Innocan Pharma Announces Strong First Quarter 2025 Financial Results and Corporate Update
HERZLIYA, Israel and CALGARY, AB, May 28, 2025 – Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTC: INNPF), a pharmaceutical technology company focusing on innovative drug delivery platform technologies, has announced its financial consolidated results for the first quarter ended March 31, 2025, along with a corporate update on its recent activities and upcoming milestones.
Key Business Highlights
- The Company raised US $1 million through a private placement on March 7, 2025, completing a non-brokered private placement of a debenture unit to its largest shareholder, Tamar Innovest Ltd.
- Revenues increased by 15% in Q1 2025 to US$7.8 million, compared to US$6.8 million in Q1 2024, driven by robust sales performance of Innocan’s subsidiary, BI Sky Global Ltd.
- Gross Profit rose 19% to US$7.1 million in Q1 2025, up from US$6.0 million in Q1 2024.
- Operating loss decreased by 140% to an operating profit of US$0.5 million in Q1 2025, compared to an operating loss of US$1.2 million in Q1 2024.
Corporate Highlights and Business Update
- Expansion of Intellectual Property: Innocan broadened its intellectual property coverage for its liposomal CBD injection across additional Asian markets, following a recently granted patent in India for a prolonged-release pharmaceutical formulation using liposomes to encapsulate CBD.
- The Company’s LPT-CBD technology received positive feedback from the U.S. FDA following a successful pre-IND meeting, advancing its development as a non-opioid alternative for chronic pain management.
- Innocan filed a divisional application for its LPT-CBD technology in China, reflecting the company’s expertise and commitment to aligning its IP portfolio with long-term global business objectives.
- The FDA’s Center for Veterinary Medicine granted Innocan a sponsor fee waiver for its LPT-CBD product for the second consecutive year, recognizing the company’s pursuit of innovative animal drug products and technology.
Management Comments
Iris Bincovich, CEO of Innocan Pharma, commented, “We are very pleased with our strong start to 2025, marked by solid results in the first quarter. Our progress this quarter reinforces our confidence in our strategic direction and positions us well for continued success throughout the year.”
Roni Kamhi, CEO of BI Sky Global and COO of Innocan Pharma, added, “We’re encouraged by Q1 2025 results and continue to move forward in both our LPT platform and consumer wellness segments. At BI Sky Global, our products continue to gain customer trust, and we’re leveraging our cosmetics industry expertise along with advanced data analytics to meet evolving customer needs.”
The Company’s full set of unaudited condensed interim consolidated financial statements for Q1 2025 and accompanying management’s discussion and analysis are available on Innocan’s website and SEDAR+ profile.
About Innocan Pharma
Innocan is a pharmaceutical tech company operating in two main segments: Pharmaceuticals and Consumer Wellness. The Pharmaceuticals segment focuses on developing innovative drug delivery platform technologies based on advanced cannabinoids science. The Consumer Wellness segment develops and markets innovative self-care products through its joint venture, BI Sky Global Ltd.
For further information, please contact Iris Bincovich, CEO of Innocan Pharma Corporation.
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Cautionary Note Regarding Forward-Looking Information
Certain information in this news release is forward-looking, subject to various risks and uncertainties that could cause actual results to differ materially from anticipated results. Readers are cautioned not to place undue reliance on forward-looking information.
