BURLINGTON, Ontario–(BUSINESS WIRE)–Rapid Dose Therapeutics Corp. (“RDT” or the “Company”) (CSE: DOSE), today reported its financial results for the year ended February 28, 2023.
The Company is pleased to be able to report on its results for the fiscal year 2023 which ended February 28, 2023.
2023 Financial Information:
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Fiscal Year: |
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February 28 2023 |
February 28 2022 |
% Change |
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Revenue |
CAD$ 718,298 |
CAD$ 1,751,916 |
-59.0% |
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Operating expenses |
4,180,819 |
5,780,138 |
-27.5 |
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Non-cash charges |
1,334,375 |
6,383,771 |
-79.1 |
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Net comprehensive loss |
(3,809,491) |
(8,506,083) |
-53.2 |
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Net loss per share – basic |
(0.04) |
(0.08) |
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Common shares basic |
103,416,180 |
100,216,232 |
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Complete financial statements are available at www.sedar.com
2023 Operational Highlights:
- The Company established B2B channel partner relationships during the year to sell their nutraceutical products in Canadian retail stores, leading to an expanded customer base;
- RDT entered into a pharmaceutical collaboration agreement with Skycare Compounding Labs to develop, manufacture and distribute QuickStrips™ containing active pharmaceutical ingredients. The initial product, Lidocaine for the dental applications, was tested during the third and fourth quarters of the fiscal year with a launch date of May 1, 2023;
- RDT was contracted to formulate and develop an oral thin film strip containing nicotine as the active ingredient. The pre-commercialization project continues throughout the current fiscal year ending February 28, 2024. The project generated USD$90,000 in consulting services revenue during the fourth quarter of the 2023 fiscal year;
- The Company continued to experience regulatory approval hurdles and delays for product applications in Europe, USA, and Canada. Subsequent to the year end, approvals have been obtained for the distribution of nutraceutical and cannabis products in Canada;
- The Company’s Research & Development program, in collaboration with strategic partners, have developed patentable intellectual properties for filing in the current fiscal year ending February 28, 2024.
About Rapid Dose Therapeutics Corp.
Rapid Dose Therapeutics is a Canadian biotechnology company revolutionizing drug delivery through innovation. The Company’s flagship product QuickStrip™ is a thin, orally dissolvable film, that can be infused with an infinite list of active ingredients, including nutraceuticals, pharmaceuticals and vaccines, that are delivered quickly into the bloodstream, resulting in rapid onset of the active ingredient. For more information about the Company, visit www.rapid-dose.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this news release may contain forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “will”, “could”, “are planned to”, “are expected to” or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in respect of the delivery of equipment and products using the QuickStrip™ product delivery method, the generation of recurring revenues, the plans, estimates, forecasts, projections, expectations or beliefs of RDT management as to future events or results and are believed to be reasonable based on information currently available to RDT management. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; termination of WLM agreements; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by RDT management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
RDT Investor Contact:
Mark Upsdell, CEO
mupsdell@rapid-dose.com
416-477-1052