Correction: CS MEDICA A/S: Publication of year-end report

“Correction: The year-end report for the period October 2020 – September 2021 lacked information on whether the interim report was subject to review by the company's auditor. The year-end report has not been subject to review by the company's auditor. Revised year-end report is available on CS MEDICA's website (https://www.cs-medica.com/) and as an attachment.”

Performance highlights

• Operating profit for the year increased by 165% in Danish kroner and in the fourth quarter with 1.130% compared to 2019/2020.
   
• Net Sales for the year increased by 51% in Danish kroner compared to 2019/2020. Net Sales in the fourth quarter increased by 682% in Danish kroner compared to the fourth quarter of 2020. Sales growth was driven by Cannasen® CBD Arthritis gel & Cannasen® CBD Psoriasis Gel reflecting market expansion in Sweden and the launch of CANNASEN® CBD Hairloss treatment in Denmark.

• In the year we have been granted subsiders of 1.930.241 DKK and in the quarter 1.103.247. We recently (October 2021) got our innobooster application approved, with 500.000 DKK granted and SMV pro with 150.000 DKK granted.

• Within R&D, CS MEDICA initiated phase 3 development according to the new regulation MDR, biocompatibility tests, absorption tests and clinical trials on all medical device products.

• Revenue expectation for the coming year is held at DKK 50 million, but with the majority in the latter half of the Year.

Significant events during the fiscal year

• July 30, 2021, CS MEDICA announced its intention to launch an IPO and list its shares on Spotlight Stock Market in Q3 2021. The offering included issue of units of DKK 22,3 million and an additional approx. DKK 10.8 million at a later stage if all warrants of series TO 1 are exercised. First day of trading was September 14th. The initial part of the IPO of units was subscribed to a total of approximately DKK 35.2 million, corresponding to a subscription ratio of approximately 158 percent.
• August 13, 2021, CS MEDICA announced that the Company has been approved for listing at Spotlight Stock Market.

• August 19, 2021, CS MEDICA announced good results in two tests performed at the Dermatology Clinic of the Medical University of Gdansk, an application test and a dermatological test on the Company’s PSOR + ATOPIC Lotion.

• September 10, 2021, CS MEDICA announced clinical trial Phase III results from the intermediate report on NGA-01 (CANNASEN®CBD Arthritis Gel) against placebo. Analysis of the data indicates that CANNASEN®CBD Arthritis Gel (NGA-01) has an efficacy rate of 89 percent in reduction of pain in joints of participants with Osteoarthritis with joint pain in any of the joints; knee, hip, ankle, elbow, and shoulder.

• September 14, 2021, was the first day of trading in CS MEDICA’s shares and warrants at Spotlight Stock Market.

• September 14, 2021, CS MEDICA announced that the Company has signed an agreement with Alsitan GmbH (“Alsitan”) in Germany. The order, which concerns arthritis gel under a private label agreement, amounts to 40,000 units, corresponding to DKK 1.240.000 million in revenue. The order is expected to be delivered in September and December 2021.

• September 27, 2021, CS MEDICA announced that the Company will adjust its financial targets for the fiscal year 2020/2021. The previously communicated financial target of DKK 7 million will be adjusted to approx. DKK 3.6 million. The completion of the process of testing and getting approval by the ethics committee in India was prolonged due to Covid-19, in turn impacting and postponing the finalization of an agreement.

Significant events after the end of the fiscal year

• October 5, 2021, CS MEDICA announced extended product availability together with Kronan Apotek in Sweden. In accordance with the purchase agreement, the products are entering the shelf of the 326 local pharmacies of Kronans Apotek as of October 4, 2021.

• November 5, 2021, CS MEDICA announced entering a reseller agreement for annasen®CBD product portfolio with DirectSalud in Spain.
   

Financial statements

This disclosure contains information that CS MEDICA A/S is obliged to make public pursuant to the Swedish Securities Markets Act (2007:528) and the Swedish Financial Instruments Trading Act (1991:980). The information was submitted for publication, through the agency of the contact person, on 18-11-2021 20:08 CET.

For more information about CS MEDICA, please contact:
Lone Henriksen, CEO
Phone: + (45) 71 20 30 47
Email: lh@galaxapharma.com
Website: https://www.cs-medica.com/

CS MEDICA A/S is a Danish medico cannabis company founded in 2011. CS MEDICA is committed to developing, manufacturing, and commercializing over-the-counter (OTC) medical device products containing cannabinoids. The Company runs its business through the two fully-owned subsidiaries, Galaxa Pharma A/S (distributor and representative of foreign manufacturers in the Nordic, registered medical device product distributor) and CanNordic A/S (Medical device developer and seller (BtB), registered medical device product manufacturer). CS MEDICA distributes products across the European borders and is headquartered in Copenhagen, Denmark.

The company is listed on Spotlight Stock Market in Stockholm (symbol: “CSMED”). For more information about CS MEDICA cs-medica.com.

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