NZX-listed Rua Bioscience’s losses before tax narrowed to NZ$5.96 million in FY23, compared to $7.49m in the previous year.
Total revenue was recorded as $6.53m, up from $650k in FY22, of which $5.85m was a non-cash fair-value gain resulting from a reduction in the payment liability to ex-Zalm shareholders following its acquisition by Rua in January 2022.
Revenue from customers was $358k, up from $24k in FY22.
Rua said the results were “within the expectations of the board” and that it remains well capitalised, with cash, cash equivalents and investments on hand at the end of the period of $4.56m, down from $9.94m in FY22.
In FY23 the company exported its first cannabis genetics to Australia; signed a five-year supply agreement targeting Poland and Czechia; announced the closure of its local GMP manufacturing facility to focus on developing unique genetics and executing an export-led strategy; and launched its first Rua-branded medicinal cannabis in Germany.
CEO Paul Naske said: “Our entry into the German market, alongside our distribution partner Nimbus Health, was a critical commercial milestone and highlight of the year. The response… exceeded our expectations.”
IDT Australia
IDT Australia’s revenue across its three key verticals increased by 25% to A$6.4 million in FY23 with specialty orals – including medicinal cannabis – contributing $4.6m to the company’s coffers.
Revenue from specialty orals was up 13% on FY22 while IDT also recorded growth in its other verticals – the manufacture of Active Pharmaceutical Ingredients (API), and advanced therapies.
The company told the ASX: “IDT’s medicinal cannabis manufacturing volumes continued to expand and added significant growth to the specialty orals vertical. The company has identified future expansion opportunities and increased the line capacity within its manufacturing facilities.”
It added the July 1 changes to TGO93 would benefit the firm “as it stands prepared to actively support the industry with GMP manufacturing”.
Total statutory revenue declined by 42% in FY23 over the previous corresponding period to $7m and the net loss after tax increased to $8.5 million compared to $1.2 million in FY22.
However, the firm told the ASX the FY22 result was “significantly bolstered by government Covid-19 related initiatives that were worth circa $6 million”.
It said a recent $7m capital raise ensures “the company is sufficiently funded to execute on its turnaround strategy”.
Emyria
Emyria has reported revenue of A$1.59 million in FY23, down almost 13% on FY22, but losses narrowed by 30% from $7.33m to $5.13m.
The company attributed the revenue fall primarily to a decline in income from data deals, but it said increased clinical billings during the period indicated “the growing success of our clinical service model”. It added the reduction in net losses was “reflective of effective cost-management strategies”.
During the reporting period, Emyria said its principal activity was the development of biopharmaceuticals, specifically novel MDMA analogues and ultra-pure CBD capsules, informed by real-world data gathered from patients across its wholly-owned clinical service subsidiaries.
It added: “The group has strategically concentrated on advancing the development and commercialisation of these proprietary medicines, while simultaneously launching its MDMA-assisted therapy program to broaden its impact in the mental healthcare sector.”
UPDATE (August 31, 2023): Emyria has entered a trading halt until the earlier of the commencement of normal trading on Monday September 4 or when an announcement is released to the market.
Elixinol Wellness
Elixinol Wellness has reported a loss of A$2.6 million for H1 FY23, a 52% improvement in adjusted EBITDA compared to the previous corresponding period (PCP) when losses were $5.4m.
Revenue for the period was $3.5m, up 9% on H1 FY22 ($3.2m), with Hemp Foods Australia contributing $2.1m, up 24% on the PCP ($1.7m).
Elixinol attributed the growth to continued strong sales of its Seed Mix product range through Coles and national distribution of its Hemp Seed Oil through Woolworths.
It said operating costs were down by $2.5m (36%) with further cost-reduction initiatives underway.
Net operating cash used, excluding non-recurring items, was $2.4m, a 56% reduction on the PCP ($5.4m). Cash held as at June 30, 2023 was $3m.
During the reporting period, Elixinol successfully completed a $1.25m placement and a $1m Share Purchase Plan while its acquisition of The Sustainable Nutrition Group completed earlier this month.
Neurotech International
Neurotech International has reported a 106% increase in revenue to A$1.25m in FY23 but losses deepened by 132% to $7.79m.
The company attributed the revenue increase to R&D grant income of $1.19m while the loss includes $6.45m in R&D expenditure.
Neurotech said it achieved several major milestones during the year, including the completion of a Phase I/II clinical trial in Autism Spectrum Disorder (ASD) and the initiation of a larger Phase II/III trial, as well as a successful capital raise.
It also implemented a new ‘multiple shots on goal’ strategy including clinical trials of its NTI164 cannabinoid combination drug formulation in children with Paediatric Autoimmune Neuropsychiatric Disorders Associated with Streptococcal Infections (PANDAS) and Paediatric Acute-Onset Neuropsychiatric Syndrome (PANS).
UPDATE (August 31, 2023): Neurotech has announced the successful completion of the last patient last visit (LPLV) for its Phase I/II clinical trial of NTI164 in children diagnosed with PANDAS and PANS.
A total of 15 paediatric patients have now successfully completed daily oral treatment with NTI164 over the initial 12 weeks of the trial with all continuing to receive treatment under the extension phase (54 weeks).
Results are expected in mid-to-late September.
Hygrovest
ASX-listed Hygrovest has reported a A$2.85 million unrealised gain on its investment in Southern Cannabis Holdings (SCH) during FY23.
The specialist investment firm attributed the result to a continued growth in SCH revenues and a “recovery in the listed Australian cannabis investment market”.
SCH owns Freshleaf Analytics, CA Clinics and Applied Cannabis Research.
Releaf Group/ICCM
Releaf Group has announced the next series of its International College of Cannabinoid Medicine (ICCM) workshops for doctors and pharmacists in Australia and the UK.
Led by Australian cannabis researcher and educator adjunct professor Sylvia Victor, ICCM’s workshops include live brand demonstrations supported by an online platform with 30-40 minute videos presented by international experts in medicinal cannabis.
Dates for the Australian workshops are:
Brisbane: October 7, 2023
Sydney: November 11, 2023
Melbourne: February 3, 2024
Adelaide: March 16, 2024
Perth: April 6, 2024
For more information, click here.
Botanix Pharmaceuticals
ASX-listed Botanix Pharmaceuticals has named chief operating officer Dr Howie McKibbon as its new CEO. Dr McKibbon was also previously the firm’s chief commercial officer.
Executive chairman Vince Ippolito said: “I have had the pleasure of working with Howie in three different dermatology companies before Botanix and I can think of no-one better qualified or capable to lead us through this next stage of the company’s growth.
