ODI Pharma AB: Publication of half-yearly report 2019
ODI Pharma AB (“ODI” or “the Company”) hereby publishes its half-yearly report for the period October – December 2019. 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.
CEO Derek Simmross comments:
“We are thankful that ODI Pharma is now a publicly listed company on Spotlight Stock Market. This puts ODI Pharma Group in a stronger position. Our focus going forward is to establish ODI Pharma initially on the Polish market and build a strong revenue stream. Our efforts are split among product awareness, brand development, increasing customer base and education. We see the future of ODI Pharma Group as very bright and that the board and I are confident that we will accomplish our mission and investors will benefit from our initiatives. Our business model is the correct one in our industry as we are focusing on revenue stream with low overhead to provide a promising return profile. The industry has huge potential and we are going to make the opportunity happen! Thank you for your support.
The Group's net sales amounted to SEK 72 741.
The Group's loss after financial items amounted to SEK -1 401 276.
Result per share amounted to SEK -0,11.*
The solidity was 80%.**
* 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 December 31st, 2019, amounted to 12,500,000 shares. Previous to the foundation of ODI Pharma AB on the 23rd of October, the group consisted of 1000 shares of ODI Pharma Schweiz AG and its Polish subsidiary ODI Pharma Polska Sp. Z o.o. The number of shares used for the result per share for the second quarter of 2019 was 12,500,000 (this is not identical to the average amount of shares during the quarter). Note: during December 2019, ODI Pharma carried out a new share issue, which after registration in January 2020 increased the number of shares. The number of shares after the registration amounts to 15,220,000 shares.
** Solidity: Equity divided by total capital.
Highlights during Q1-Q2
• December – Spotlight Stock Market announced that ODI Pharma was approved for listing.
• December – The subscription period started in the new issue of shares.
Highlights after Q1-Q2
• January – The interest in the new share issue was significant. The subscription rate amounted to approx. 383% and ODI Pharma received approx. SEK 25 million before issue costs.
• January – The new share issue was partially registered at the Swedish Companies Registration Office. 2,579,114 shares out of the total of 2,720,000 shares that were subscribed in the new share issue, were registered.
• January – The second and final part of the Company´s new share issue was registered.
• January – ODI Pharma's first day of trading in the Company's share on Spotlight Stock Market commenced.
ODI Pharma AB, Engelbrektsgatan 9–11, 114 32 Stockholm, Sweden. www.odipharma.com
January – ODI Pharma's founders made a comment on their sell of shares.
For more information on ODI Pharma, please contact:
Derek Simmross, CEO, ODI Pharma AB
This press release contains information that ODI Pharma is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on February 27th, 2020.
ODI Pharma, based on its European network, subsidiaries and affiliates, is a producer of finished pharmaceutical cannabis 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.