Cosmos Health Actively Exploring Spinoff of R&D Division into a Publicly Listed Standalone Biotech Company
- Cosmos Health plans to spin off its R&D division, aiming to unlock shareholder value
- Investing in innovative R&D projects, including CCX0722 for obesity and weight management
- Clinical trials for CCX0722 scheduled to begin in Q4 2023
- None.
CHICAGO, IL / ACCESSWIRE / September 27, 2023 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today its intention to spin off its research and development (R&D) division into a publicly listed standalone biotech company.
Cosmos Health has been investing in innovative R&D over the past few years. The Company is actively working on a number of projects to address major health disorders such as obesity, cancer, and diabetes. Some of these projects are now advancing to the next stage. For instance, as announced on June 21, 2023, the Company successfully completed the second phase of development for the CCX0722 product and its extensions - an innovative solution for obesity and weight management - with clinical trials scheduled to commence in the fourth quarter of 2023. In light of being closer to introducing its transformative products to multi-billion-dollar markets, the Company is now actively considering the best path forward to unlock shareholder value. After careful deliberations, including the analysis of comparables from pure play biotech companies, the Company has determined that spinning off its R&D division into a standalone, well-capitalized, publicly listed biotech entity will best serve its shareholders.
Greg Siokas, Chief Executive Officer of Cosmos Health, stated: "The Company is committed to taking all available measures to enhance shareholder value. Spinning off our R&D division into a standalone biotech entity is one of the several initiatives that we are currently working on. We continue to execute on our multifaceted business plan, underpinned by our solid balance sheet with minimal debt, while also returning capital to our shareholders through our buyback program, which started on September 13, 2023."
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 and headquartered in Chicago, Illinois, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary products, including nutraceuticals and food supplements under the brands "Sky Premium Life" and "Mediterranation." Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, and www.zipdoctor.co.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
BDG Communications
cosm@bdgcommunications.com
+44 207 0971 653
SOURCE: Cosmos Health Inc.
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