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Miravo Healthcare reported Q2 2021 financial results with adjusted total revenue of $19.9 million, an 11% increase from $18 million in Q2 2020. Adjusted EBITDA was $7.4 million, down 3% year-over-year. Notably, revenue from promoted products Blexten and Cambia surged 46% to $9.2 million. However, adjusted total revenue for the first half of 2021 was $34.5 million, a 7% decrease from the prior year. The company also repaid $3 million of its Amortization Loan and holds $27.3 million in cash.
Miravo Healthcare has signed an exclusive License Agreement with SK Chemicals to commercialize Suvexx in South Korea. Effective July 29, 2021, the deal includes up to EUR 1.1 million in payments and potential royalties on sales. The South Korean migraine market was valued at over US$20 million in 2020. Suvexx is expected to gain 6 years of marketing exclusivity upon regulatory approval, with a launch anticipated in 2023. SK Chemicals, a major player in Korea, generated US$1.0 billion in sales in 2020.
Nuvo Pharmaceuticals Inc. (TSX: MRV) (OTCQX: MRVFF), operating as Miravo Healthcare, has announced that it will release its second quarter 2021 financial results on August 9, 2021, before market opening. A conference call will occur the same day at 11:00 a.m. ET, led by President & CEO Jesse Ledger, which includes a Q&A session. Miravo focuses on healthcare with a diverse product portfolio, targeting therapeutic areas such as pain, allergy, neurology, and dermatology. The company operates a GMP-compliant facility in Varennes, Québec.
Nuvo Pharmaceuticals, operating as Miravo Healthcare, will present at the Access to Giving Virtual Investor Conference from July 13-15, 2021. President Jesse Ledger and CFO Mary-Jane Burkett will represent the company. The event promotes investor education and advocacy with over 50 companies participating. Miravo aims to connect with investors through 1x1 meetings. The live presentation is scheduled for July 15 at 9:30 a.m. ET.
For more details, visit the webcast link.
Nuvo Pharmaceuticals, operating as Miravo Healthcare, has confirmed its participation in the Summer Solstice – Best Ideas from the Buy-Side conference, scheduled for June 1-4, 2021. The company's President & CEO, Jesse Ledger, along with CFO Mary-Jane Burkett, will present on June 1 at 3:30 p.m. ET. This virtual conference will feature 35 companies recommended by qualified institutional investors. Miravo focuses on a diverse portfolio targeting therapeutic areas such as pain and neurology, with its operations based in Canada and Dublin, Ireland.
Miravo Healthcare (MRVFF) appointed Mary Ritchie to its Board of Directors on May 17, 2021. Ritchie brings over 30 years of diverse experience across public, private, and not-for-profit sectors, with notable roles in various audit committees. She is currently the President and CEO of Richford Holdings Ltd. Jesse Ledger, the CEO, expressed enthusiasm about Ritchie's cross-sector expertise, particularly in pharmaceuticals, enhancing the board's capabilities. Miravo Healthcare focuses on commercial products targeting pain, allergy, neurology, and dermatology, with operations in Canada and Ireland.
On May 17, 2021, Nuvo Pharmaceuticals (MRVFF) held its Virtual Annual Meeting of Shareholders where all nominated directors were successfully elected. Notable votes included Daniel Chicoine receiving 91.55% support and David A. Copeland with 97.50%. The appointment of Ernst & Young LLP as auditors for the upcoming fiscal year was also approved. Miravo Healthcare, the company’s operating name, continues to expand its diversified portfolio, focusing on therapeutic areas such as pain and allergy, with operations in Canada, Ireland, and a manufacturing facility in Québec.
Miravo Healthcare (MRVFF) reported Q1 2021 adjusted total revenue of $14.5 million, a 23% decline from Q1 2020's $18.9 million. Adjusted EBITDA fell 45% to $4.4 million compared to $8.0 million last year. Despite a 22% increase in Blexten prescriptions and 9% for Cambia, total revenue from these products decreased by 7%. The company has filed a $40 million base shelf prospectus for financial flexibility. Cash and equivalents stand at $23.8 million.
Future revenues may be impacted by ongoing COVID-19 dynamics.
On May 11, 2021, Miravo Healthcare (TSX: MRV, OTCQX: MRVFF) announced that its President & CEO, Jesse Ledger, and VP & CFO, Mary-Jane Burkett, will present at the Q2 Virtual Investor Summit on May 18, 2021, at 2:00 p.m. ET. The summit will host over 80 companies and 300 investors, offering a platform for smallcap and microcap companies to connect with potential investors. Miravo specializes in healthcare products focused on pain, allergy, neurology, and dermatology. More information can be found at www.miravohealthcare.com.
Nuvo Pharmaceuticals Inc. (TSX: MRV) (OTCQX: MRVFF), operating as Miravo Healthcare, will release its first quarter 2021 financial results on May 17, 2021, ahead of its virtual Annual Meeting of Shareholders. The Meeting will commence at 9:00 a.m. ET, with online access starting at 8:45 a.m. ET. Shareholders cannot attend in person, but registered shareholders can vote and submit questions online. The Meeting Materials were sent out on April 23, 2021. For more information, visit www.virtualshareholdermeeting.com/mrv2021.