ODI Pharma AB receives loan financing of EUR 350,000
ODI Pharma AB (“ODI” or “the Company”) hereby announces that the Company has secured loan financing of EUR 350,000 from an external international party in order to create flexibility in the operations.
Loan financing terms and purpose in summary
ODI has, as communicated in January 2023, received approval of the Company’s Marketing Authorization Holder (MAH) application from the Office for Registration of Medicinal Products, Medical Devices and Biocidal Products in Poland to distribute and sell its products on the Polish market. The Company thus has the right to distribute and sell its medical cannabis products on the Polish market. Simultaneously, ODI has continued the work on establishing the skincare brand kandol. and ensuring that it can be offered to the market through ODI’s collaborations with European retailers, skin clinics, pharmaceutical distribution platforms and online partners.
In order to create further financial flexibility in the operations, the Company has secured a loan financing of EUR 350,000 from PSE Topsource SL. The loan runs with an interest rate of 1.7 percent per started 30-day period during until the maturity date, which is on February 29th, 2024. ODI can repay the loan and interest at any time before the maturity date. Apart from this loan, ODI has no short- or long-term interest-bearing liabilities.
For more information on ODI, please contact:
Derek Simmross, CEO, ODI Pharma AB
This information is information that ODI Pharma is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above on 01 June 2023.
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.