Avicanna Inc. (“
Avicanna” or
“
Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a
biopharmaceutical company focused on the development,
manufacturing, and commercialization of plant-derived
cannabinoid-based products reports the results of Q2 2024.
“We are happy to deliver another progressive
quarter where we solidified our position in the medical cannabis
space, enhanced relationships with the medical community, and
stabilized our commercial operations in Canada. In addition, we are
happy to report that during the second quarter, we saw the
completion of two separate real world evidence trials focused on
two of our drug candidates in line with our long-term growth
strategy” stated Aras Azadian, CEO of Avicanna Inc.
Financial highlights:
- Revenue of $6.1 million for the
three months ended June 30, 2024, an increase of 85% over the same
period in 2023 and $12.6 million in revenue for six months ended
June 30, 2024, an increase of 180% over 2023 revenue of $4.5
million.
- Gross profit of $2.8 million and
$5.9 million, respectively, for the three and six months ended June
30, 2024, compared to $1.5 million and $2 million for the same
periods in 2023, an increase of 94% and 183%,
respectively.
- Adjusted EBITDA loss for the three
months ended June 30, 2024, narrowed to $442,310, a 65% decrease
from an adjusted EBITDA loss of $1.3 million in the same period
last year.
Other highlights:
- Completion of Study in Patients
with Epidermolysis Bullosa at The Hospital for Sick Children
evaluating wound healing, pain, and itch (“Study”). The Study led
by Elena Pope, MD, M.Sc., FRCPC, Head of Dermatology at The
Hospital for Sick Children in Toronto, evaluated the tolerability
and efficacy of RHO Phyto™ branded Ultra CBD Topical Cream in
patients with epidermolysis bullosa. 55% of patients enrolled in
Study reported improvements in wound healing, 45% displayed wound
stability. The RHO Phyto™ branded Ultra CBD Topical Cream is an oil
based 3% CBD localized cream developed with the goal to target such
dermatology condition.
- Completion of Topical Gel
Observational Real-World Evidence Study in patients with
musculoskeletal pain and inflammation (“RWE Study”). The RWE Study
evaluated patient-reported efficacy of the RHO Phyto CBG
Transdermal Gel containing 2% CBD and 1% CBG on a range of clinical
conditions including arthritis, osteoarthritis, rheumatoid
arthritis, fibromyalgia, muscle and joint pain, localized pain, and
post-surgical pain. The RWE Study reported a meaningful improvement
in overall Musculoskeletal Health Questionnaire scores (p<0.001)
as compared from baseline to one month, specifically, there was a
35.4% improvement reported in health-related domains including
symptoms, physical functioning, daily activities and work.
- United States Patent and Trademark
Office (“USPTO”) issuance of Patent No. US 11,998,632 B2 covering
the Corporation’s SEDDS Technology (“Patent”). “SEDDS” or the
self-emulsifying drug delivery system is the Company’s drug
delivery system technology for oral cannabinoid composition and
methods of treating neuropathic pain. Due to the highly lipophilic
nature and poor water-solubility of cannabinoids, the formulations
currently available in the Canadian market have been generally
described as having poor absorption and high variability of onset,
and SEDDS offers a route for non-invasive and non-inhalation
administration of cannabinoids.
- Symposium on Cannabinoid-based
Medicine during May 2024 (“Symposium”). The Symposium brought key
opinion leaders and health care providers to explore
cannabinoid-based R&D, medicine, and clinical adoption that was
hosted at the MaRS Discovery District, Toronto. The Symposium was
limited to key opinion leaders, health care practitioners and
researchers, covered a range of topics including emerging evidence
and practical clinical applications of cannabinoid-based medicine
and featured key opinion leaders, clinicians, researchers, and
scientists from various academic, research and clinical
organizations and hospitals and scientific members of
industry.
- The Company completed the Q2 2024
with 32 commercial SKUs and 145 commercial listings representing a
23% growth in listings from Q2 2023. The Company also sold
approximately 99,000 units representing a 15% growth in total
finished goods sold compared to Q2 2023. Commercial results
of the MyMedi.ca medical cannabis care platform combined with
optimization of sales on other channels contributed to margin
improvements that yielded consolidated margins of 49% in
Canada.
About Avicanna:
Avicanna is a commercial-stage international
biopharmaceutical company focused on the advancement and
commercialization of cannabinoid-based products and formulations
for the global medical and pharmaceutical market segments. Avicanna
has an established scientific platform including R&D and
clinical development leading to the commercialization of more than
thirty proprietary, evidence-based finished products and supporting
four commercial stage business pillars.
- Medical Cannabis formulary
(RHO Phyto™): The formulary offers a diverse range of
proprietary products including oral, sublingual, topical, and
transdermal deliveries with varying ratios of cannabinoids,
supported by ongoing patient, and medical community education. RHO
Phyto is an established leading medical brand in Canada currently
available nationwide to patients across several medical channels
and continues to expand into new international markets.
- Medical cannabis care
platform (MyMedi.ca): MyMedi.ca is a medical cannabis care
platform formed with the aim to better serve medical cannabis
patients’ needs and enhance the patient journey. MyMedi.ca is
operated by Northern Green Canada Inc. and features a diverse
portfolio of products and bilingual pharmacist-led patient support
programs. MyMedi.ca also provides specialty services to distinct
patient groups such as veterans and collaborates with public and
private payers for adjudication and reimbursement. MyMedi.ca
provides educational resources to the medical community to
facilitate the incorporation of medical cannabis into health care
regimens.
- Pharmaceutical products
(Trunerox™) and pipeline: Leveraging Avicanna’s scientific
platform, vertical integration, and real-world evidence, Avicanna
has developed a pipeline of proprietary, indication-specific
pharmaceutical products that are in various stages of clinical
development and commercialization. These cannabinoid-based drug
candidates aim to address unmet medical needs in the areas of
dermatology, chronic pain, and various neurological disorders.
Avicanna’s first indication-specific pharmaceutical drug,
Trunerox™, was approved Q1 2024 by the Health Authority of Colombia
INVIMA as an adjuvant treatment for seizures associated with
Lennox-Gastaut Syndrome and Dravet Syndrome in Colombia. Trunerox™
has not been approved as a drug in Canada by Health Canada.
- Active pharmaceutical
ingredients (Aureus Santa Marta™): Active pharmaceutical
ingredients (“API”) supplied by the Company’s majority owned
subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a
commercial-stage business dedicated to providing a various forms
high-quality CBD, THC and CBG to the Company’s international
partners for use in the development and production of food,
cosmetics, medical, and pharmaceutical products. The business unit
also forms part of the Company’s supply chain and is a source of
reliable input products for its consumer retail, medical cannabis,
and pharmaceutical products for globally.
SOURCE Avicanna Inc. Stay
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Cautionary Note Regarding Forward-Looking Information
and Statements
This news release contains “forward-looking
information” within the meaning of applicable securities laws.
Forward-looking information contained in this news release may be
identified using words such as, “may”, “would”, “could”, “will”,
“likely”, “expect”, “anticipate”, “believe, “intend”, “plan”,
“forecast”, “project”, “estimate”, “outlook” and other similar
expressions. Although the Company believes that the expectations
and assumptions on which such forward looking information is based
are reasonable, undue reliance should not be placed on the
forward-looking information because the Company can give no
assurance that they will prove to be correct. Actual results and
developments may differ materially from those contemplated by these
statements. Forward-looking information is subject to a variety of
risks and uncertainties that could cause actual events or results
to differ materially from those projected in the forward-looking
information. Such risks and uncertainties include but are not
limited to current and future market conditions, including the
market price of the common shares of the Company, and the risk
factors set out in the Company’s annual information form dated
April 1, 2024, filed with the Canadian securities regulators and
available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this news release are made as of the date of this
release. The Company disclaims any intent or obligation to update
any forward-looking information, whether as a result of new
information, future events or results or otherwise, other than as
required by applicable securities laws.
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