ODI Pharma AB: Publication of interim report report Q3 2022/2023
ODI Pharma AB ("ODI" or the "Company") hereby publishes its interim report for the period July 2022 - March 2023. The report is available as an attached document to this press release and on the Company's website (www.odipharma.com). Below is a summary of the report.
Third quarter (2023-01-01 - 2023-03-31)
The Group's net sales amounted to SEK 10,801 (71,298)
The Group's loss after financial items amounted to SEK -942,440 (-2,344,281)
Result per share amounted to SEK -0.06 (-0.15)*
Nine months (2022-07-01 - 2023-03-31)
The Group's net sales amounted to SEK 112,083 (529,918)
The Group's loss after financial items amounted to SEK -4,362,383 (-4,921,171)
Result per share amounted to SEK -0.29 (-0.32)*
The solidity as of 2023-03-31 was 80% (95%)**
* The Company's result per share: The result for the period divided by the number of shares at the end of the period. The total number of shares as of 31st of March 2023, amounted to 15 220 000 (15 220 000) shares. The result per share based on the average number of shares of 15,220,000 (15,220,000) amounts to SEK -0.29 (-0.32) for the nine months 2022-07-01 to 2023-03-31.
** Solidity: Equity divided by total capital.
Highlights during Q3
January - ODI Pharma received approval from the Office for Registration of Medicinal Products, Medical Devices and Biocidal Products (URPL) in Poland for its Marketing Authorization Holder (MAH) application. The approval means that ODI Pharma has the right to distribute and sell its medical cannabis products on the Polish market.
Highlights after the end of the period
No significant highlights after the end of the period.
Comments by CEO Derek Simmross
ODI Pharma continues to make progress by strengthening our presence in the market for medicinal cannabis and CBD-infused cosmetic products. At the beginning of 2023, we received the gratifying news that we have had our Marketing Authorization Holder application approved, which means that we can continue our efforts to get all the necessary approvals in place to start our operations in the Polish market. This is an important step forward in Project Poland.
The approval from the Office for Registration of Medicinal Products, Medical Devices and Biocidal Products (URPL) in Poland means that we have the rights to distribute and sell medicinal cannabis products on the Polish market. This is an important milestone for us as we have spent 3 years of intensive work to get the approval and thus continue the work required to introduce our products on the Polish market as soon as possible. We remain convinced that the Polish market has very good potential and we look forward to helping patients suffering from diseases such as MS and Epilepsy. In addition to our work on Project Poland, we are constantly monitoring the acceptance of medicinal cannabis in the wider European market.
While working on Project Poland, we also continue to work on Project Skin and our CBD-infused skincare line kandol. Our work to increase brand awareness continues through, among other things, our presence on social media. We are also developing our partnerships with retailers, skin clinics and pharmaceutical distribution platforms in the European market. Our online presence is of the highest importance as we are convinced that a continued increased online presence is an important factor in achieving our goals.
I would like to conclude by thanking our shareholders who are following our continued journey in the European market for medicinal cannabis and CBD-infused skincare products. We look forward to continuing our efforts to strengthen our presence in the last quarter of the fiscal year.
For more information on ODI Pharma, please contact:
Derek Simmross, CEO, ODI Pharma AB
E-mail: [email protected]
ODI Pharma AB
ODI Pharma, based on its European network, subsidiaries and affiliates, is a producer and representative of finished pharmaceutical cannabis and cosmetics products with a focus on distribution to the medical cannabis market in Europe through its subsidiary ODI Pharma Polska Sp. z o.o. ODI Pharma intends to provide a high-quality product at a competitive price compared to competitors in Poland, thereby becoming the number one provider of medical cannabis in Poland. ODI Pharma also strives to be on the forefront of understanding the medical applications of the product as well as introducing new, innovative products to the European patients in need. The Company will continue to team up with the most knowledgeable and best renown partners in the industry to achieve its goals.