IX Biopharma Issues SG$2 Million Worth of Convertible Bonds to Private Investor.

The awards ceremony is a highlight of the World CBD B2B Expo and Conference, and celebrates the best-in-class in the CBD and Hemp industry for their standards, excellence, and achievements by recognising companies that go the extra mile to make the industry a safe and respected place, and operate their business with integrity, transparency and ethics.

Products nominated for the awards undergo a rigorous judging process employing lab report results, research panel reports, physical testing, application, and supporting documents as well as an aesthetics and safety report. The benchmarks are thoroughly examined by and independent panel of qualified and respected scientists, physicians, and professionals who are experts in the CBD or Hemp industry.

On winning the award, iX Biopharma Chief Commercial Officer Eva Tan, said, &ldquo We were up against strong contenders from other sublinguals including tinctures for this award and we are proud that XativaTM has risen above its competition to emerge at the top. The CBD industry is one of the fastest growing sectors, propelled by rising public demand and the rapidly changing perceptions about the therapeutic potential of the cannabis plant. This award affirms that XativaTM is clearly differentiated in the market, and we are determined to leverage this momentum for sustainable growth.&rdquo

 

PHARMACEUTICAL company iX Biopharma : 42C +2.44% posted an S$8.3 million loss for the second half of the fiscal year ended June 2022, sinking deeper into the red from a S$5.4 million loss in H2 FY2021.

 

This came as the group recorded a negative fair value adjustment of S$3.1 million from its shares in Nasdaq-listed Seelos Therapeutics, which the group received during H1 to partially satisfy a US$9 million upfront fee under its Wafermine out-licensing agreement.

 

The depreciation of the Australian dollar against the Singapore dollar further dragged on the group&rsquo s bottom line, contributing to a wider S$710,000 in currency exchange net losses compared to the previous year&rsquo s S$359,000 loss.

 

In its press statement on Tuesday (Aug 23), the group said it would have recorded a profit before tax of S$1.1 million excluding the foreign exchange loss and the fair value adjustment.

 

Revenue for H2 rose 32 per cent to S$1.2 million from S$915,000 previously, driven by the out-licensing of the group&rsquo s lead drug, Wafermine, to Seelos.

 

Further growth in revenue from the speciality pharmaceuticals segment due to higher medicinal cannabis product sales and services also helped to more than offset a 15 per cent year-on-year decline in revenue contributions from the nutraceutical segment amid supply chain and logistics disruptions in Australia and China.

 

The latest set of half-yearly results brings iX Biopharma&rsquo s loss for FY2022 to S$4.6 million, from its S$8.2 million loss in the previous year.

 

Loss per share (LPS) for H2 FY2022 stood at 1.1 Singapore cents as opposed to 0.77 cent a year ago, resulting in a full-year LPS of 0.62 cent as opposed to FY2021&rsquo s LPS of 1.19 cents.

 

Cash and cash equivalents grew to S$13.5 million as at end-June 2022 compared to S$6.2 million the previous year, lifted by net profits from the group&rsquo s recent rights issue as well as cash received from the out-licensing of Wafermine.

 

&ldquo With our strong cash balance, we look forward to continuing the momentum in FY2023 and executing our strategic plans, including developing a new pharmaceutical pipeline and expanding into new markets next year,&rdquo said Eddy Lee, chairman and chief executive of the group.