QUEBEC CITY, July 18, 2018 (GLOBE NEWSWIRE) -- Devonian Health Group Inc. (“Devonian” or the “Corporation”) (TSX VENTURE:GSD), a clinical stage botanical pharmaceutical corporation focused on developing a unique portfolio of botanical prescription drugs and cosmeceutical products, today reported key results from operations for the quarter ended April 30th, 2018.
Quarter Ended April 30th, 2018 Financial Highlights
- Recorded Revenues of $2,084 million, from its commercial division Altius Healthcare Inc (Altius);
- R&D expenses amounted to $286,870
- Net loss of $598k
Financial Results
Revenues from Pantoprasole Magnesium and Cléo-35®, for the three-month ended April 30th, 2018 were $2,084 million while there were no revenues for the three months ended April 30th, 2017.
R&D expenditures of $286,870 were mainly attributable to the ongoing phase 2 clinical trial on atopic dermatitis.
“We are very pleased with the financial results of our Commercial Division, Altius Healthcare Inc. Devonian acquired Altius on February 1st, 2018, which includes the revenues from its existing product line namely Pantoprazole magnesium and Cléo-35®. Altius’ margins are in line with management expectations and partially offset some R&D expenses. Altius will constantly search for new product additions to its portfolio in order to enhance its Revenues and profitability along with the sales and marketing of the Devonian’s Patented Purgenesis™ product line’’ said Dr Andre P. Boulet, President and CEO of Devonian.
| SELECTED QUARTERLY FINANCIAL INFORMATION | ||||
| (Unaudited Financial Statements) | ||||
| Quarter Ended | ||||
| April 30 2018 | April 30 2017 | |||
| $ | $ | |||
| Revenues | 2,083,802 | ---- | ||
| Net loss | (597,759 | ) | (604,808 | ) |
| Basic loss per share | (0.010 | ) | (0.021 | ) |
| Diluted loss per share | (0.010 | ) | (0.021 | ) |
All amounts referenced herein are in Canadian dollars.
Unaudited financials for Q3-2018 can be found on SEDAR.
About Devonian
Devonian Health Group Inc. is a late stage botanical pharmaceutical corporation with novel therapeutic approaches to targeting unmet medical needs. Devonian's core strategy is to develop prescription botanical drugs from plant materials and algae for the treatment of inflammatory-autoimmune diseases including but not limited to ulcerative colitis and atopic dermatitis. Based on a foundation of over 15 years of research, Devonian’s focus is further supported by a US-FDA set of regulatory guidelines favouring a more efficient drug development pathway for prescription botanical drug products over those of traditional prescription medicines. Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian Health Group Inc. was incorporated in 2013 and is headquartered in Québec, Canada where it owns a state-of-the art extraction facility with full traceability ‘from the seed to the pill’. Their recently acquired commercialization partner, Altius Healthcare Inc., brings opportunities for further diversification and growth potential. Devonian is traded publicly on the TSXV Exchange (TSXv:GSD).
For more information, visit www.groupedevonian.com.
About Altius Healthcare Inc.
Based in Concord, Ontario, Altius Healthcare is a specialty pharmaceutical company with a primary focus of acquiring and in-licensing safe and innovative medicines and healthcare products designed to help people of all ages live healthier lives. Altius then leverages its expertise in the commercialisation activities required to successfully launch and distribute these medicines in Canada. The team’s diverse experience and expertise draws from nearly 40 years of producing, importing, marketing and distributing branded and generic medicines.
For more information, visit www.altiushealthcare.ca
Forward Looking Statements
This press release contains forward-looking statements about Devonian’s objectives, strategies and businesses that involve risks and uncertainties. These statements are “forward-looking” because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Such risks and assumptions include, but are not limited to, Devonian’s ability to develop, manufacture, and successfully commercialize value-added pharmaceutical and dermo-cosmeceutical products, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Devonian to take advantage of business opportunities in the pharmaceutical and dermo-cosmeceutical industries, uncertainties related to the regulatory process and general changes in economic conditions. You will find a more detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations in Devonian’s prospectus dated April 21st, 2017 under the heading “Risk Factors” related to Devonian’s business. As a result, we cannot guarantee that any forward-looking statement will materialize. We assume no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Dr André P. Boulet, PhD
President and Chief Executive Officer
Devonian Health Group inc.
Telephone: (514) 248-7509
Email: apboulet@groupedevonian.com