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Innocan Pharma Corp
Symbol INNO
Shares Issued 248,490,093
Close 2023-04-18 C$ 0.25
Market Cap C$ 62,122,523
Recent Sedar Documents

Innocan talks gross profit; NR omits 2022 net P&L

2023-04-18 17:15 ET - News Release

Ms. Iris Bincovich reports


Innocan Pharma Corp. has released its audited financial results for the year ended Dec. 31, 2022.

Additional information concerning Innocan's consolidated financial statements and related management's discussion and analysis for the year ended Dec. 31, 2022, can be found at SEDAR. Dollar amounts are in U.S. dollars.

Financial highlights for the year ended Dec. 31, 2022:

  • Revenue: Revenue for the fiscal year of 2022 increased to approximately $2.6-million from approximately $196,000 in 2021.
  • Fourth quarter 2022 revenues increased to approximately $1,135,000 from approximately $749,000 in third quarter 2022, representing increases of 51 per cent, respectively. This increase in revenue growth is mainly due to the increased sales of Innocan's subsidiary, BI Sky Global Ltd. (Innocan and Brandzon Co. Ltd.'s joint venture), that focuses on the development of beauty microbrands for platforms such as Amazon and other retail marketplaces.
  • The consistent increase in revenues over the past 12 months indicates continued growth and expansion of the company's sales.
  • Sales in the United States through Amazon were awarded bestseller under the category and in top 100 of beauty and personal care, as well as most wished for status, alongside a notable increase in the number of subscriptions per month, representing approximately 10 per cent of monthly revenues.
  • Gross profit increased to approximately $2.1-million as of Dec. 31, 2022, compared with approximately $121,000 during the prior year, representing an increase of approximately $2-million. The company sees this substantial increase in operating profit as a meaningful indicator of the company's growth.
  • Cash balance stood at approximately $4.9-million as of Dec. 31, 2022, representing an approximate 55-per-cent decrease compared with approximately $11-million at the end of the prior year, due to continued investments in the company's strategic goals, which resulted in a number of meaningful milestones as detailed below.

Roni Kamhi, chief executive officer of BI Sky Global and chief operating officer of Innocan, commented: "We, at BI Sky Global, are very pleased with the significant progress made in 2022, as we continue our journey to become a global leader in the beauty arena and a recognized brand in the U.S. We ended 2022 with incredible growth that will serve as a strong starting point for 2023. Our customers now include an increased number of subscribers that represent about 10 per cent of monthly sales. As we look to the future of 2023, we expect to see continued growth in the beauty category with new product lines, alongside increased sales.

Recent business highlights:

  • Innocan continues to utilize its LPT cannabidiol-loaded liposome platform to enable exact dosing and controlled release of CBD into the bloodstream. The company is targeting the veterinary market as a first step in licensing and commercialization, recognizing it as a significant opportunity for growth in cannabinoid therapy.
  • Innocan continues to expand its patent portfolio of targeted healing products, positioning itself as a leader in cannabis-based therapeutics. This will unlock even greater potential for patients in need of effective treatment for chronic conditions.
  • Innocan is working to expand the distribution of its topical portfolio to several European countries, including Finland, Austria, Holland, Belgium, Slovakia and Lithuania.
  • In 2022, the company increased its intellectual property scope in three disciplines: LPT CBD liposome cannabinoids, exosome cannabinoid synergism and premium dermal cosmetics. Innocan established patent families in these categories with the aim of using drug delivery platforms to maximize the activity of loaded cannabinoids and provide treatments for various conditions and afflictions, including pain relief, dermatology and vaginal atrophy.
  • Innocan's growth pillars for 2023 include preinvestigational new drug meetings for veterinary and human applications of the LPT CBD drug delivery platform, expanding distribution agreements for the consumer wellness segment, and increasing on-line sales partnerships.
  • Expanded business updates can be found in the company's annual state of the business update.

Iris Bincovich, chief executive officer of Innocan, commented: "We are incredibly proud of our progress this year. We have reached substantial milestones financially, scientifically and in terms of our IP portfolio. As we look ahead to the coming year, we are setting ambitious goals that we are intent on achieving. Among them are holding FDA pre-IND meetings for veterinary and human applications of the LPT CBD drug delivery platform, expanding distribution agreements for the consumer wellness segment, and growing on-line sales partnerships."

About Innocan Pharma Corp.

Innocan is a pharmaceutical technology company that operates under two main segments: pharmaceuticals and consumer wellness. In the pharmaceutical segment, Innocan focuses on developing innovative drug delivery platform technologies with cannabinoid science to treat various conditions to improve patients' quality of life. This segment involves two drug delivery technologies: (i) an LPT cannabidiol-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the bloodstream; the LPT delivery platform research is in the preclinical trial phase for two indications: epilepsy and pain management; (ii) CLX cannabidiol-loaded exosome platform that may hold the potential to provide a highly synergistic effect of regenerating and anti-inflammatory properties targeting the central nervous system. In the consumer wellness segment, Innocan develops and markets a wide portfolio of innovative and high performance self-care products to promote a healthier lifestyle. Under this segment, Innocan has established a joint venture by the name of BI Sky Global that focuses on developing on advanced targeted on-line sales.

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