DanCann Pharma A/S: Publishes Q1-2024 Report
COPENHAGEN, Denmark, 01 June 2024 - DanCann Pharma A/S (SS: DANCAN) ("DanCann Pharma" or the "Company"), a Danish company powered by cannabinoids, hereby announce that the Company has published its report for the first quarter of 2024 (“Q1-2024”). The Q1-2024 report is available as an attached document to this press release and at www.dancann.com.
Summary: Group Key Figures Q1-2024
| DKK 1,000 | 01/01/24 –31/03/24 | 01/01/23 –31/03/23 | 01/01/23 – 31/12/23 | 01/01/22 – 31/12/22 |
| Net sales: | 702 | 620 | 6,073 | 5,708 |
| Operating profit/loss (EBIT): | -2,645 | -4,229 | -60,115 | -16,418 |
| Result per share (DKK): | -0.02 | -0.05 | -0.44 | -0.25 |
| Equity ratio: | 0.50 | 0.86 | 0.55 | 0.85 |
Number of shares on 31.03.2024 = 166,627,989 (65,014,639)
Result per share = Result for the period / weighted average number of shares
Equity ratio = Equity / Total assets
CEO, Jeppe Krog Rasmussen, comments:
“This quarter, a key focus has been the preparation for the rights issue, intended to reinforce our capital structure and establish a stable foundation for future growth.
This financial strategy is aimed to obtain the necessary funding to launch our prepared pipeline and reorganize our capital structure.
We have secured valuable commitments from underwriters, both bottom-up and top-down, and have reached agreements with our current two lenders, which will render the Company debt-free following the completion of the transaction.
The Q1-2024 has been marked by minor supply delays and shifts between quarters that temporarily affected our performance metrics negatively. However, we fully anticipate resolving this setback by Q2- 2024, allowing our sales trajectory to align with our expectations for the year’s first half.
We remain positive about the strategic financial activities outlined for the coming months. These steps are essential as we strive to achieve operational break-even by the end of 2024 and launch new products to drive our market presence and profitability.
In conclusion, the Q1-2024 has set the stage for the transformation of DanCann Pharma 2.0. I expect the organization to demonstrate its ability to adjust and respond to the new strategy and deliver on the pathway toward financial sustainability in 2024.
Our commitment remains vital to our shareholders, patients, relatives, and the broader healthcare community as we continue to deliver on our promise of excellence in the cannabinoid-based industry.”
About DanCann Pharma A/S
DanCann Pharma A/S (SS: DANCAN) was founded in 2018 and is a Danish biopharmaceutical Company powered by cannabinoids.
DanCann Pharma A/S (SS: DANCAN) is listed on the Spotlight Stock Market in Copenhagen/Stockholm.
For more information, visit: www.dancann.com
For further information, please contact:
Jeppe Krog Rasmussen, CEO
E-mail: jkr@dancann.com
Forward-looking-statement:
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology.
Forward-looking statements are subject to several risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, to obtain sufficient financing to execute the Company’s business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company’s research strategies, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities.
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this presentation are made as of the date of this presentation and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
This disclosure contains information that DanCann Pharma A/S is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 01-06-2024.