Quebec City, March 28, 2024–(BUSINESS WIRE)–Devonian Health Group Inc. (“Devonian” or “company“) (TSXV:GSD; OTCQB: DVHGF) today announced its financial results for the second quarter ended January 31, 2024.
Management comment
”This was a truly transformative quarter for Devonia'' said Luc Grégoire, president and CEO of Devonian.We will strengthen our organizational structure and focus on activities aimed at the continued development of Chikamin.TM In atopic dermatitis, we have made significant progress in all operational and strategic areas, including 400% sales growth, eliminating long-term debt, and continuing to grow our patent assets. The power of our team is exactly what we need at this moment to maximize the opportunities that exist within our pipeline and strategy.. ”
Q2 2024 – Business Highlights
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In January, Our wholly owned subsidiary, Altius Health Care Inc. (“Altius”), has launched the first approved generic version of dexlansoprazole to treat symptoms of gastroesophageal reflux disease (GERD) in Canada.
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The company continued to prepare for its planned Phase II/III clinical trial of ticamine.TM Includes preparatory work for qualification of products used in our clinical studies in the treatment of mild to moderate atopic dermatitis in pediatric patients.
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The Company has been granted the discretion by its stockholders to simplify the denomination of its “common” shares and to consolidate its shares (“reverse stock split”), if it is deemed useful to expand the pool of potential investors or to enable us to meet the listing requirements of U.S. and other stock exchanges.
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Leadership was strengthened by pharmaceutical industry and capital markets experts.
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Mr. David Baker is appointed non-executive chairman.
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Luc Grégoire appointed president and CEO
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Catherine Gregory was appointed to the Board in February 2024.
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We have obtained a US patent for chickamine.TM To treat inflammatory bowel disease (“IBD“) and the Patent Cooperation Treaty (PCT) Patent application for Thikamin™ in wound healing.
Q2 2024 – Financial Highlights
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Sales revenue for the quarter increased 402% year-over-year to $2.28 million due to the launch of dexlansoprazole near the end of the quarter. In the six months since the beginning of the year, his distribution revenue was $3.54 million, an increase of 311% from the same period last year.
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Net loss for the quarter was $1.2 million, or $0.01 per share, on par with the same period last year. For the first six months of the year, its net loss was $1.93, or a loss of $0.01 per share. This compared to a loss of $0.02 per share in the same period last year.
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At the end of the quarter, the company had $1.0 million in cash and fully repaid its long-term debt, compared to $5.1 million in cash and $3.7 million in long-term debt at the beginning of the year.
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After the close of the quarter, liquidity was increased by a $2.16 million one-year term loan closing on February 23, 2024 and a $223,800 private placement closing on March 13, 2024.
To view our interim condensed consolidated financial statements for the three and six months ended January 31, 2024 and 2023, please click on the link below. https://groupedevonian.com/investor-center/financial-reports/
About the Devonian period
Devonian Health Group Inc. is a late-stage botanical pharmaceutical company delivering novel treatments targeting unmet medical needs. Devonian's core strategy is to develop prescription botanical medicines from plant materials and algae for the treatment of inflammatory autoimmune diseases, including but not limited to ulcerative colitis and atopic dermatitis. Devonian's focus, built on a foundation of more than 15 years of research, is further supported by a series of U.S. FDA regulatory guidelines that support a more efficient drug development pathway for prescription botanical medicine products than traditional prescription drugs.
Devonian is also involved in the development of high-value cosmetic products that leverage the same proprietary approach taken in its pharmaceutical products. Devonian also owns a commercialization subsidiary, Altius Healthcare Inc., which focuses on selling prescription drug products in Canada under license from branded pharmaceutical companies.
Founded in 2015 and headquartered in Quebec, Canada, Devonian Health Group Inc. has a state-of-the-art extraction facility with full traceability “from seed to tablet.” Devonian is publicly traded on the TSX Venture Exchange (“”).exchange“) (TSXV:GSD) and OTCQB Exchange (OTCQB: DVHGF).
For more information, please visit www.groupedevonian.com.
About Altius
Altius is a specialty pharmaceutical company focused on acquiring and licensing safe, innovative medicines and healthcare products designed to help people of all ages live healthier lives. Altius will leverage its expertise in the commercialization activities necessary to successfully launch and distribute these medicines in Canada.
For more information, please visit www.altiushealthcare.ca.
Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained in this press release represent the impact of the proposed optimization of the Company's projects, global liquidity and credit availability, cash flows and asset values. including, but not limited to, the impact on the timing ofanticipated future conditions, changes in accounting policies, the effects of inflation, and Chikamin's liabilities under his PCT patents;TM the approval of the Exchange in connection with the reverse stock split, the final reverse ratio selected, our intent and ability to list our shares on a U.S. or other stock exchange, and the completion of the reverse stock split; The “About Devonian'' and “About Altius'' paragraphs above, which essentially describe our outlook, are “forward-looking information'' or “forward-looking information'' within the meaning of certain securities laws. They constitute “forward-looking statements” and are based on expectations. , estimates and forecasts as of the date of this press release.
Forward-looking statements are necessarily subject to significant business, economic and competitive uncertainties and contingencies that the Company believes are reasonable at the time of such statements. is based on numerous estimates and assumptions. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies could directly or indirectly affect actual results and cause results to differ materially from those expressed or implied by the forward-looking statements. There can be no assurance that these assumptions will prove to be correct and there can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. There is no guarantee that there will be.
By their nature, forward-looking statements involve general and certain inherent risks and uncertainties that may result in the failure of estimates, projections, forecasts and other forward-looking statements to be achieved or that assumptions will There is a risk that it does not reflect experience. Forward-looking statements are provided for the purpose of providing information regarding management's expectations and plans regarding the future. Readers should not read these forward-looking statements because a number of important risk factors and future events could cause actual results to differ materially from the beliefs, plans, objectives, expectations, expectations, estimates, assumptions and intentions expressed. You are cautioned not to place undue reliance on statements regarding. In such forward-looking statements. All forward-looking statements contained in this press release are qualified by those contained in these cautionary statements and in the Company's other filings with applicable Canadian securities regulatory authorities. We have no intention or obligation to update or revise any forward-looking statements or to explain any material differences between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. disavow.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the Exchange's policies) accepts responsibility for the adequacy or accuracy of this release.
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contact address
Mr. Luc Gregoire
Representative Director and President
Devonian Health Group Inc.
Phone: (450) 979-2916
Email: investors@groupedevonian.com
