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Cosmos Health's Cana Laboratories Completes Facility Upgrades and Secures Contract Manufacturing Agreement with Provident Pharmaceuticals for 4.32 Million Vials of DE3-SOLE

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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.

Cosmos Health (NASDAQ:COSM) ha annunciato che la sua sussidiaria, Cana Laboratories, ha completato gli aggiornamenti degli impianti e ha ottenuto un con Provident Pharmaceuticals. L'accordo prevede la produzione di 4,32 milioni di flaconcini di DE3-SOLE OR.SOL.SDC 25000 IU/2.5ML. L'impianto di Cana ad Atene è licenziato secondo le GMP europee e certificato dall'EMA, in grado di produrre varie forme farmaceutiche.

Il CEO Greg Siokas ha sottolineato il potenziale di Cana, notando le sue collaborazioni passate con multinazionali e un fatturato annuo massimo di oltre 60 milioni di dollari. Cosmos ha acquisito Cana a luglio 2023 come parte di un processo di ristrutturazione, con l'obiettivo di rivitalizzarne i punti di forza senza ereditare passività passate. L'azienda si sta concentrando sull'espansione del settore della produzione in contratto ad alto margine di Cana.

Cosmos Health (NASDAQ:COSM) anunció que su subsidiaria, Cana Laboratories, ha completado mejoras en las instalaciones y ha asegurado un acuerdo de fabricación por contrato con Provident Pharmaceuticals. El acuerdo implica la fabricación de 4.32 millones de frascos de DE3-SOLE OR.SOL.SDC 25000 IU/2.5ML. La instalación de Cana en Atenas está licenciada bajo GMP europeas y certificada por la EMA, capaz de producir diversas formas farmacéuticas.

El CEO Greg Siokas destacó el potencial de Cana, señalando sus colaboraciones pasadas con empresas multinacionales y unos ingresos anuales máximos de más de 60 millones de dólares. Cosmos adquirió Cana en julio de 2023 como parte de un proceso de reestructuración, con el objetivo de revitalizar sus fortalezas sin heredar pasivos del pasado. La empresa se está centrando en escalar el negocio de fabricación por contrato de alto margen de Cana.

코스모스 헬스(NASDAQ:COSM)는 자회사인 카나 연구소가 시설 업그레이드를 완료하고 프리보던트 제약과 계약 제조 협약을 맺었다고 발표했습니다. 이 협약에는 432만 개의 바이알인 DE3-SOLE OR.SOL.SDC 25000 IU/2.5ML의 제조가 포함되어 있습니다. 카나의 아테네 시설은 유럽 GMP 인증을 받은 시설로, EMA에 의해 인증받아 다양한 제약 형태를 생산할 수 있습니다.

CEO 그렉 시오카스는 카나의 잠재력을 강조하며 다국적 기업들과의 협력 경험과 최대 연간 수익이 6천만 달러를 초과한다고 언급했습니다. 코스모스는 2023년 7월 카나를 인수하여 리스크를 부담하지 않고 강점을 재활성화하는 전략을 사용했습니다. 회사는 카나의 고수익 계약 제조 사업을 확대하는 데 집중하고 있습니다.

Cosmos Health (NASDAQ:COSM) a annoncé que sa filiale, Cana Laboratories, a complété les améliorations de ses installations et a sécurisé un accord de fabrication sous contrat avec Provident Pharmaceuticals. L'accord implique la production de 4,32 millions de flacons de DE3-SOLE OR.SOL.SDC 25000 IU/2.5ML. L'installation de Cana à Athènes est certifiée par les GMP européennes et par l'EMA, capable de produire diverses formes pharmaceutiques.

Le PDG Greg Siokas a souligné le potentiel de Cana, notant ses collaborations passées avec des entreprises multinationales et un chiffre d'affaires annuel maximum de plus de 60 millions de dollars. Cosmos a acquis Cana en juillet 2023 dans le cadre d'un processus de restructuration, visant à revitaliser ses forces sans hériter de passifs antérieurs. L'entreprise se concentre sur le développement de son secteur de fabrication sous contrat à forte marge.

Cosmos Health (NASDAQ:COSM) kündigte an, dass ihre Tochtergesellschaft Cana Laboratories einrichtungen aufgerüstet und einen Vertrag über die Auftragsfertigung mit Provident Pharmaceuticals gesichert hat. Der Vertrag umfasst die Herstellung von 4,32 Millionen Fläschchen des DE3-SOLE OR.SOL.SDC 25000 IU/2.5ML. Die Anlage von Cana in Athen ist nach europäischen GMP lizenziert und von der EMA zertifiziert, und ist in der Lage, verschiedene pharmazeutische Formen zu produzieren.

CEO Greg Siokas hob das Potenzial von Cana hervor und wies auf frühere Kooperationen mit multinationalen Unternehmen und einen Höchstjahresumsatz von über 60 Millionen Dollar hin. Cosmos erwarb Cana im Juli 2023 im Rahmen eines Umstrukturierungsprozesses, um ihre Stärken zu revitalisieren, ohne frühere Verbindlichkeiten zu übernehmen. Das Unternehmen konzentriert sich darauf, das hochmargige Auftragsfertigungsgeschäft von Cana auszubauen.

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

Insights

The completion of Cana Laboratories' facility upgrades and the new contract with Provident Pharmaceuticals are positive developments for Cosmos Health. The agreement to manufacture 4.32 million vials of DE3-SOLE demonstrates Cana's enhanced capabilities and potential for revenue growth. However, it's important to note that the financial impact remains uncertain without specific revenue figures for this contract.

Historically, Cana generated $60 million in annual revenue at its peak, which surpasses Cosmos Health's FY 2022 revenue. This suggests significant growth potential if Cana can approach its former performance levels. The acquisition strategy, which avoided inheriting Cana's past liabilities of $30 million, appears financially prudent. Investors should monitor Cana's revenue trajectory and its contribution to Cosmos Health's overall financial performance in upcoming quarters.

The contract manufacturing agreement with Provident Pharmaceuticals marks a strategic move for Cosmos Health's Cana Laboratories. Manufacturing 4.32 million vials of DE3-SOLE, a high-dose vitamin D supplement, aligns with current market trends favoring immune-boosting products. Cana's GMP certification and EMA approval are significant assets, enabling partnerships with major pharmaceutical companies.

The facility upgrades enhancing Cana's manufacturing capabilities across various pharmaceutical forms (tablets, capsules, syrups, etc.) position it well in the competitive contract manufacturing landscape. This diversification could lead to more partnerships and a stable revenue stream. However, the success of this strategy will depend on Cana's ability to maintain quality standards and compete on pricing in a market with established players.

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 $60 million in annual revenue but also had total liabilities of approximately $30 million in 2018. We acquired Cana as part of a restructuring process, allowing us to revitalize its strengths without inheriting past liabilities. Interestingly, if we were to restore Cana to its peak revenue, it would exceed Cosmos's FY 2022 revenue, suggesting significant upside potential. To this end, we are diligently working to scale up Cana's high-margin contract manufacturing business"

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

What is the contract manufacturing agreement between Cana Laboratories and Provident Pharmaceuticals for COSM?

Cana Laboratories, a subsidiary of Cosmos Health (COSM), has secured a contract manufacturing agreement with Provident Pharmaceuticals to produce 4.32 million units of DE3-SOLE OR.SOL.SDC 25000 IU/2.5ML (BTx4 vials x 2.5 ml).

When did Cosmos Health acquire Cana Laboratories?

Cosmos Health completed its acquisition of Cana Laboratories in July 2023.

What was Cana Laboratories' peak annual revenue in the past?

At its peak, Cana Laboratories generated over $60 million in annual revenue.

What certifications does Cana Laboratories' Athens facility have?

Cana Laboratories' Athens facility is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA).

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