IGEA to update on strategic refocusing decisions.
Hoofddorp, the Netherlands, 30 May 2023. IGEA Pharma N.V. (SIX: IGPH) today announced a refocusing on its industrial process segment.
Pursuant to the new board of directors in office since end of April 2023, the expected setup of an own industrial center for transforming CBD and other vegetable-based matrices into high value products for the health prevention, cosmeceutical and other selected industries in Biasca, Switzerland, has been stagnating for almost two years now, the funding remains uncertain – the two-years convertible bond commitment with UAE-based Negma group activated in early 2021 has meanwhile ended – and the start of the activities still unpredictable.
In the best interests of IGEA and its stakeholders, the board has therefore decided to sell the industrial process segment. The transaction will strongly reduce IGEA’s net passive exposure in 2023 and will allow the board of directors to focus on further solutions in the cosmeceutical industry, which continues to be attractive with an over 8% CAGR growth expected within 2029 (based on a ‘Fortune Business Insight’ report of 2022).
The board of directors furthermore indicates that the refocusing will also include the simplification of the group’s corporate and operational structure, with the removal of some in-between entities that today are non-active or active only in part, as well as all such other entities that did not generate revenue in the distribution segment during 2022 due to a defocusing of their activities, as previously disclosed on 15 May 2023.
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
Pierpaolo Cerani, CEO, firstname.lastname@example.org
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