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.