Devonian Health Group Reports Third Quarter 2024 Financial Results and Business Update and Announces Engagement of Investor Relations Firm
- Third quarter revenues increased 1,162% year over year
-
Third quarter net loss for the quarter of
$ 0.002 per share -
Renmark Financial Communications selected for investor relations
Management Comments
“This has been a breakout quarter for Devonian,” said
Business Highlights
-
Altius Health Care Inc. (“Altius”), the Company’s wholly owned subsidiary, saw a significant uptake on its recently-launched DEXLANSOPRAZOLE, the only authorized generic formulation of that pharmaceutical drug in the Canadian market for the treatment of gastroesophageal reflux disease (GERD). -
The Company continued to progress its preparation for its planned phase II/III clinical study for ThykamineTM in the treatment of mild to moderate atopic dermatitis (eczema) in pediatric patients, including preparatory work in the batch qualifications of the product to be used in our clinical studies.
-
The board of directors appointed
André Boulet , Company founder, to Chairman of the Board, and added the Chief Operator Officer role to his existing Chief Scientific Officer role, to help facilitate the necessary integration of all facets of our research and production scaling activities.
Financial Highlights
-
Distribution revenue for the third quarter was
$5.13 million , up 1,162% year over year, driven by the DEXLANSOPRAZOLE launch near the end of the previous quarter. For the 9-month year-to date period, distribution revenue was$8.68 million , up 583 % year over year. -
Net loss for the quarter was
$0.374 million , or$0.002 per share, improving against the year-ago quarterly loss of$1.5 million , or$0.01 per share. For the 9-month year-to-date period, net loss was$2.306 million or$0.02 per share, as compared to a$3.736 million net loss, or$0.03 per share for the same period last year. -
Cash on
April 30, 2024 , was$3.5 million , with debt of$2.16 million , as compared to cash of$5.1 million and long-term debts of$3.6 million at the beginning of the year. -
Liquidity was improved through the closing on
February 23, 2024 , of a one-year term loan of$2.16 million , and the closing onMarch 13, 2024 , of a private placement offering of$223,800 .
To consult the Interim Condensed Consolidated Financial Statements for the three and nine-month periods ended
Engagement of Investment relations
The company announced that it has retained the services of
Renmark does not have any interest, directly or indirectly, in Devonian’s securities, or any right or intent to acquire such an interest.
About Devonian
Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian also owns a commercialization subsidiary,
For more information, visit www.groupedevonian.com
About Altius
Altius is a generic pharmaceutical distribution 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 commercialization activities required to successfully launch and distribute these medicines in
For more information, visit www.altiushealthcare.ca
About
Founded in 1999, Renmark is a privately held full-service investor relations firm, located in
Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained in this press release including, but not limited to those relating, the impact of proposed optimizations at the Corporations’ projects, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, changes in accounting policies, the impact of inflation, the PCT patents for ThykamineTM might not be granted, and, generally, the above “About Devonian” and “About Altius” paragraphs, which essentially describes the Corporation’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that these assumptions will prove to be correct and there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the applicable securities regulators of
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240625747689/en/
Mr.
President and CEO
Telephone: 1 (450) 979-2916
E-mail: investors@groupedevonian.com
Telephone: (416) 644-2020 or (212) 812-7680
E-mail: bozerkevich@renmarkfinancial.com
www.renmarkfinancial.com
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