ODI Pharma AB: Publication of interim report for the first quarter 2020
ODI Pharma AB (“ODI” or “the Company”) hereby publishes its interim report for the period July 2019 – March 2020. 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
“ODI Pharma has completed its first quarter as a listed company and we can conclude that things are moving fast and, in the broad perspective, as expected. Looking back at the first three months of 2020 we couldn´t be happier regarding the support in connection to the IPO. As we have communicated, the subscription rate amounted to approximately 383% and the company received approximately SEK 25 million before issue costs. We are targeting a market with enormous potential and we are convinced that ODI Pharma has the right prerequisites to realize our goals.”
Q3 2020 (2020-01-01 – 2020-03-31)
The Group's net sales amounted to SEK -6 076.
The Group's loss after financial items amounted to SEK -1 662 333.
Result per share amounted to SEK -0,11.*
The solidity as of 2020-03-31 was 94%.**
Nine months (2019-07-01 – 2020-03-31)
The Group's net sales amounted to SEK 218 532.
The Group's loss after financial items amounted to SEK -3 712 338.
Result per share amounted to SEK -0,45.*
The solidity as of 2020-03-31 was 94%.**
* 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 March 31st, 2020, amounted to 15,220,000 shares. The result per share based on the average number of shares (8 258 175,18) amounts to SEK -0,45 for the nine month period 2019-07-01 – 2020-03-31.
** Solidity: Equity divided by total capital.
Highlights during Q3
• 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.
• January – ODI Pharma’s supplier of medical cannabis received its European Union Good Manufacturing Practices ("EU-GMP") certification as an active substance manufacturer.
• January – ODI Pharma's founders made a comment on their minor sell of shares, returning to approximate Pre IPO shareholding levels.
Highlights after Q3
• February – ODI Pharma published half-yearly report 2019.
• April – ODI Pharma announced that the Board of Directors does not see any impact on the Company’s mid- and long-term goals due to COVID-19. At the same time the current situation has caused ODI Pharma to experience a delay in the implementation of the import process.
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 May 28th, 2020.
ODI Pharma AB
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.