- Second quarter revenue increased 275% year over year
- Second quarter net loss of $0.001 per share
- Debt repaid in full
QUEBEC CITY--(BUSINESS WIRE)--Devonian Health Group Inc. (“Devonian” or the “Company”) (TSXV: GSD; OTCQB: DVHGF), today announced financial results for its second quarter ended on January 31, 2025.
Management Comments
“Devonian continued to improve its financial position in the second fiscal quarter ended January 31, 2025,” said Luc Gregoire, President and Chief executive Officer of Devonian. “The operating cash flows generated by Altius revenues continued to support the development progress of our lead product candidate Thykamine™ and improve our financial position by erasing all our debt. While the distribution agreement for DEXLANSOPRAZOLE will soon expire, our current liquidity will enable us to continue creating a lot of value from our expected scientific progress over the next year.”
Dr. André Boulet, Chairman, Chief Operating Officer and Chief Scientific Officer added, “The several readouts of our recent studies are clearly establishing Thykamine™ as a potent immunomodulatory agent for the potential treatment of a wide array of autoimmune inflammatory diseases”.
Business Highlights in Second Quarter to Date
- Thykamine™ achieved superior anti-inflammatory potency in a comparative in vitro study against corticosteroids and other first line treatments of inflammatory disease.
- Positive results from the STAM mouse model in vivo study attributing Thykamine™ with anti-MASH and anti-fibrosis effects in liver.
- Filed provisional patent applications for uses of Thykamine™ in metabolic dysfunction-associated steatohepatitis (MASH) and as an anti-fibrotic agent.
- Appointment of Chief Financial Officer - Viktoria Krasteva, CPA, CA
Financial Highlights
- Distribution revenue for the second quarter was $8.28 million, up 275 % year over year, driven by DEXLANSOPRAZOLE distribution agreement which launched in 2024 and is set to expire in April 2025.
- Net loss for the quarter was $0.228 million, or $0.001 per share, against the year-ago quarterly loss of $1.210 million, or $0.01 per share.
- Cash and cash equivalents on January 31, 2025, was $8.4 million, with no debt, as compared to cash of $9.9 million and debt of $2.1 million at the beginning of the fiscal year.
To consult the Interim Consolidated Financial Statements for the six month period ended January 31, 2025 and 2024, please click on the following link: https://groupedevonian.com/investor-center/financial-reports/.
About Devonian
Devonian Health Group is a clinical stage pharmaceutical company specializing in the development of drugs for various auto-immune inflammatory conditions with novel therapeutic approaches to targeting unmet medical needs. Devonian’s core strategy is to develop prescription drugs for the treatment of inflammatory autoimmune diseases including but not limited to ulcerative colitis and atopic dermatitis. Based on a foundation of over 15 years of research, Devonian’s focus is further supported by a US FDA set of regulatory guidelines favoring a more efficient drug development pathway for prescription botanical drug products over those of traditional prescription medicines.
Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian also owns a commercialization subsidiary, Altius Healthcare Inc., focused on selling prescription pharmaceutical products in Canada, under license from brand name pharmaceutical companies.
Devonian Health Group Inc. was incorporated in 2015 and is headquartered in Québec, Canada where it owns a state-of-the art extraction facility with full traceability ‘from the seed to the pill’. Devonian is traded publicly on the TSX Venture Exchange (the “Exchange”) (TSXV: GSD) and on OTCQB exchange (OTCQB: DVHGF).
For more information, visit www.groupedevonian.com
About Altius
Altius is a generic pharmaceutical distribution division with a primary focus of acquiring and in-licensing safe and innovative medicines and healthcare products designed to help people of all ages live healthier lives. Altius then leverages its expertise in the commercialization activities required to successfully launch and distribute these medicines in Canada.
Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained in this press release including, but not limited to those relating, the impact of proposed optimizations at the Company’s projects, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, changes in accounting policies, the impact of inflation, the PCT patents for ThykamineTM might not be granted, and, generally, the above “About Devonian” and “About Altius” paragraphs, which essentially describes the Company’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that these assumptions will prove to be correct and there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the applicable securities regulators of Canada. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts
Devonian Health Group Inc.
Mr. Luc Grégoire
President and CEO
Dr. André Boulet
Chairman, COO and CSO
Telephone: 1 (450) 979-2916
E-mail: investors@groupedevonian.com
