Update on operations and financial targets for the fiscal year 2020/2021
CS MEDICA A/S’s (”CS MEDICA” or 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. The Company is experiencing great interest in the product portfolio and sees no reason to revise future objectives, rather, the Company expects that ongoing in-depth dialogues and already confirmed orders will have a positive impact on results for the coming fiscal year.
CS MEDICA has an ongoing in-depth dialogue with a potential customer with the intention of signing an agreement. Negotiations are ongoing but are delayed due to previous delays in the clinical process in India. The completion of the clinical process of testing and getting approval by the ethics committee in India was prolonged due to Covid-19, in turn affecting the finalization of the agreement. This will impact the previously communicated financial target of DKK 7 million for the fiscal year 2020/2021, which has been adjusted to approx. DKK 3.6 million. The Company expects that ongoing in-depth dialogues and confirmed orders that cannot be booked this fiscal year will instead have a positive impact on results for 2021/2022.
Lone Henriksen comments
“We are experiencing great interest in our product portfolio. However, following the clinical delays in India, we are delayed in negotiations with a potential customer. We expect to finalize the agreement in 2022. However, as a result, we will not achieve our financial target for the fiscal year 2020/2021. Instead, the expected agreement will have a positive impact on the results for 2021/2022. We see no reason to revise our future objectives”, comments Lone Henriksen, CEO of CS MEDICA.
This is information that CS MEDICA A/S is obliged to make public according to the EU Market Abuse Regulation (MAR). The information was made publicly available by the Company’s contact person set out below on September 27th, 2021.
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.