ODI Pharma AB (“ODI” or the “Company”) hereby publishes its half-year report for the period July – December 2022. 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.
Second quarter (2022-10-01 – 2022-12-31)
The Group's net sales amounted to SEK 73,276 (458,620).
The Group's loss after financial items amounted to SEK -1,735,431 (-1,401,502).
Result per share amounted to SEK -0.11 (-0.09).*
Six months (2022-07-01 – 2022-12-31)
The Group’s net sales amounted to SEK 101,282 (458,620).
The Group’s loss after financial items amounted to SEK -3,419,942 (-2,576,890).
Result per share amounted to SEK -0.22 (-0.17).*
The solidity as of 2022-12-31 was 81% (93%).**
* 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 December 2022, 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 -0.22 (-0.17) for the first six months 2022-07-01 to 2022-12-31. ** Solidity: Equity divided by total capital.
Highlights during Q2
December – ODI Pharma held its Annual General Meeting. A summary of the resolutions is available on ODI Pharma’s website (https://www.odipharma.com/).
Highlights after the end of the period
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.
Comments by CEO Derek Simmross
I am delighted to say that we have started the new year with an important step forward with Project Poland. With our Marketing Authorization Holder application now approved, we can continue to work on getting all the necessary transit permits in place to begin our operations on the Polish market.
As we have previously communicated, we have been working for the past two years to get our Marketing Authorization Holder application approved, it is therefore extremely gratifying that we have now received it and that we are now in a position where we have the right to carry out medical cannabis operations and upcoming business activities on the Polish market.
We have an already established cooperation with one of the leading pharmaceutical wholesales in Poland, NEUCA, and a supply contract with a wholly owned subsidiary of the largest cannabis producers in the world who is a first-tier producer operating at the highest standards. I am confident that this puts us in a very good position to take Project Poland forward. The market for medical cannabis in Poland has great potential and we look forward to ODI Pharma being able to help patients suffering from MS, epilepsy, and other diseases.
While much of our work is being put into Project Poland as it is our main focus, we continue to work on establishing our CBD-infused skincare brand kandol. on the European market under Project Skin. It is clear that the interest in cannabinoids in cosmetics is high and it is therefore important that we ensure that kandol. can be offered to the market through our collaborations with European retailers, skin clinics, pharmaceutical distribution platforms and online partners. We are also working to strengthen our social media presence to reach out to potential customers.
Finally, I would like to thank our shareholders who continue to follow our journey towards becoming a European leader in the pharmaceutical market for offering medical cannabis products and CBD-infused skin care products. Together, we now look forward to the development we have ahead of us in the second half of the financial year.
For more information on ODI Pharma, please contact:
Derek Simmross, CEO, ODI Pharma AB
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.