Delivra achieves record second quarter 2018 results
TORONTO, Aug. 20, 2018 /CNW/ - Delivra Corp. (TSXV: DVA - "Delivra" or the "Company") reported its financial results for the three and six months ended June 30, 2018. All figures are reported in CDN dollars ($), unless otherwise indicated. Delivra's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
Highlights for the Second Quarter 2018:
- Achieved record revenues for the quarter of $1,310,846, representing a 17% increase over the comparative quarter;
- Continued tactical marketing initiatives to educate and expand the knowledge of pharmacists on the unique LivRelief product offerings, further enhancing the profile of LivRelief as the #1 selling natural pain relief product and #1 selling nerve pain relief product in Canada;
- Developed a revolutionary, proprietary topical cream base therapeutic, DelivraTMN, for molecules of cannabis, cannabis-like and opioids, for a safer, more targeted and consistent delivery to patients afflicted with chronic pain and anxiety; and
- Strengthened the Company's balance sheet by completing a non-brokered private placement through the issuance of 3,561,423 units for gross proceeds of $1,246,498.
"We delivered record revenues this quarter driven by our flagship pain products and we improved our cash position. With increased sales, strong margins, and a robust consumer and pharmaceutical portfolio, Delivra has built a platform to grow both our consumer and pharmaceutical businesses," said Dr. Joseph Gabriele, CEO of Delivra. "With an improved financial position, we believe there is significant opportunity for growth of our OTC portfolio in Canada and will continue to focus on driving revenue through strong marketing and advertising initiatives while keeping a disciplined approach in seeking partners for out-licensing opportunities of our pharmaceutical products."
Selected Financial Summary
| CDN$ 000s (except earnings per share and percentages) |
For the three months ended June 30, 2018 |
For the three months ended June 30, 2017 |
For the six months ended June 30, 2018 |
For the six months ended June 30, 2017 |
| Revenue |
1,310,846 |
1,121,689 |
2,306,784 |
2,373,986 |
| Gross profit |
960,910 |
808,412 |
1,645,010 |
1,678,419 |
| Gross profit margin |
73% |
72% |
71% |
71% |
| Net loss per share - basic |
(0.01) |
(0.01) |
(0.03) |
(0.02) |
Delivra's unaudited condensed interim consolidated financial statements and management's discussion & analysis ("MD&A"), for the three and six months ended June 30, 2018, are available via Delivra's website at www.delivracorp.com and will be available on SEDAR at www.sedar.com.
ABOUT DELIVRA CORP.
Delivra Corp. is a specialty biotechnology company having a proprietary transdermal delivery system platform that can shuttle pharmaceutical and natural molecules through the skin, in a targeted manner. Delivra manufactures and sells a growing line of natural topical creams with the proprietary transdermal delivery system platform under the LivReliefTM brand, for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and under the LivSportTM brand for sports performance. LivReliefTM products are available in pharmacies, grocery chains, and independent health food stores across Canada, including, but not limited to, Shoppers Drug Mart, Walmart, Loblaw, Rexall, Pharmasave, London Drugs, and on-line at www.livrelief.com. In parallel with its consumer products business, Delivra also has a mandate to license its patent-pending, proprietary transdermal delivery technology platform to pharmaceutical companies globally, for the repurposing of pharmaceutical molecules transdermally to treat a broad range of conditions, along with licensing its over-the-counter products globally. Delivra is headquartered in Hamilton, Ontario and has a research and development laboratory in Charlottetown, PEI.
Further information on Delivra can be found at www.delivracorp.com and www.livrelief.com.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute "forward-looking statements", which are not comprised of historical facts. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends", "expects", "estimates", "may", "could", "would", "will", or "plan", and similar expressions. Specifically, forward-looking statements in this news release include, without limitation, statements regarding: the Company's revenues and financial performance; the Company's drug research and development plans; the timing of operations; and estimates of market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events, performance, or achievements of Delivra to differ materially from those anticipated or implied in such forward-looking statements. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that actual results will meet management's expectations. In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting Delivra will continue substantially in the ordinary course and will be favourable to Delivra; that the Company will continue to complete orders with existing customers and control product pricing and expenses that clinical testing results will justify commercialization of the Company's drug candidates; that Delivra will be able to obtain all requisite regulatory approvals to commercialize its drug candidates, that such approvals will be received on a timely basis, and that Delivra will be able to find suitable partners for development and commercialization of its products and intellectual property on favourable terms. Although these assumptions were considered reasonable by management at the time of preparation, they may prove to be incorrect. Factors that may cause actual results to differ materially from those anticipated by these forward-looking statements include: the ability of the Company to maintain existing product sales with current customers at existing product pricing and expenses; uncertainties associated with obtaining regulatory approval to perform clinical trials and market products; the need to establish additional corporate collaborations, distribution or licensing arrangements; the ability of the Company to generate sales and profits; the Company's ability to raise additional capital if and when necessary; intellectual property disputes; increased competition from pharmaceutical and biotechnology companies; changes in equity markets, inflation, and changes in exchange rates; and other factors as described in detail in Delivra's public filings, all of which may be viewed on SEDAR (www.sedar.com). Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Delivra disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Delivra Corp
Dr. Joseph Gabriele, Chief Executive Officer, [email protected], 905-561-5014
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