TORONTO, ON--(Marketwired - April 13, 2017) - Delivra Corp. (TSX VENTURE: DVA) ("Delivra" or the "Company") reported its financial results for the three and twelve month periods ended December 31, 2016. All figures are reported in CDN dollars ($), unless otherwise indicated. Delivra's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
Highlights for Fiscal 2016:
- Increased revenue by 30% from $2.9M to $3.8M driven by growth in sales of the Company's flagship LivRelief products, while Canadian sales and advertising expenditures stayed on par with 2015 expenditures;
- Added Louisa Greco, formerly Managing Director of Johnson & Johnson Consumer Group of Companies Canada with significant experience in the healthcare industry to the Advisory Board;
- Strengthened the Board of Directors with the appointment of David Thibodeau, a seasoned finance executive in the consumer health sector;
- Advanced the development of the Company's pharmaceutical portfolio with successful pre-clinical testing of topical Celebrex™ (celecoxib) targeting pain management and inflammation;
- Announced its successful pre-clinical work with the natural ingredient berberine for the prevention and treatment of cardiovascular disease related to high cholesterol and triglyceride levels;
- Developed a new therapeutic method of treating diabetic wounds topically by formulating the Company's transdermal technology with doxycycline, demonstrating the formulation can deeply penetrate and treat a wound bed;
- Expanded the Company's patent portfolio to 9 pending patents on the broad applicability of the Company's proprietary delivery system;
- Subsequent to the year-end:
- Launched PrLiv-DOX, for the treatment of diabetic wound healing, available through compound pharmacy services of NKS Health;
- Completed a strategic partnership with Dosecann Inc. and ARA-Avanti RX Analytics Inc. to develop a unique suite of standardized and commercialized products for the medical cannabis market
"Our strategy of using our innovative transdermal delivery platform to build a portfolio of consumer and prescription products delivered a strong financial year. During the year, we successfully grew sales of our LivRelief™ suite of products in Canada and leveraged the value of our platform transdermal technology by expanding our pharmaceutical portfolio targeting pain management and diabetes," said Dr. Joseph Gabriele, CEO of Delivra Corp. "Over the next year, we will focus on building a profitable consumer portfolio, exercising capital discipline, to fund the growth of Delivra's pharmaceutical portfolio. Specifically, we will focus on developing our pharmaceutical products with the roll-out of a novel suite of medical cannabis products and continue to drive endorsement by leading clinicians for PrLiv-DOX for diabetic patients."
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Delivra's annual audited financial statements and management's discussion & analysis ("MD&A"), for the year ended December 31, 2016, are available via Delivra's website at www.delivracorp.com and will be available on SEDAR at www.sedar.com.
Delivra has retained Terre Partners to assist in communicating its corporate, financial and long-term investment messages to shareholders and investors, while continuing the existing progress of building a strong public brand and investor base over the next 12 months. Terre Partners provides investor relations and capital advisory services to public companies in North America and specializes in the development and execution of strategic investor communications programs. Terre Partners is privately-owned, headquartered in Toronto. Ameen Ferris, Vice-President of Sales and Distribution, will be leaving the Company on May 4, 2017.
ABOUT DELIVRA CORP.
Delivra Corp. is a specialty biotechnology company that has a proprietary transdermal delivery system platform that can shuttle pharmaceutical and natural molecules, through the skin, in a targeted specific manner. Delivra manufactures and sells a growing line of natural topical creams with the proprietary transdermal delivery system platform under the LivRelief™ brand, for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and under the LivSport™ brand for sports performance. LivRelief™ products are available in pharmacies, grocery chains, and independent health food stores across Canada, and on-line at www.livrelief.com. LivRelief™ pain and nerve pain products are also available in the United States on Amazon and at www.livrelief.com/us. In parallel with its consumer products business, Delivra also has a mandate to license its patent-pending proprietary transdermal delivery technology platform to pharmaceutical companies globally, for the repurposing of pharmaceutical molecules transdermally to treat a broad range of conditions, along with licensing its over-the-counter products globally. Delivra is headquartered in Burlington, Ontario and has a research and development laboratory in Charlottetown, PEI.
Further information on Delivra can be found at www.delivracorp.com, www.livrelief.com for Canada and www.livrelief.com/us for the United States.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute "forward-looking statements", which are not comprised of historical facts. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends", "expects", "estimates", "may", "could", "would", "will", or "plan", and similar expressions. Specifically, forward-looking statements in this news release include, without limitation, statements regarding: the Company's drug research and development plans; the timing of operations; and estimates of market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events, performance, or achievements of Delivra to differ materially from those anticipated or implied in such forward-looking statements. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that actual results will meet management's expectations. In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting Delivra will continue substantially in the ordinary course and will be favourable to Delivra, that clinical testing results will justify commercialization of the Company's drug candidates; that Delivra will be able to obtain all requisite regulatory approvals to commercialize its drug candidates, that such approvals will be received on a timely basis, and that Delivra will be able to find suitable partners for development and commercialization of its products and intellectual property on favourable terms. Although these assumptions were considered reasonable by management at the time of preparation, they may prove to be incorrect. Factors that may cause actual results to differ materially from those anticipated by these forward-looking statements include: uncertainties associated with obtaining regulatory approval to perform clinical trials and market products; the need to establish additional corporate collaborations, distribution or licensing arrangements; the ability of the Company to generate sales and profits; the Company's ability to raise additional capital if and when necessary; intellectual property disputes; increased competition from pharmaceutical and biotechnology companies; changes in equity markets, inflation, and changes in exchange rates; and other factors as described in detail in Delivra's public filings, all of which may be viewed on SEDAR (www.sedar.com). Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Delivra disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.