IGEA to update on unaudited key figures and ongoing matters
Hoofddorp, the Netherlands, 15 May 2023. IGEA Pharma N.V. (SIX: IGPH) today announced the disclosure of unaudited key figures (as anticipated on 30 April 2023) and certain other ongoing matters as follow:
- the group did not start to generate revenue in the industrial process segment (same as previous period) and the distribution segment did not operate due to defocused activities (2021: revenue for TEUR 103.3). The industrial activities on CBD and other extraction are definitively behind schedule.
Given the unsatisfactory outcome of the industrial segment, the board of directors in charge since end of April 2023 immediately started to sound valuable alternatives, including the full outsourcing of operations. Discussions with EU located GMP manufacturers are ongoing, and strategic decisions are expected to be taken by the board within the next coming month.
- Costs of sales were TEUR 16.4 (2021: TEUR 126.2), consequently marginal in relation to the revenue performance.
- Operating expenses were TEUR 9’627.7 (2021: TEUR 1’301.9), of which TEUR 8,917.5 due to the decision of the board of directors in charge since end of April 2023 the fully impair the goodwill generated in September 2021 from IGEA Pharma NV and Blue Sky Natural Resource LTD combining their businesses, as a consequence of a potential outsourcing scenario (2021: impairments for TEUR 413.5).
- Other income was TEUR 477.0 (2021: TEUR 179.9), substantially due to the decision of the previous board of directors to allocate all the frozen hemp flowers and other vegetable matrices inventories to the joint venture Blue Sky Swiss SA.
- Share of net loss of associated and joint ventures accounted for using the equity method was TEUR 935.4 (2021: TEUR 132.3), with an overall increase deriving from the delays in setting up the industrial activities.
- EBITDA as adjusted (before impairment charges) and EBIT was TEUR -1’183.9 (2021: -863.8) and TEUR -10’101.4 (2021: TEUR -1,277.3) respectively.
- Finance income and costs were negligible (same as previous period).
- The net loss of the period was TEUR 10,109.0 (previous period: TEUR 1,258.9).
- Total assets were TEUR 1,798.4 (2021: TEUR 11,388.3), with an equity of TEUR -143.2 (2021: TEUR 9,578.7).
The board of directors in office since end of April 2023 immediately activated the measures considered adequate to ensure the funds required to continue operations while evaluating the future evolution of the business.
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, email@example.com
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.