Medipharm Labs Corp - MEDIF STOCK NEWS

MediPharm Labs Corp. (TSX: LABS, OTCQX: MEDIF) announced significant advancements in cannabis research, providing clinical trial materials and support to multiple partners. The company has obtained FDA approval for an Investigational New Drug to treat Alzheimer's Agitation Disorder. MediPharm has also delivered clinical trial materials for studies on post-surgical pain and insomnia in depressive disorders. With its GMP Drug Establishment License and FDA registered facility, the company is positioned to support global trials. MediPharm continues to invest in developing cannabis-derived pharmaceutical drugs and aims to support further clinical trials across North America.

MediPharm Labs Corp. (OTCQX: MEDIF) reported strong financial results for Q3 2022, achieving $7.3M in net revenue, up 66% sequentially and 35% year-over-year. Canadian sales grew to $3.5M, while international revenues surged 156% to $3.4M, driven by expansion into markets like Brazil and the UK. The company is streamlining operations, projecting annualized cost savings of $3M. However, it reported a net loss of $7.9M and gross profit of (1.19M). MediPharm maintains a strong balance sheet with $19.5M in cash.

MediPharm Labs Corp. (OTCQX: MEDIF) will announce its second-quarter financial results for the three and nine-month period ending September 30, 2022, on November 14, 2022, before market opening. An audio conference call will occur the same day at 8:30 a.m. Toronto time, discussing the financial results and future outlook. MediPharm specializes in precision-based cannabinoids and holds a Drug Establishment Licence from Health Canada, making it the only company in North America with a Good Manufacturing Practices license for extracting natural cannabinoids.

MediPharm Labs Corp. completed the sale of its Australian subsidiary, MediPharm Labs Australia Pty, for $7.25 million AUD ($6.3 million CAD) to OneLife Botanicals, effective October 6, 2022. This strategic move enhances MediPharm's cash position and reduces cash burn, allowing the company to focus on profitability through growth. OneLife Botanicals aims to launch OTC CBD products, benefiting from the acquired facility. All international contracts outside Australia and New Zealand remain with MediPharm Labs, serviced from its Barrie GMP facility.

MediPharm Labs Corp. (MEDIF) reported its financial results for Q2 2022, ending June 30. Revenue decreased to $4.36 million from $5.07 million in Q2 2021. The gross profit improved to a loss of $532,000, compared to a loss of $7.73 million during the same period last year. The recent appointment of CEO David Pidduck marks a strategic shift, focusing on operational efficiencies and growth in international markets. Notable developments include the sale of MediPharm Labs Australia for AUD$6.9 million, which is expected to strengthen its balance sheet and reduce annual expenses by $4 million.