ODI Pharma AB: Publication of year-end report for the financial year 2020/2021
ODI Pharma AB (“ODI” or the “Company”) hereby publishes its year-end report for the fourth quarter and financial year 1st of July 2020 – 30th of June 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.
Fourth quarter (2021-04-01 – 2021-06-30)
The Group's net sales amounted to SEK 0 (-218 520).
The Group's loss after financial items amounted to SEK -1,886,158 (-1,229,862).
Result per share amounted to SEK -0.12 (-0.08).*
The solidity as of 2021-06-30 was 96.55 % (96.23).**
12 months (2020-07-01 – 2021-06-30)
The Group's net sales amounted to SEK 0 (0).
The Group's loss after financial items amounted to SEK -3,967,324 (-4,942,199).
Result per share amounted to SEK -0.26 (-0.36).*
The solidity as of 2021-06-30 was 96.55 % (96.23).**
* 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 June 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 (13,860,000) amounts to SEK -0.26 (-0.36) for the twelve-month period 2020-07-01 to 2021-06-30.
** Solidity: Equity divided by total capital.
Highlights during Q4
· April – ODI Pharma announced an update regarding the development of Project Skin and Project Poland and both projects were developing in accordance with the Company’s set plans and expectations.
· May – The Company published its interim report for the period July 2020 – March 2021.
Highlights after the period
· July – ODI Pharma announced that Niclas Kappelin acquired 20,000 shares in ODI Pharma and that he thereby exceeded the threshold of five percent.
· August – ODI Pharma approved the official launch of the exclusive CBD infused skincare line kandol., which will be available online at www.kandol.net starting mid-September 2021.
CEO Derek Simmross comments
ODI Pharma has made several important decisions to carve out a unique market position in the European cannabis market over the last year and can with pride look back on achieving significant milestones.
In January 2021, we decided to expand our business creating specialized skin care products under the innovative brand “kandol.”. The product line consists of CBD-infused facial cream, face mask, and body balm and after intensive preparation, I’m very proud to announce that we will begin our next financial year by launching these products. What is even more exciting is that test results, made by an independent firm, have confirmed kandol. as one of the most effective skincare products, proving that we have found a disrupting formula that shows outstanding effects.
We are confident that kandol. represents significant growth potential for ODI Pharma. The products will as an initial step be launched online, starting mid-September 2021. As you would expect, we are currently carrying out all necessary steps to achieve a successful launch that attracts customers to our unique product line.
Also, I would like to reassure our investors at this point that we continue to follow our core principles which includes the efficient and turnover related use of funds. This also applies, of course, to our cosmetics products in “Project Skin”.
Another important milestone was that we finalized documentation and applied to obtain marketing authorization for the sale of medicinal cannabis with the Polish Health Agency in February 2021.
As of today, the Polish approval process is developing as expected, and we are working tirelessly to accommodate unique demands for the Polish market. We hope to soon enter a market with great return potential, to the benefit of both Polish patients in need of medical cannabis, and our shareholders. We are at the same time preparing our plan to enter the Polish market with supporting educational activities and organizational measures to prepare for market access.
Thanks to our devoted team we will now continue to focus on broadening our offering and increase consumers' awareness of ODI Pharma and additionally our brand “kandol.”. Additionally, the founders have still as of yet, not taken salaries (besides a Director fee). The salary line item in our income statement, represents approved director fees and the welcome addition of a senior cosmetics sales representative. We will now continue to work diligently on building shareholder value and would like to send a special thanks to the trust you put in our business as we continue to 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 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.