________________

1  Adjusted Gross Profit is a non-GAAP measure as defined by the SEC and represents gross profit excluding non-cash inventory adjustments. The Company uses Adjusted Gross Profit as it believes it better explains the results of its core business. See “ADJUSTED GROSS PROFIT RECONCILIATION (NON-GAAP)” section herein for an explanation and reconciliations of non-GAAP measure used throughout this release.

2  Adjusted EBITDA is a non-GAAP measure as defined by the SEC, and represents earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs. The Company uses Adjusted EBITDA as it believes it better explains the results of its core business. See “ADJUSTED EBITDA RECONCILIATION (NON-GAAP)” section herein for an explanation and reconciliations of non-GAAP measure used throughout this release.

Full Year 2023 Operational Highlights

  • Expanded the Company’s retail footprint by more than 50% in New Mexico and Colorado to 63 dispensaries.
  • Completed the acquisition of Everest Apothecary, adding 14 dispensaries, one cultivation facility, and one manufacturing plant to the Company’s New Mexico operations.
  • Acquired Standing Akimbo, the largest medical cannabis dispensary in Colorado, and opened the Company’s first medical dispensary in Colorado Springs under the Standing Akimbo banner.
  • Acquired two Colorado retail dispensaries in Fort Collins and Garden City from Smokey’s.
  • Unveiled an enhanced, custom ecommerce platform in New Mexico under the R. Greenleaf banner.
  • Increased wholesale penetration in Colorado and New Mexico by over 3x year-over-year to more than 27% total door penetration in both states.
  • Grew Lowell Farms pre-roll sales by over 250% in Colorado where it is now the #1 pre-roll in the state. In addition, Lowell is in six of the largest Colorado accounts and will be available for wholesale in New Mexico starting April 1st, 2024.
  • Grew sales with Wana, our fan-favorite gummies brand, by 48% in New Mexico where it is now in 130 doors with eight of the top ten accounts in the state.

Fourth Quarter 2023 Financial Results

Total revenue in the fourth quarter of 2023 increased 8% to $43.3 million compared to $40.1 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period and increased wholesale revenue, partially offset by pricing pressure from the proliferation of new licenses in New Mexico.

Gross profit for the fourth quarter of 2023 was $7.0 million or 16.2% of total revenue, compared to $21.7 million or 54.1% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by one-time, non-cash inventory adjustments of approximately $13.1 million comprised of $3.1 million of product consolidation, obsolescence, and shrinkage expenses, $4.3 million of net realizable value adjustments, and $5.8 million of fair value adjustments on acquired inventory in New Mexico in 2023. Adjusted gross profit, which excludes non-cash inventory adjustments, for the fourth quarter of 2023 was $20.2 million or 46.6% of revenue.

Operating expenses for the fourth quarter of 2023 were $23.3 million compared to $24.2 million for the same quarter last year. The decrease was primarily due to a lower impairment charge in the fourth quarter of 2023. This was partially offset by an increase in four-wall SG&A expenses associated with the 22 additional stores in Colorado and New Mexico that are still ramping, as well as greater salaries and stock-based compensation.

Loss from operations for the fourth quarter of 2023 was $16.2 million compared to $2.5 million in the same quarter last year. The decrease was driven by the aforementioned lower gross profit, primarily related to the non-cash inventory adjustment. Net loss was $33.9 million for the fourth quarter of 2023 compared to $27.3 million for the same quarter last year.

Adjusted EBITDA for the fourth quarter of 2023 was $11.0 million or 25.3% of revenue, compared to $13.3 million or 33.1% of revenue for the same quarter last year. The decrease in Adjusted EBITDA margin was primarily driven by higher operating expenses associated with the 22 additional stores that are still ramping.

As of December 31, 2023, cash and cash equivalents were $19.2 million compared to $38.9 million on December 31, 2022. Total debt as of December 31, 2023, was $156.8 million compared to $127.8 million on December 31, 2022.

Conference Call

The Company will conduct a conference call today, March 27, 2024, at 5:00 p.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2023.

Schwazze management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].

Date: Wednesday, March 27, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 38840334
Webcast: SHWZ Q4 & FY 2023 Earnings Call

The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.

Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 840334

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

About Schwazze

Schwazze (OTCQX: SHWZ) (Cboe: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to explore taking 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” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include financial outlooks; any projections of net sales, earnings, or other financial items; any statements of the strategies, plans and objectives of our management team for future operations; expectations in connection with the Company’s previously announced business plans; any statements regarding future economic conditions or performance; and statements regarding the intent, belief or current expectations of our management team. 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. We have based our forward-looking statements on management’s current expectations and assumptions about future events and trends affecting our business and industry. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Therefore, 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]

MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

(Audited)

(Audited)

Operating Revenues

Retail

$

39,592,779

$

36,868,429

$

155,463,816

$

141,254,893

Wholesale

3,730,749

3,158,670

16,765,425

17,819,938

Other

1,287

120,188

218,545

304,388

Total Revenue

43,324,815

40,147,287

172,447,786

159,379,219

Total Cost of Goods & Services

36,291,059

18,428,528

96,424,150

79,090,461

Gross Profit

7,033,756

21,718,759

76,023,636

80,288,758

Operating Expenses

Selling, General and Administrative Expenses

10,848,029

8,922,627

39,916,518

29,036,962

Professional Services

1,115,457

1,112,975

3,558,501

6,722,554

Loss on Impairment

1,810,890

8,011,405

1,801,740

8,011,405

Salaries

6,561,800

5,292,996

23,883,354

20,990,290

Stock Based Compensation

2,952,669

883,890

3,574,831

2,672,713

Total Operating Expenses

23,288,845

24,223,893

72,734,944

67,433,924

Income from Operations

(16,255,089)

(2,505,134)

3,288,692

12,854,834

Other Income (Expense)

Interest Expense, net

(8,112,391)

(6,827,557)

(32,069,082)

(30,139,645)

Unrealized Gain (Loss) on Derivative Liabilities

1,384,228

(9,690,200)

15,870,233

18,414,760

Other Loss

68,400

3,736

68,400

24,136

Loss on Business Disposition

(1,968,807)

(4,684,366)

(1,968,807)

(4,684,366)

Unrealized Gain (Loss) on Investments

3,083

1,816

(39,270)

Total Other Income (Expense)

(8,628,570)

(21,195,304)

(18,097,441)

(16,424,385)

Pre-Tax Net Income (Loss)

(24,883,659)

(23,700,438)

(14,808,749)

(3,569,551)

Provision for Income Taxes

4,494,049

3,638,695

19,740,595

14,898,064

Net Income (Loss)

$

(29,377,708)

$

(27,339,133)

$

(34,549,344)

$

(18,467,615)

Less: Accumulated Preferred Stock Dividends for the Period

(1,541,341)

(2,508,677)

(8,154,993)

(7,802,809)

Net Income (Loss) Attributable to Common Stockholders

$

(30,919,049)

$

(29,847,810)

$

(42,704,337)

$

(26,270,424)

Earnings (Loss) per Share Attributable to Common Stockholders

Basic Earnings (Loss) per Share

$

(0.43)

$

(0.57)

$

(0.66)

$

(0.49)

Diluted Earnings (Loss) per Share

$

(0.43)

$

(0.57)

$

(0.66)

$

(0.49)

Weighted Average Number of Shares Outstanding – Basic

71,680,200

53,637,003

64,535,245

53,637,003

Weighted Average Number of Shares Outstanding – Diluted

71,680,200

53,637,003

64,535,245

53,637,003

Comprehensive Income (Loss)

$

(29,377,708)

$

(27,339,133)

$

(34,549,344)

$

(18,467,615)

MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars

For the Twelve Months Ended

December 31,

2023

2022

(Audited)

(Audited)

Cash Flows from Operating Activities:

Net Income (Loss) for the Period

$

(34,549,344)

$

(18,467,615)

Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities

Depreciation & Amortization

20,933,541

10,660,172

Non-Cash Interest Expense

4,024,604

4,118,391

Impairment of Goodwill

1,801,740

8,011,405

Non-Cash Lease Expense

7,648,531

3,910,679

Deferred Taxes

(2,090,967)

502,070

Loss on Disposition of Business Units

1,968,807

4,684,369

Change in Derivative Liabilities

(15,870,233)

(18,414,760)

Amortization of Debt Issuance Costs

1,686,049

1,686,048

Amortization of Debt Discount

8,523,493

7,484,613

(Gain) Loss on Investments, net

(1,816)

39,270

Stock Based Compensation

3,590,473

812,073

Changes in Operating Assets & Liabilities (net of Acquired Amounts):

Accounts Receivable

927,259

(105,185)

Inventory

4,571,069

789,399

Prepaid Expenses & Other Current Assets

1,579,349

(2,770,179)

Other Assets

263,419

(248,682)

Change in Operating Lease Liabilities

(7,498,128)

(13,113,041)

Accounts Payable & Other Liabilities

(3,241,850)

11,845,245

Income Taxes Payable

17,934,967

5,270,074

Net Cash Provided by (Used in) Operating Activities

12,200,963

6,694,346

Cash Flows from Investing Activities:

Collection of Notes Receivable

11,944

Cash Consideration for Acquisition of Business, net of Cash Acquired

(15,834,378)

(58,981,226)

Purchase of Fixed Assets

(7,865,654)

(14,007,892)

Purchase of Intangible Assets

(2,750,000)

Investment in Private Entity

(2,000,000)

Net Cash Provided by (Used in) Investing Activities

(26,438,088)

(74,989,118)

Cash Flows from Financing Activities:

Payment on Notes Payable

(5,354,218)

(134,498)

Proceeds from Issuance of Common Stock

978,308

Payment for Statutory Withholdings on RSU

(108,978)

Net Cash Provided by (Used in) Financing Activities

(5,463,196)

843,810

Net (Decrease) in Cash & Cash Equivalents

(19,700,321)

(67,450,962)

Cash & Cash Equivalents at Beginning of Period

38,949,253

106,400,216

Cash & Cash Equivalents at End of Period

$

19,248,932

$

38,949,253

Supplemental Disclosure of Cash Flow Information:

Cash Paid for Interest

$

17,896,954

$

15,243,990

Cash Paid for Income Taxes

5,000,000

12,340,000

MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended December 31, 2023 and 2022
Expressed in U.S. Dollars

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2023

2022

2023

2022

Net Income (Loss)

$

(29,364,680)

$

(27,339,133)

$

(34,549,344)

$

(18,467,615)

Interest Expense, net

8,112,391

6,827,557

32,069,082

30,139,645

Provision for Income Taxes

4,494,049

3,638,695

19,740,595

14,898,064

Other (Income) Expense, net of Interest Expense

516,180

14,367,747

(13,971,641)

(13,715,260)

Depreciation & Amortization

3,162,425

3,701,128

18,970,960

12,524,677

Earnings Before Interest, Taxes, Depreciation and

Amortization (EBITDA) (non-GAAP)

$

(13,079,635)

$

1,195,994

$

22,259,652

$

25,379,511

Non-Cash Stock Compensation

1,597,157

883,890

2,219,319

2,672,713

Deal Related Expenses

2,196,733

1,914,820

5,528,048

6,822,111

Capital Raise Related Expenses

1,779

(257,271)

38,559

533,958

Inventory Adjustment to Fair Market Value for

Purchase Accounting

5,792,488

5,792,488

6,541,651

One-Time Inventory Impairment

7,353,972

7,353,972

One-Time Goodwill Impairment

1,801,740

8,011,405

1,801,740

8,011,405

Severance

111,752

263,374

537,584

334,910

Retention Program Expenses

505,655

Employee Relocation Expenses

5,065

(3,750)

70,107

15,360

Pre-Operating & Dark Carry Expenses

2,663,824

1,027,738

2,663,824

1,027,738

One-Time Legal Settlements

1,204,058

440,000

1,204,058

440,000

Other Non-Recurring Items

1,304,501

(191,674)

3,436,773

230,858

Adjusted EBITDA (non-GAAP)

$

10,953,434

$

13,284,526

$

53,411,779

$

52,010,215

Revenue

43,324,815

40,147,287

172,447,786

159,379,219

Adjusted EBITDA Percent

25.3 %

33.1 %

31.0 %

32.6 %

View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-fourth-quarter-and-full-year-2023-financial-results-302101678.html

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