ODI Pharma AB (“ODI” or the “Company”) hereby publishes its interim report for the period July 2023 – September 2023. 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.
First quarter (2023-07-01 – 2023-09-30)
The Group's net sales amounted to SEK 528 206 (28 006).
The Group's loss after financial items amounted to SEK -1 442 544 (-1 598 205).
Result per share amounted to SEK -0.09 (-0.11).*
The solidity as of 2023-09-30 was 15% (90%).**
* 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 30th of September 2023, 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 -0,09 (-0,11) for the first three months 2023-07-01 to 2023-09-30.
** Solidity: Equity divided by total capital.
Highlights during Q1
August – ODI Pharma entered through its Polish subsidiary into a collaboration agreement (“Agreement”) with Synoptis Pharma Sp. Z o.o. (“Synoptis”) under which ODI becomes the exclusive supply partner for medicinal cannabis flos products to Synoptis for a period of 5 plus additional optional 3.5 years covering all Eastern and Southeastern European markets, including Poland, Czech Republic, Ukraine, Croatia etc.
Highlights after the end of the period
No significant highlights after the end of the period.
Comments by CEO Derek Simmross
As we commence the first quarter of the fiscal year, it is with a measured and strategic outlook that we approach the ongoing development of ODI Pharma. Our previous year’s efforts have laid a solid foundation, and we are now poised to build upon this groundwork to advance our position in the medicinal cannabis and CBD-infused cosmetic products market.
The approval of our Marketing Authorization Holder (MAH) application by the Polish authorities last year was a significant regulatory milestone. It has enabled us to initiate the distribution and sale of our medical cannabis products within Poland, a key market for our strategic expansion. This development is expected to contribute positively to our operational capabilities and market reach.
Our kandol. Skincare brand continues to be a focus, with our efforts concentrated on ensuring its availability and prominence through our established European retail and online partnerships. These initiatives are crucial as they facilitate access to our products and support our mission to deliver quality and innovation in skincare.
The financial loan of EUR 350,000 from PSE Topsource SL, secured previously, has provided us with a buffer to enhance our financial flexibility. This strategic financial planning is part of our commitment to ensuring the company’s stability and ability to adapt to market dynamics.
The exclusive supply agreement with Synoptis Pharma Sp. Z o.o. has positioned us as a primary supplier of medicinal cannabis flos products in the Eastern and Southeastern European markets. This agreement underscores our role in the region and aligns with our strategic objectives for growth.
We are grateful for the continued support of our shareholders, whose confidence in our vision and strategy is invaluable. The approval of our MAH application is a step forward in our mission to provide relief to patients with conditions such as MS and Epilepsy and reflects the growing acceptance of medicinal cannabis in Europe.
As we move through the current fiscal year, we do so with a focus on operational excellence and strategic growth. We are mindful of the opportunities and challenges that lie ahead and remain committed to our goals of expanding our market presence and driving innovation in our product categories.
Our dedication to improving patient lives through our products is unwavering, and we continue to monitor the market for new developments that can enhance our offerings and extend our reach.
In closing, we maintain our strategic approach, steadfast in our readiness to navigate the complexities of our industry and to pursue opportunities that align with our long-term objectives.
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.