ODI Pharma AB: Publication of interim report for the third quarter 2020/2021
ODI Pharma AB (“ODI” or “the Company”) hereby publishes its interim report concerning the period July 2020 – March 2021. 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 (2021-01-01 – 2021-03-31)
The Group's net sales amounted to SEK 0 (SEK 1,567).
The Group's loss after financial items amounted to SEK -41,280 (SEK -1,662,333).
Result per share amounted to SEK -0.0031 (SEK -0.11).*
The solidity as of 2021-03-31 was 99.63% (93.51%).**
Nine months (2020-07-01 – 2021-03-31)
The Group's net sales amounted to SEK 0 (SEK 218,520).
The Group's loss after financial items amounted to SEK -2,081,166 (-3,712,338).
Result per share amounted to SEK -0.14 (SEK -0.28).*
The solidity as of 2021-03-31 was 99.63 % (93.51).**
* 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 31, 2021, 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 -0,14 (-0,28) for the nine-month period 2020-07-01-2021-03-31.
** Solidity: Equity divided by total capital.
Highlights during Q3
• January – ODI Pharma announced that the Company proceeds with its plans on expanding its current business and launch Project Skin.
• February – The Company announced that its subsidiary ODI Pharma Polska Sp. z o.o. has finalized documentation and filed the application to obtain a marketing authorization for the sale of medicinal cannabis, manufactured by Aphria Inc., with the Polish Health Agency.
• February – ODI Pharma published the interim report for the second quarter and first half-year 2020/2021.
Highlights after the period
• April – ODI Pharma published a progress update regarding “Project Poland” and “Project Skin”, where both projects are developing in line with expectations. As part of its business strategy for Project Skin, ODI Pharma appointed Thomas Cramer as Head of Sales Cosmetics.
CEO Derek Simmross comments
As ODI Pharma’s third quarter meets its end, I am very pleased to see our Company expanding by creating new business opportunities within the skincare industry. During the past quarter, we communicated our intent of creating innovative, high-quality products. After quarter-end, we were excited to reveal our new product line consisting of a CBD infused facial cream, facial mask and body balm. Through sustainable packaging of these vegan products, ODI Pharma is carving out a unique market position, targeting a growing segment of the cannabis industry.
Moreover, great progress has been made in preparation for the market launch of the new product line under the brand name “kandol.”, an innovative brand based on beauty and scientific knowledge. The products will contain what we would describe as the Golden Standard of Cannabidiol (CBD), designed to meet the EU-approved definition of cannabidiol as an antioxidant, antiseborrheic, skin conditioner, and skin protector.
With kandol. as an additional platform, ODI Pharma aims to increase customer awareness and further strengthen our position in the European Medical Cannabis Industry. The products will be launched across the EU, with an initial focus on a few markets, including Sweden.
As part of this business strategy, we have recruited Thomas Cramer as our new Head of Sales Cosmetics. Thomas holds vast experience in the cosmetics industry and will in his role, together with the Board of Directors, coordinate the European sales and marketing. We are thrilled to have him on board.
In our core business of medical cannabis during the third quarter, we also charged forward. In that we finalized documentation and filed the application intending to obtain a marketing authorization concerning the sale of medical cannabis with the Polish Health Agency – a very important step towards starting our selling operations in Poland. While working toward approval, we are readying educational activities and taking organizational measures to prepare for market access.
All in all, ODI Pharma is standing strong as we conclude the quarter: with new products on the way and a submitted application with the Polish Health Agency. By broadening the Company's offering and increasing customers' awareness of ODI Pharma, we continuously strengthen our market position and presence on the European market.
CEO, ODI Pharma AB
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 products and cosmetics 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.