AusCann Group Holdings Ltd (OTCMTS: ACNNF) has announced its audited financial results for fiscal 2021 ending June 30, 2021.
Auscann reported a 7% increase in total income for FY2021
For FY2021, the company has a loss of $8.641 million, including a non-cash payment of $212,511, a cash impairment of raw inventories of $2.593 million, and one-off costs of $1.173 million in connection to CannPal Animal Therapeutics Limited acquisition.
Total income was up 7% as a result of the refund the company received from the Australian taxation office of $1.562 million as per the Australian Government’s Research and Development Tax Incentive Program. At the end of the year, the company remained well funded with $44.427 million, with a net cash position of around $13.68 million. AusCann is going into fiscal 2022 with an enhanced costs base, restructured operations, and a major focus on the creation of highly differentiated, high-value CBD –based drugs for registration in animal and human pathways.
Corporate updates in drug development
In fiscal 2021 the company finalized CannPal Animal Therapeutics’ acquisition and integration through a Scheme of Arrangement, and already new management is in place for the combined company. In addition, AusCann commenced product registration initiatives in Australia and South Africa for DermaCann, its CBD-derived veterinary drug for immune and anti-inflammatory support in dogs.
Also, the company finalized 25 subjects’ first-phase pharmacokinetic and safety study of its hard shell capsules through the novel Neuvis platform, attaining all endpoints. In addition, AusCann received promising clinical results for 46 dog phase 2a study for FDA veterinary treatment candidate CPAT-01. The company signed a lease agreement for its Wangara facility as part of its revised growth strategy to minimize operating expenses and capitalize on the value of its assets. Most importantly, the company is in advanced planning to develop and commercialize its lead product candidates in FY2022.
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