Cosmos Health's Cana Laboratories Completes Facility Upgrades and Secures Contract Manufacturing Agreement with Provident Pharmaceuticals for 4.32 Million Vials of DE3-SOLE
Rhea-AI Summary
Cosmos Health (NASDAQ:COSM) announced that its subsidiary, Cana Laboratories, has completed facility upgrades and secured a contract manufacturing agreement with Provident Pharmaceuticals. The agreement involves manufacturing 4.32 million vials of DE3-SOLE OR.SOL.SDC 25000 IU/2.5ML. Cana's Athens facility is licensed under European GMP and certified by the EMA, capable of producing various pharmaceutical forms.
CEO Greg Siokas highlighted Cana's potential, noting its past collaborations with multinational companies and peak annual revenue of over $60 million. Cosmos acquired Cana in July 2023 as part of a restructuring process, aiming to revitalize its strengths without inheriting past liabilities. The company is focusing on scaling up Cana's high-margin contract manufacturing business.
Positive
- Completion of facility upgrades at Cana Laboratories, enhancing manufacturing capabilities
- Secured contract manufacturing agreement with Provident Pharmaceuticals for 4.32 million vials
- Cana's facility is licensed under European GMP and certified by EMA, enabling diverse pharmaceutical production
- Potential for significant revenue growth, with Cana's historical peak revenue exceeding $60 million annually
- Strategy to scale up high-margin contract manufacturing business
Negative
- Cana previously had total liabilities of approximately $30 million in 2018
News Market Reaction
On the day this news was published, COSM gained 17.76%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CHICAGO, IL / ACCESSWIRE / July 3, 2024 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that its wholly-owned subsidiary, Cana Laboratories ("Cana"), has completed the latest upgrades to its manufacturing capabilities and capacities and secured a contract manufacturing agreement with Provident Pharmaceuticals ("Provident").
Provident, established in 2012, is a privately held specialty pharmaceutical company focused on the commercialization and marketing of niche and legacy pharmaceutical products, as well as medical devices in specific therapeutic areas.
Cosmos Health completed its acquisition of Cana in July 2023 and has since invested in upgrading Cana's Athens facility, which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), laying the foundation for future growth. As a result, Cana is now ramping up revenue generation from manufacturing its own products as well as those of third parties. Cana's facilities can accommodate a wide range of pharmaceuticals, including tablets, capsules, syrups, nasal sprays, creams, gels, and ointments. In line with this strategy, the Company has entered into a contract manufacturing agreement with Provident to support their growth aspirations. Specifically, the contract relates to the manufacturing of 4.32 million units of DE3-SOLE OR.SOL.SDC 25000 IU/2.5ML (BTx4 vials x 2.5 ml).
Greg Siokas, CEO of Cosmos Health, stated: "Cana is our hidden gem. Historically, Cana has been an ideal contract manufacturing partner, collaborating with multinational companies such as Merck, AstraZeneca, and Unilever. The agreement with Provident marks the first step in restoring Cana to its former glory. To put things into perspective, at its peak, Cana generated over
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe® and C-Sept®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, www.zipdoctor.co, as well as LinkedIn and X.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
BDG Communications
cosm@bdgcommunications.com
+44 207 0971 653
SOURCE: Cosmos Health Inc
View the original press release on accesswire.com
FAQ
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