ODI Pharma AB: Publication of year-end report for the fiscal year 2022/2023
ODI Pharma AB (“ODI” or the “Company”) hereby publishes its year-end report for the period July 2022 – June 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.
Fourth quarter (2023-04-01 – 2023-06-30)
The Group's net sales amounted to SEK 38 418 (14 233)
The Group's loss after financial items amounted to SEK -1 896 506 (-2 378 022)
Result per share amounted to SEK -0,12 (-0,16)*
Fiscal year (2022-07-01 – 2023-06-30)
The Group's net sales amounted to SEK 139 457 (544 151)
The Group's loss after financial items amounted to SEK -6 156 097 (-7 299 193)
Result per share amounted to SEK -0,40 (-0,48)*
The solidity as of 2023-06-30 was 37% (88%)**
* 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 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 -0,40 (-0,48) for the twelve months 2022-07-01 to 2023-06-30.
** Solidity: Equity divided by total capital.
Highlights during the fiscal year
Fourth quarter (2023-04-01 – 2023-06-30)
· June – ODI Pharma secured loan financing of EUR 350,000 from an external international party in order to create flexibility in the operations.
Third quarter (2023-01-01 – 2023-03-31)
· January – ODI Pharma received approval from the Office for Registration of Medicinal Products, Medical Devices and Biocidal Products (URPL) in Poland for its Marketing Authorization Holder (MAH) application. The approval means that ODI Pharma has the right to distribute and sell its medical cannabis products on the Polish market.
Second quarter (2022-10-01 – 2022-12-31)
· December – ODI Pharma held its Annual General Meeting. A summary of the resolutions is available on ODI Pharma’s website (https://www.odipharma.com/).
First quarter (2022-07-01 – 2022-09-30)
· No significant highlights during the period.
Highlights after the end of the fiscal year
· 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.
Comments by CEO Derek Simmross
As we reflect on the conclusion of another fiscal year, I feel a sense of accomplishment and enthusiasm to share the progress made by ODI Pharma. We have made significant strides in strengthening our position in the medicinal cannabis and CBD-infused cosmetic products market, and we are well on our way to becoming a leader in our field.
In January 2023, we received exciting news that our Marketing Authorization Holder (MAH) application was approved by the Office for Registration of Medicinal Products, Medical Devices, and Biocidal Products in Poland. This approval grants us the right to distribute and sell our exceptional range of medical cannabis products in the Polish market, solidifying our presence and opening up new avenues for growth. Simultaneously, we have been diligently working to establish the kandol. skincare brand, ensuring its seamless availability through collaborations with reputable European retailers, skin clinics, pharmaceutical distribution platforms, and online partners.
To strengthen our financial flexibility and support our operations, we are pleased to announce that we have secured a loan financing of EUR 350,000 from PSE Topsource SL. This strategic move enables us to create further stability as we navigate the dynamic landscape of our industry, representing a significant step towards our continued growth and success.
In August we were pleased to announce that a new collaboration agreement with Synoptis Pharma Sp. Z o.o. through our Polish subsidiary. This agreement designates ODI as the exclusive supplier of medicinal cannabis flos products to Synoptis across Eastern and Southeastern European markets, reinforcing our role as a key player in the region. With coverage in 23 countries and a range of products, this partnership solidifies ODI's position as a primary medicinal cannabis supplier, reflecting our commitment to innovation and strategic growth.
As we express our gratitude to our dedicated shareholders for their unwavering support and belief in our vision, we remain committed to our core mission of making a positive impact on the lives of patients. The approval of our MAH application in Poland sets the stage for bringing relief to individuals suffering from conditions such as MS and Epilepsy. We closely monitor the evolving acceptance of medicinal cannabis in the broader European market, recognizing the potential for further growth and collaboration.
As we embark on a new fiscal year, we do so with a sense of optimism. We will continue to strengthen our market presence, explore new opportunities, and drive innovation in the realm of medicinal cannabis and CBD-infused skincare products. Our commitment to excellence and dedication to improving lives remain at the forefront of all that we do.
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.