RE:RE:RE:RE:RE:Pharmaceutical drug sales...Solid1, some folks just dont get progression I guess.
Those who say there have been no updates from the company lately are sadly mistaken as this was reported just 2 weeks ago, so what more do they want?
Innovation and New Product Launches Drive Revenue Growth
- As the Company continues to expand its portfolio to grow future sales the MediPharm wellness cannabis oil remains a core product line. In Q3 2022 MediPharm held number 2 share nationally in this subcategory, according to Hyfire point of sale data.
- Launched 14 new unique SKUs since Q2, including 4 new international GMP SKUs for the UK and Brazilian markets. This represents a 75% increase in launches compared to Q2 and a 250% increase over Q3 of last year. So far in 2022 we have launched 25 new SKUs
Continued Progress Towards Leadership in the Emerging Cannabis-Based Drug Opportunity
- In partnership with a large global pharmaceutical company, in Q3 MediPharm contributed API to an Abbreviated New Drug Application filed with the US Food and Drug Administration (FDA).
- Made first three deliveries of MediPharm products to clinicians' academic clinical trials, one in phase 1 and 2 in phase two. This includes one trial that is exploring the opioid sparing potential for cannabinoids in existing opioid users.
- Completed R&D and commercialization work on pharmaceutical grade THC isolate. First sales of this product will be associated with a German contract for the pharmaceutical drug Dronabinol.
- On August 9th, entered into a research support agreement with the Keck School of Medicine of University of Southern California to conduct a Phase 2 trial on the efficacy of THC and CBD to treat hospice-eligible patients diagnosed with dementia and experiencing agitation. The lead investigators have been awarded a total of US$16M in the form of grants from the US National Institute of Health and the National Institute on Aging.
Further Expansion of International Medical Business
- Made initial shipments to German market from Canadian facility during the quarter. This allows further production of international medical cannabis oil from Canada, streamlining operations and leveraging automation infrastructure.
- The Company's German partners, such as STADA, continued to generate sequential growth in patient sales during Q2.
- Launched four new international GMP SKUs, in the UK and Brazil.
- Made first commercial sale to Brazil during Q3 following the Q2 receipt of commercial volume import permits from the Brazilian Health Regulatory Agency (Anvisa). Brazil is a large potential market with rigorous regulatory oversight. MediPharm is one of only 4 GMP manufacturers internationally with approved products for sale under the country's medical access program and has the only authorization for a product produced in Canada.
Solid balance sheet, materially debt free, outright ownership of key assets
- Ended the quarter with $19.5M of cash which does not include $6.4M for the sale of the Australian facility.
- The Company remains materially debt free and has outright ownership of its assets, including its GMP facility in Ontario.
- In July, the company was awarded a favourable summary of judgement in the Ontario Court of Justice in connection with a supply agreement dispute in the amount of $9.8M