TORONTO, April 10, 2018 /CNW/ - Delivra Corp. (TSXV: DVA - "Delivra" or the "Company") reported its financial results for the three and twelve months ended December 31, 2017. All figures are reported in CDN dollars ($), unless otherwise indicated. Delivra's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
Financial and Operational Highlights for Fiscal 2017:
- Record sales of $4,513,253, representing 20% sales growth over 2016;
- Streamlined operations, reducing operating expenditures by $2,952,470 over 2016, while achieving record sales;
- Significantly reduced cash burn from operating activities by an average of $210,450 per month versus prior year;
- Development pipeline continues to be very robust, including products targeted towards conditions which represent significant market opportunities, such as osteoarthritis, sleep, psoriasis, migraines, cardiovascular disease, and circulation;
- Completed a licensing agreement with ARA-Avanti RX Analytics Inc., recently purchased by Aphria Inc., for medicinal products for medical and pain-related development using hemp;
- Subsequent to the year end:
- concluded an agreement with NKS Health to promote the Company's cream-based pharmaceutical therapeutics for pain, anxiety and diabetic foot ulcers; and
- completed non-brokered private placement for gross proceeds of $1,246,498.
"Our suite of LivReliefTM consumer products continues to resonate with consumers in Canada. With increased brand awareness key to our success, we have strengthened our marketing and distribution efforts to continue to grow market share for our LivReliefTM portfolio. Our platform technology provides multi-licensing opportunities for our pharmaceutical portfolio. For 2018, Delivra remains focused on developing and commercializing a pipeline of cream-based therapeutics that can improve the efficacy and safety of existing drugs and provide additional opportunities to drive revenue for the Company," said Dr. Joseph Gabriele, Chief Executive Officer of Delivra Corp.
Selected Financial Summary
| CDN$ 000s (except |
For the three months December 31, 2017 |
For the three months December 31, 2016 |
For the twelve months December 31, 2017 |
For the twelve months December 31, 2016 |
| Revenue |
1,215 |
1,019 |
4,513 |
3,754 |
| Gross profit |
696 |
713 |
3,032 |
2,577 |
| Gross profit margin |
57%(1) |
70% |
67%(1) |
69% |
| Net income (loss) |
(110) |
(1,708) |
(1,484) |
(5,949) |
| Net income (loss) per |
0.00 |
(0.05) |
(0.03) |
(0.16) |
| (1) Gross profit margin effected by write-down of $105 of raw materials. |
Delivra's consolidated financial statements and management's discussion & analysis ("MD&A"), for the three and twelve months ended December 31, 2017, 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, 905-561-5014; or Investor Relations: Joanna Longo, [email protected], 416-238-1414 x233
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