TIDMSEED
Seed Innovations Limited
01 March 2022
Seed Innovations Ltd / AIM: SEED / Sector: Closed End
Investments
1 March 2022
SEED Innovations Limited ("SEED" or the "Company")
Investee Company Update: Little Green Pharma Ltd
SEED Innovations Ltd, the AIM quoted company investing in fast
growing and industry leading businesses with a focus on the medical
cannabis, health and wellness space, is pleased to note an
announcement released on the ASX by its portfolio company, Little
Green Pharma Ltd ('LGP') including its half-year financial report
for the period ended 31 December 2021.
SEED owns a holding of 7,324,796 ordinary shares in LGP
representing 3.1% of LGP's issued share capital.
Alfredo Pascual, VP of Investment Analysis of SEED, commented:
"It is very encouraging to see the progress that LGP has made in
its latest reported interim report for the half year ended 31
December 2021, continuing to achieve strong financial growth with
revenue reaching A$7.3 million, almost doubling compared to the
previous corresponding period.
"We must note the positive operational and research related
milestones reported by LGP within this period, including the grant
of the first local registration for cannabis medicines in Denmark
and most recently being awarded an Italian Government tender to
supply cannabis flower into Italy."
"This progress lays the path for further expansion into other
territories, as the board of LGP have alluded to, and we believe
will further add value to shareholders. We look forward to further
developments from the LGP team."
The following extract from the announcement is set out without
material changes or adjustments and the announcement in full can be
accessed from the link below this section.
"REVIEW OF OPERATIONS
Continuation of early mover strategy into new, under-supplied
markets
In line with LGP's global strategy, the reporting period and
early 2022 were marked by LGP's continued early penetration into
future key markets and jurisdictions with currently highly limited
supply options.
During the reporting period and early 2022, LGP was granted the
first local registration for cannabis medicines in Denmark, signed
an exclusive distribution agreement with PharmaServe Hellas
(PharmaServe) for Greece, and was awarded an Italian Government
tender to supply cannabis flower into Italy. Each of these
territories are distinguished by having only one or two global
cannabis suppliers qualified or registered to supply into these
markets.
These pathways complement LGP's existing distribution networks
and agreements into other, limited-supply territories, including
France, where LGP is one of only four qualified suppliers and
Poland, where LGP anticipates being one of the first registered
products on the market.
Meanwhile, the Company continues to negotiate new pathways for
supply from its Danish and Australian facilities with a range of
highly prospective UK and EU territories while at the same time
growing its brand presence in Germany (through its distribution
agreements with AMP Medical Products (AMP) and Demecan GmbH).
These new and existing EU and UK distribution pathways give LGP
potential access to a population of over 350 million, representing
68% of the EU and UK population. LGP's ability to rapidly move into
new, highly prospective territories represents a continuation of
LGP's historical success as an industry first-mover, including as
Australia's first local producer of cannabis oil and first exporter
of medicinal cannabis products from Australia. LGP believes this
strategy and its development of a global, multi-jurisdiction
distribution platform will enable both substantial future sales and
grow LGP brand recognition in markets for its future registered
cannabis medicines.
Record revenue growth
The Company continued to achieve strong growth during the
reporting period, with a significant increase in revenue to
$7,321,504, up 94% compared to the previous corresponding period
(31 December 2020: $3,771,237). Australia In August 2021, the Group
completed its $5.9 million acquisition of the properties underlying
its cultivation and manufacturing facilities in Western Australia,
as well as two adjoining properties. Consideration for the
acquisition was a cash payment of $4 million with the balance in
scrip. Since acquisition the Company has continued its Phase 3
expansion of its manufacturing facilities which are anticipated to
be operational in the coming months.
During the reporting period, enrolments for the QUEST Initiative
closed with over 3,000 participants, making it the world's largest
longitudinal study for medicinal cannabis. Results of this study
will be released later this year. With the success of this study, a
second QUEST Initiative will be undertaken later this year, which
will include both LGP medical cannabis oil and flower products.
In addition, LGP partnered with Curtin University and Professor
Marco Falasca to research the efficacy of medicinal cannabis in the
treatment of obesity, and the Company's refractory pain study
results were also accepted for publication in the peer-reviewed
journal, "Medical Cannabis and Cannabinoids", representing
successful clinical validation of LGP's Classic 10:10 product. The
Company also held a pre-submission meeting with the TGA during
which it presented its clinical trial strategy for its Schedule 3
CBD medication. Based on that meeting the Company has a clear
understanding of the pathway to product registration.
LGP continued to develop its psychedelics business within its
wholly-owned subsidiary Reset Mind Sciences Limited (Reset), with
the grant of an endorsement permitting the supply of psilocybin on
its Schedule 9 licence, its recruitment of a Non-Executive Chair
and Advisory Board for Reset, and its continued development of a
research protocol for its proposed clinical trial.
Denmark
During the half year, LGP's Danish facility commenced delivery
of cannabis flower medicine to Australia and, following a robust
2.5-year regulatory process, was also granted a product
registration for its Billy Buttons flower medicine as 'Billinol
LGP', the first locally registered cannabis medicine in
Denmark.
LGP Denmark also received its GMP certificate to provide
analytical testing services to third parties. Given the limited
number of GMP certified cannabis testing laboratories in Europe LGP
has commenced offering testing services to other Danish and
European medicinal cannabis producers.
Meanwhile, the Group procured a suite of new cannabis genetic
lines for development for both its Western Australian and Danish
facilities in order to expand its product offering.
EVENTS SUBSEQUENT TO BALANCE DATE
In addition to its entry into distribution agreements with
PharmaServe and AMP, as well as its successful award in an Italian
Government tender, on 24 February 2022 the Company signed a $3.8
million loan finance facility secured against its Western
Australian production facilities, as well as a $2.0 million
revolving equipment finance facility from National Australia
Bank.
In February 2022, the Company also announced its intention to
demerge LGP's psychedelics business as a public unlisted entity
rebranded as Reset Mind Sciences Limited and commenced construction
of its psilocybin mushroom cultivation facility at LGP's Western
Australian production site. Reset continues to finalise the
development of psychotherapy protocols for its clinical trial and
has received a Federal import permit for the synthetic psilocybin
it intends to use in the trial.
On 15 February 2022 the Company also resolved to change its
financial year to 1 April to 31 March to align with the current
reporting period at the Danish facility and optimise accounting
team and consultant availability during the year end process.
On 20 February 2022, 55,534,703 ordinary shares in the Company
were also released from ASX escrow.
On 25 February 2022, Angus Caithness (Executive Director)
exercised 3.5 million options at $0.30 raising $1.05 million.
The announcement can be viewed in full on LGP's website via the
following link:
https://investor.littlegreenpharma.com/site/investor-centre/asx-announcements
- Ends -
For further information on the Company please visit www.seedinnovations.co or contact:
Ed SEED Innovations Email: info@seedinnovations.co
McDermott Ltd
/
Lance
de
Jersey
James Beaumont Tel: +44 (0)
Biddle Cornish 207 628 3396
/Roland Limited,
Cornish Nomad
----------------- -----------------------------------
Isabella Shard Capital Tel: +44 (0)20
Pierre Partners 7186 9927
/Damon LLP
Heath
----------------- -----------------------------------
Catherine St Brides Email: seed@stbridespartners.co.uk
Leftley Partners
/Isabelle Ltd,
Morris Financial
PR
----------------- -----------------------------------
Notes
SEED Innovations is an AIM quoted investment company focused
primarily on disruptive high growth life sciences and technology
businesses particularly within the medical cannabis arena. The
Company's strategy is to identify early-stage opportunities that
have an upcoming investment catalyst and grow its portfolio in
terms of value whilst limiting the number of investee companies to
a level where relevant time can be devoted to each.
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an
issuer is confirming that the information contained within this
announcement is of a non-regulatory nature. Reach announcements are
identified with an orange label and the word "Reach" in the source
column of the News Explorer pages of London Stock Exchange's
website so that they are distinguished from the RNS UK regulatory
service. Other vendors subscribing for Reach press releases may use
a different method to distinguish Reach announcements from UK
regulatory news.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRAPPUPCPUPPGRR
(END) Dow Jones Newswires
March 01, 2022 02:01 ET (07:01 GMT)
Fastforward Innovations (LSE:FFWD)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Fastforward Innovations (LSE:FFWD)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024
