HERZLIYA, Israel, and CALGARY, AB — Innocan Pharma Corporation, a pharmaceutical technology company focusing on developing drug delivery platform technologies, released its consolidated financial results for the three and six-month periods ended June 30, 2024.
Second Quarter 2024 Financial Highlights
Revenues increased 177% to US$8.6 million, compared to US$3.1 million in the second quarter of 2023, and increased 28% compared to US$6.8 million in the first quarter of 2024. This significant increase in revenue was primarily due to strong sales growth of Innocan’s subsidiary BI Sky Global Ltd.
Gross Profit increased 201% to US$8.0 million, compared to US$2.7 million in the second quarter of 2023, and increased 33% compared to US$6.0 million in the first quarter of 2024.
Operating Profit increased by US$0.97 million to US$0.53 million compared to an operating loss of US$0.44 million in the second quarter of 2023 and increased by US$1.7 million compared to an operating loss of US$1.2 million in the first quarter of 2024.
Net Profit increased by US$1.35 million to US$0.95 million, compared to a net loss of US$0.4 million in the second quarter of 2023, and increased by US$2.4 million to a net loss of US$1.45 million in the first quarter of 2024.
Management Comments
Iris Bincovich, the CEO of Innocan commented: “Our LPT-CBD technology continues to make solid advancements, and we are very pleased with our progress. At the end of July, we achieved a milestone and met with the FDA to discuss our clinical plan for bringing our LPT-CBD technology to market for chronic pain. We look forward to their response in the coming weeks.”
Bincovich added, “We are becoming increasingly excited about the potential of our LPT technology, enabling the prolonged release of CBD over extended periods to manage chronic pain. In the past year, we have successfully demonstrated our technology in several animal models, showing detectable levels of CBD in plasma for more than a month after a single injection.”
Roni Kamhi, CEO of BI Sky Global, subsidiary of Innocan, and COO of Innocan Pharma, commented, “We are very happy to share that Innocan is moving forward, achieving its milestones in both pillars Human Health and personal care.
We also see revenue growth for the last 9 quarters in our subsidiary BI SKY GLOBAL, we are very pleased with the performance of our online platform and proud of our 38% revenue growth over the prior quarter. In the first half of 2024, we have already achieved revenues exceeding our total revenue from last year. Looking ahead, we expect to continue our accelerated growth as we introduce new product categories and innovative formulations to our fast-growing customer base.”
Additional information concerning Innocan’s consolidated financial statements and related management’s discussion and analysis for the three months ended June 30, 2024, can be found on the Company’s profile at www.sedarplus.ca.
About Innocan
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies based on advanced cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD- loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Pain Management and Epilepsy. (ii) CLX CBD-loaded exosomes platform that may hold the potential to provide a highly synergistic effect of regenerating and anti-inflammatory properties targeting the central nervous system. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment, Innocan has established a joint venture by the name of BI Sky Global Ltd. that focuses on advanced targeted online sales.
