Devonian Health Group Reports Second Quarter 2024 Financial Results and Business Update
Management Comments
"This has been a truly transformative quarter for Devonian,” said
Second Quarter 2024 – Business Highlights
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In January,
Altius Health Care Inc. , the Company’s wholly owned subsidiary (“Altius”), launched the first authorized generic of DEXLANSOPRAZOLE inCanada to treat symptoms of gastroesophageal reflux disease (GERD). - The Company continued to progress its preparation for its planned phase II/III clinical study for ThykamineTM in the treatment of mild to moderate atopic dermatitis in pediatric patients, including preparatory work in the qualification of the product to be used in our clinical studies.
- The Company simplified its “common” shares denomination and was given discretion by shareholders to consolidate its shares (the “Share Consolidation”), if it is deemed useful to help broaden its pool of potential investors or enable it to satisfy listing requirements of US and other stock exchanges.
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Leadership has been bolstered with pharmaceutical industry and capital markets experts.
David Baker appointed as non-executive Chairman.- Luc Grégoire appointed as President and CEO.
Katherine Gregory appointed to Board of Directors inFebruary 2024 .
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The Company was issued a
U.S. patent for ThykamineTM to treat inflammatory bowel disease (“IBD”) and filed a Patent Cooperation Treaty (PCT) patent application for Thykamine™ in wound healing.
Second Quarter 2024 - Financial Highlights
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Distribution revenue for the quarter was
$2.28 million , up 402% year over year, driven by the launch of DEXLANSOPRAZOLE near the end of the quarter. For the 6-month year-to-date period, distribution revenue was$3.54 million , up 311% year over year.
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Net loss for the quarter was
$1.2 million , or$0.01 per share, in line with the year-ago quarter. For the 6-month year-to-date period, net loss was$1.93 or$0.01 per share, as compared to a$0.02 loss per share for the same period last year.
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Cash was
$1.0 million , and long-term debts were totally paid off at quarter end, compared to cash of$5.1 million and long-term debts of$3.7 million at the beginning of the year.
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After quarter end, liquidity was increased through the closing on
February 23, 2024 , of a one-year term loan of$2.16 million , and the closing onMarch 13, 2024 , of a private placement offering of$223,800 .
To consult the Interim Condensed Consolidated Financial Statements for the three and six-month periods ended
About Devonian
Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian also owns a commercialization subsidiary,
For more information, visit www.groupedevonian.com
About Altius
Altius is a specialty pharmaceutical company with a primary focus of acquiring and in-licensing safe and innovative medicines and healthcare products designed to help people of all ages live healthier lives. Altius then leverages its expertise in the commercialisation activities required to successfully launch and distribute these medicines in
For more information, visit www.altiushealthcare.ca
Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained in this press release including, but not limited to those relating, the impact of proposed optimizations at the Corporations's projects, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, changes in accounting policies, the impact of inflation, the PCT patents for ThykamineTM might not be granted, the approval of the Exchange in connection with the Share Consolidation, the ultimate consolidation ratio selected, the Corporation’s intention and ability to list the shares on a
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that these assumptions will prove to be correct and there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the applicable securities regulators of
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240328311676/en/
Mr.
President and CEO
Telephone: (450) 979-2916
E-mail: investors@groupedevonian.com
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