Mr. Attard has been with the Company since June 2015. For the past two years, Mr. Attard served as the Company’s Vice-President, Finance and prior to that, was the Company’s Controller. Prior to joining Delivra, Mr. Attard was Controller, Red Tiger Mining Inc. and Manager, McGovern Hurley LLP, a mid-market accounting firm where he received his CPA designation in 2009.
Highlights for the Second Quarter 2018:
- Achieved record revenues for the quarter of $1,310,846, representing a 17% increase over the comparative quarter;
- Continued tactical marketing initiatives to educate and expand the knowledge of pharmacists on the unique LivRelief product offerings, further enhancing the profile of LivRelief as the #1 selling natural pain relief product and #1 selling nerve pain relief product in Canada;
- Developed a revolutionary, proprietary topical cream base therapeutic, DelivraTMN, for molecules of cannabis, cannabis-like and opioids, for a safer, more targeted and consistent delivery to patients afflicted with chronic pain and anxiety; and
- Strengthened the Company’s balance sheet by completing a non-brokered private placement through the issuance of 3,561,423 units for gross proceeds of $1,246,498.
Operational Highlights for the First Quarter:
- Developed a revolutionary, proprietary topical cream base therapeutic, DelivraTMN, for molecules of cannabis, opioids, and similar molecules, for a safer, more targeted and consistent delivery to patients afflicted with chronic pain and anxiety;
- Advanced selected applications closer to the status of a “product” ready for licensing, to present to potential pharma partners a very specific and highly evolved product licensing proposal(s), to expedite licensing opportunities;
- Concluded a distribution agreement with NKS Health Ltd. (“NKS”), granting NKS the right to compound, distribute, promote, market and sell new unique pharmaceutical compounded product formulas for diabetes and other pain related issues, developed by Delivra;
- The Company hired a national, coast-to-coast Agency with strategic in-store representation at the beginning of the year. This new Agency will ensure that across all retail locations in Canada, the LivRelief product offerings are: Maximized at all locations, all tactical marketing initiatives are being followed, and to educate and expand the knowledge of pharmacists on the unique LivRelief product offerings, further enhancing the profile of LivRelief as the #1 recommended topical cream brand of choice. During this transition to the new Agency, there was a temporary pause during the quarter on sales and other initiatives, while the new Agency was integrated into our programs and we began the introductions to our key retail partners across the country. We believe this new strategic relationship and expanded reach will enhance the awareness of our unique product offerings and assist in further driving sales from coast-to-coast;
- Created a new position, hiring a Director of Sales in April 2018 to oversee the LivRelief over-the-counter portfolio; and
- Subsequent to the quarter end, the Company strengthened its balance sheet, completing a non-brokered private placement through the issuance of 3,561,423 units for gross proceeds of $1,246,498. Each unit comprised one common share and one common share purchase warrant.
Financial and Operational Highlights for Fiscal 2017:
- Record sales of $4,513,253, representing 20% sales growth over 2016;
- Streamlined operations, reducing operating expenditures by $2,952,470 over 2016, while achieving record sales;
- Significantly reduced cash burn from operating activities by an average of $210,450 per month versus prior year;
- Development pipeline continues to be very robust, including products targeted towards conditions which represent significant market opportunities, such as osteoarthritis, sleep, psoriasis, migraines, cardiovascular disease, and circulation;
- Completed a licensing agreement with ARA-Avanti RX Analytics Inc., recently purchased by Aphria Inc., for medicinal products for medical and pain-related development using hemp;
- Subsequent to the year end:
- concluded an agreement with NKS Health to promote the Company’s cream-based pharmaceutical therapeutics for pain, anxiety and diabetic foot ulcers; and
- completed non-brokered private placement for gross proceeds of $1,246,498.
Each Unit consists of one common share of the Company (a “Share”) and one share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Share at a price of $0.50 per Share for 24 months from the date of closing, subject to the option of the Company, in the event that the closing price of Shares on the TSX Venture Exchange (the “TSXV”) equals or exceeds $0.90 per Share for 10 consecutive days, to accelerate the expiry of the Warrants to 30 days after acceleration notice (the “Acceleration Option”).
NKS will promote Delivra’s cream-base therapeutics to physicians, hospitals and clinics in Canada through its network. Delivra has developed a suite of compounded products for pain, anxiety and diabetic foot ulcers. These products include: cannabis-like molecules (nabilone), opioids (buprenorphine), celebrexTM, neuropathic molecules like gabapentin for nerve related pain and the antibiotic doxycycline for diabetic foot ulcers. The agreement is effective until December 2019.