ODI Pharma AB: Publication of half-year report 2020
ODI Pharma AB (“ODI” or the “Company”) hereby publishes its half-year report for the period July – December 2020. The report is available as an attached document to this press release and on the Company’s website (www.odipharma.com). Below is a summary of the report.
Second quarter (2020-10-01 – 2020-12-31)
The Group's net sales amounted to SEK 0 (72,741).
The Group's loss after financial items amounted to SEK -771,779 (-1,401,276).
Result per share amounted to SEK -0.05 (-0.11).*
The solidity as of 2020-12-31 was 98% (80).**
First six months (2020-07-01 – 2020-12-31)
The Group's net sales amounted to SEK 0 (216,953)
The Group's loss after financial items amounted to SEK -2,039,886 (-2 050 004).
Result per share amounted to SEK -0.13 (-0.16).*
The solidity as of 2020-12-31 was 98% (80).**
* The Company’s result per share: The result for the period divided by the number of shares at the end of the period. The total number of shares as of 31st of December 2020, amounted to 15,220,000 (12,500,000) shares. The result per share based on the average number of shares of 15,220,000 (12,500,000) amounts to SEK -0.05 (-0.11) for the second quarter 2020.
** Solidity: Equity divided by total capital.
Highlights during the second quarter 2020
- November – ODI Pharma announced that, despite Covid-19 delays, it has streamlined its supply chain and executed a Supply Agreement with Aphria Inc.’s wholly-owned German subsidiary, CC Pharma GmbH.
- November – ODI Pharma announced that the Company is investigating the possibility to expand its current business with specialized, highly CBD infused skincare products (“Project Skin”).
- November – The Company published its Annual Report for the fiscal year 2019/2020.
- December – The Company held its Annual General Meeting. A summary of the resolutions is available on the Company’s website (www.odipharma.com)
Highlights after the period
- January – ODI Pharma announced that the Company proceeds with its plans on expanding its current business and launches Project Skin.
- February – The Company announced that its subsidiary ODI Pharma Polska Sp. z o.o. has finalized documentation and filed the application to obtain a marketing authorization for the sale of medicinal cannabis, manufactured by Aphria Inc., with the Polish Health Agency.
CEO Derek Simmross comments
The year 2020 has now passed and might reasonably be judged as one of the most remarkable years in modern times. Unfortunately, the Covid-19 pandemic is still spreading throughout the world, as we begin the year 2021, affecting both individuals and society as a whole albeit much optimism with vaccines.
During the pandemic, which caused some delays, ODI did not sit idly by, but worked on ways to improve infrastructure for “Project Poland”. We have successfully restructured our supply chain, which we strongly believe will result in operational efficiencies in the future. Also, just recently we have submitted a dossier to the Polish health agency responsible for issuing permits for our business. We are nearly there, but there is still work to be done to reach our goal and we are confident that we are up to the task to meet all Health Agency requirements.
Our research indicates that market demand will meet our expectations and the competition, in our opinion, has not yet taken a dominating foothold. We excitedly look forward to the opportunity and responsibility to begin providing patients in Poland.
Over the last three months, we have also worked substantially on developing the “Project Skin” skincare line and ensuring that we have the right people, products and partners that represent the excellence that we demand from ourselves and strive to achieve in all aspects of our business. We see Project Skin as a major step to building a multi-pronged revenue source for our investors.
Project Skin is not only a great platform to further build ODI's reputation and brand awareness. The products will be launched in Europe, but initially we will focus on a few markets, including Sweden. It harmonizes very well with ODI's strategic vision, but it is also a great opportunity for ODI to be an early participant in this particular segment of the cannabis industry in Europe. With these ongoing projects and new developments transpiring during 2021, we are confident that we have an exciting time ahead.
Lastly, I would like to take this opportunity to thank you for trusting us, and that you stand firmly with us given the circumstances around the world. Your support gives us the conditions to continue working and maintain a steady business pace - thank you!
Derek Simmross
CEO, ODI Pharma AB
For more information on ODI Pharma, please contact:
Derek Simmross, CEO, ODI Pharma AB
E-mail: info@odipharma.com
ODI Pharma AB
ODI Pharma, based on its European network, subsidiaries and affiliates, is a producer and representative of finished pharmaceutical cannabis products with a focus on distribution to the medical cannabis market in Europe through its subsidiary ODI Pharma Polska Sp. z o.o. ODI Pharma intends to provide a high-quality product at a competitive price compared to competitors in Poland, thereby becoming the number one provider of medical cannabis in Poland. ODI Pharma also strives to be on the forefront of understanding the medical applications of the product as well as introducing new, innovative products to the European patients in need. The Company will continue to team up with the most knowledgeable and best renown partners in the industry to achieve its goals.