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Lattice Biologics Ltd. (TSX-V: LBL, OTCBB: LBLTF) reported financial results for Q2 2021, noting significant restructuring. The U.S. subsidiary reduced $7.2 million in debt, but faced Chapter 7 bankruptcy protection due to unresolved obligations. Despite the challenges, Lattice intends to pivot into the psychedelic and cannabis life sciences market, emphasizing its expertise in biologics. New board members with relevant industry experience were appointed to support this transition. The company remains compliant with FDA regulations and aims to continue serving its biologics customers during this reorganization.
Lattice Biologics Ltd. (TSX-V: LBL, OTCBB: LBLTF) announced the formation of a Strategic Advisory Board to enhance its portfolio in cannabis and psilocybin products. The board consists of industry leaders, including Chris Jones from CANNABIS XPRESS, Ian Kerwin of Thrive California Industries, and Danielle O’Beirne, who brings extensive experience in pharmaceuticals. CEO Guy Cook emphasized that their expertise will guide Lattice’s growth strategy and enhance shareholder value. Lattice is also discontinuing its biologics business to focus more on psychedelic research and commercialization.
Lattice Biologics Ltd. (TSX-V: LBL, OTCBB: LBLTF) has entered into a Strategic Supply Agreement with Firehouse LLC, a leading medical cannabis producer in Montana. This two-year deal allows for the supply of up to 100 lbs of dried bulk cannabis per month, which will be processed into co-branded products sold exclusively in Lattice’s affiliated dispensaries. The partnership aims to enhance Lattice's position in the medical cannabis market. Lattice plans to expand its product offerings and capitalize on market opportunities in the U.S.
Lattice Biologics Ltd. (TSX-V: LBL, OTCBB: LBLTF) announced a strategic shift to focus on psychedelic and cannabis markets by establishing a new life sciences subsidiary. The company aims to leverage its expertise in stem cells to research and develop psychedelic products. Following this change, Lattice plans to divest its Biologics business, which is undergoing Chapter 7 bankruptcy proceedings initiated on March 12, 2021. The company anticipates significant growth opportunities in the legal psychedelic market, which could potentially access the $15 billion global antidepressant sector.
Lattice Biologics Ltd. (TSX-V: LBL, OTCBB: LBLTF) announced the resignation of Mr. Donald McInnes as a director, effective immediately, to focus on other commitments. CEO Guy Cook expressed gratitude for McInnes's contributions since the company's inception in 2016. Lattice Biologics develops biologic products for various surgical applications, maintaining high standards in manufacturing and quality assurance.
Lattice Biologics reports a Q1 2021 net loss of $0.3 million, with sales dropping 32% year-over-year to $474,573. Gross profit margin fell to 48.1% from 57.1% in Q1 2020, with gross profit decreasing 43% to $228,488. Cash used in operations was $0.1 million, reversing from cash provided in Q1 2020. Current liabilities rose to $8.0 million. The company is developing new products for dental markets and improving processing efficiencies amid challenging business conditions.
Lattice Biologics Ltd. (TSX-V: LBL) (OTCBB: LBLTF) reported a 57.8% increase in Q4 2020 sales compared to Q3 2020, totaling $795,779. For the full year ended September 30, 2020, sales rose 12.6% year-over-year, reaching $2.5 million. Gross profit margin was 41.4%, down from 43.1% in 2019. The company incurred a net loss of $1.5 million for the year, increasing liabilities to $9.4 million. Despite challenges from the COVID-19 pandemic, the company maintains strong distribution relationships and anticipates revenue growth from new contracts and product lines.
Lattice Biologics Ltd. (TSX-V: LBL) confirms that it is unaware of any undisclosed material information impacting its shares, following a surge in trading volume and market price. The company specializes in personalized cellular therapies focusing on bone, skin, and cartilage regeneration. Lattice Biologics holds necessary licensures for tissue-engineered products in the U.S. and 29 international markets, ensuring compliance with regulatory standards.
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