Innocan Pharma Announces First Quarter 2025 Financial Results with Continued Strong Revenue Growth and Provides Corporate Update
HERZLIYA, Israel and CALGARY, AB, May 28, 2025 /CNW/ -- Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTC: INNPF) (the " Company" or " Innocan"), a pharmaceutical technology company focusing on developing innovative drug delivery platform technologies is pleased to announce its financial consolidated results for the first quarter ended March 31, 2025, and provides a corporate update on its recent activities and upcoming milestones.
Key Business Highlights
US $1 million raised through Private Placement - on March 7, 2025, the Company completed a non-brokered private placement of a debenture unit (the " Debenture Unit") to its largest shareholder, Tamar Innovest Ltd., raising US $1 million.
First Quarter 2025 Financial Highlights
Revenues increased 15% in the first quarter of 2025 to US$7.8 million, compared to US$6.8 million in the first quarter of 2024. This increase in revenue was due to the robust sales performance of Innocan's subsidiary, BI Sky Global Ltd.
Gross Profit increased 19% in the first quarter of 2025 to US$7.1 million, compared to US$6.0 million in the first quarter of 2024.
Operating loss decreased by 140% to operating profit of US$0.5 million in the first quarter of 2025, compared to operating loss of US$1.2 million in the first quarter of 2024.
Corporate Highlights and Business Update
Broaden Intellectual Property Coverage for Liposomal CBD Injection Across Asia.
The Company reported advancing its efforts to strengthen the protection of its intellectual property across additional Asian markets, following the recently granted patent in India for a prolonged-release pharmaceutical formulation using liposomes to encapsulate CBD. The liposomal drug delivery platform allows for prolonged exposure and maximizes the bioavailability and therapeutic effects of CBD.
Innocan's synthetic CBD-loaded Liposome Injection Platform (LPT-CBD) received positive feedback from the U.S. Food and Drug Administration (FDA) following a successful pre-IND meeting to advance its development as a non-opioid alternative for chronic pain management. The Indian patent, granted in a pharmaceutical market estimated at US $55 billion (Bain & Company) complements Innocan's global patent applications, strengthening the proprietary value of its novel liposome-based cannabinoid technology.
In addition, Innocan reported the filing of this divisional application for its LPT-CBD technology in China which management believes reflects the expertise and commitment of Innocan's team and represents a strategic step in aligning the Company's intellectual property portfolio with its long-term global business objectives. This application aims to protect LPT-CBD.
The FDA's Center for Veterinary Medicine (CVM) has granted Innocan a sponsor fee waiver for its LPT-CBD product for the second consecutive year. Following a thorough review, the CVM granted Innocan the 2025 fee waiver, recognizing the Company's continued pursuit of innovative animal drug products and technology. The waiver applies to the Company's LPT-CBD drug product, developed for subcutaneous injection to manage chronic pain in dogs. With growing interest in CBD products among pet owners seeking safe and effective ways to support their pets' health, Innocan's LPT-CBD aims to deliver precise and sustained CBD release from a single injection. This innovation offers a safe and convenient dosing solution for managing chronic pain in dogs, providing benefits for pets of all ages and sizes.
Management Comments
Iris Bincovich, CEO of Innocan Pharma, commented: "We are very pleased with our strong start to 2025, marked by solid results in the first quarter. This positive momentum reflects the dedication and excellence of our team. We continued to deliver meaningful, customer-centric innovation while maintaining a disciplined approach to operational management. Our progress this quarter reinforces our confidence in our strategic direction and positions us well for continued success throughout the year."
"We are moving forward with the FDA approval process for our LPT-CBD delivery system designed for precise dosing and sustained release into the bloodstream, targeting chronic pain relief. Our commitment to innovation and improving patient outcomes remains at the core of everything we do. It's an exciting time for Innocan and our shareholders."
Roni Kamhi, CEO of BI Sky Global and COO of Innocan Pharma, commented: "We're very encouraged by the performance of the results in Q1 2025. We are continuing to move forward in both segments "LPT platform - and our consumer wellness. At BI Sky Global, our products continue to gain the trust of millions of customers. We are leveraging our deep expertise in the cosmetics industry along with advanced data analytics to better understand and meet the evolving needs of our customers. Looking ahead, we're focused on further strengthening BI Sky Global's position as a leading company in the beauty and personal care market.
The Company's full set of unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025, and accompanying management's discussion and analysis can be accessed by visiting the Company's website at www.innocanpharma.com and its SEDAR+ profile at www.sedarplus.ca.
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 its primary drug delivery technology, 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. 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 is a 40% shareholder in the joint venture company, BI Sky Global Ltd., which company focuses on advanced targeted online sales. https://innocanpharma.com/
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NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary note regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential achievement of future regulatory milestones, the potential for treatment of conditions and other therapeutic effects resulting from research activities and/or the Company's products, requisite regulatory approvals and the timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan's control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan's public reports and filings which are available under Innocan's profile at www.sedarplus.ca.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
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