IGEA to get SIX further approval to the 2021 annual report disclosure
Hoofddorp, the Netherlands, 15 June 2022. IGEA Pharma N.V. (SIX: IGPH) today announced the grant of a temporary exemption from its disclosure obligations with respect to the 2021 annual report.
Further to the issuance of the new consolidated financial statements draft, taking also in consideration the different countries and accounting methodologies involved after the merge, on request of the statutory auditors certain items need further analysis in order to be fully deployed into IFRS methodology. Specifically the reverse acquisition accounting has implied the Company assessment of goodwill given that on September 27 2021 newly issued shares of IGEA were exchanged with existing BSNR shares at an exchange ratio of 9:1 now fully cleared. Our request, shared with our statutory auditor, is based on the need of having all potential implications on our reporting obligations of such matters adequately presented before disclosure to the market. IGEA expects to disclose its 2021 annual report within the next coming weeks.
In accordance with SIX’s approval, this press release sets out the relevant section of the decision:
“I. The exemption application of IGEA (Issuer) dated 14 June 2022 requesting a second extension of the deadline to publish its 2021 annual report and to file such report with SIX Exchange Regulation AG until 15 July 2022 at the latest is granted with the following reservation (lit. a) and under the following conditions (lit. b):
a. SIX Exchange Regulation AG reserves the right to suspend trading of the registered shares of the Issuer in case its 2021 annual report is not published in accordance with the provisions on ad hoc publicity (Art. 53 of the Listing Rules [LR]in connection with the Directive on Ad hoc Publicity [DAH]) and not filed with SIX Exchange Regulation AG until Friday, 15 July 2022, 11.59 pm CET, at the latest.
b. IGEA is required to publish a notice in accordance with the provisions on ad hoc publicity (art. 53 LR in connection with the DAH) concerning this decision until Wednesday, 15 June 2022, 23.59 am CET, at the latest. The notice must contain:
- the unaltered reproduction of the wording of para. I. of this decision, placed in a prominent position;
- the reasons for the application of the Issuer requesting a second Extension of the deadline to publish its 2021 annual report and to file such report with SIX Exchange Regulation AG;
- the updated unaudited key figures such as net revenues, EBITDA, EBIT, profit/loss, balance sheet total, equity etc. for the annual results 2021.”
The unaudited key figures for 2021 are anticipated as follow:
- The group generated marginal revenue of TUSD 116(2020: TUSD 166);
- Cost of sales was TUSD 66 (2020: TUSD 359);
- Gross Profit was TUSD 51 (2020: TUSD -193);
- Operating expenses were TUSD 954 (2020: TUSD 1’447). The significant decrease is mainly due to the reduction of the sales and marketing expenses and to the ongoing optimization on general and administration. Other expenses, net of other income, is relatedtocertainnon-coreoperationsforTUSD202(2020:124);
- EBITDA as adjusted (before impairment charges) and EBIT is TUSD -1’105 (2020: TUSD – 1’764) and TUSD -956 (2020: TUSD -1,989)respectively;
- finance result is TUSD 149 (2020: TUSD-225);
- the net loss is TUSD 8956 (2020: TUSD 1,991);
- Total assets are TUSD 14’092 (2020: TUSD 10’590), with a Group equity of TUSD 10’977 (2020: TUSD8’098)
IGEA Pharma N.V. focuses through its Joint Venture on industrial CO2 supercritical extraction of CBD and other valuable components from their vegetable matrices for health prevention, pharma, food&beverage and other selected industries, with an innovative early-stage commercial and highly diversifiable pipeline. The company aims to become a center of excellence on highly controlled vegetable matrices and their industrial extraction technology. On the other hand, Igea operates on preventative health-tech products and devices, commercializing an Alzheimer’s prevention set (which includes ’Alz1’, an at-home lab test kit to measure non-bound copper in the blood and a natural dietary supplement branded ‘Alz1 Tab’ designed to reduce blood heavy metals content) and expects to integrate the non-bound copper detection-based pipeline with a diabetes type II prevention set in the next future. IGEA furthermore commercializes a COVID19 rapid test for the detection of IgM and IgG SARSCoV-2 related antibodies.
IGEA is listed on the SIX Swiss Exchange (ticker IGPH) and is headquartered in Hoofddorp, the Netherlands. Find out more at www.igeapharma.nl
Vincenzo Moccia, CEO, +393405830933
This document constitutes neither an offer to buy nor to subscribe securities and either this document nor any part of it should form the basis of any investment decision in IGEA. The information contained in this press release has been carefully prepared. However, IGEA bears and assumes no liability of whatever kind for the correctness and completeness of the information provided herein. IGEA does not assume an obligation of whatever kind to update or correct information contained in this press release whether as a result of new information, future events or for other reasons. This publication may contain specific forward-looking statements and assessments or intentions concerning IGEA and its business. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development, or performance of IGEA and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. IGEA assumes no responsibility to update forward looking statements or to adapt them to future events or developments, except as maybe required by law.