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Cellmid Limited (ASX: CDY) is an Australian life sciences accelerator from the health care sector, with lead programs in various disease indications. On 29th April 2019, Cellmid Limited released its quarterly cash flow report for the quarter ended 31 March 2019.
During the period, the consumer health business, Advangen had grown steadily, with the revenue of $1.4 million, up by 25% in Q3 FY2019 compared to the previous corresponding quarter. The cash receipts during the period were $2 million, reflecting the record high sales of $2.2 million in the second quarter of FY2019.
During the period, there was a significant improvement in the operating cash burn in the Q3 FY2019, driven by the continued focus on implementing cost efficiencies, while growing revenue. The cash and cash equivalents at the end of the third quarter on 31 March 2019 was $4.9 million, down from $5.4 million in the Q2 FY2019, with a decline in the operating cash burn of $552,000 in the Q3 FY2019.
The company remains consistent with its strategic plan. The company is progressing towards its target of profitability in FY2020. The company confirmed that the existing cash reserves will support funding of the operations through to profitability in FY2020. The company also highlighted that they have seen a growth in its consumer health sales across Japan, China, USA and Australia along with e-commerce.
Obtaining European import permits, continuing the progress in the activation of the US premium retail distribution, the e-commerce launch of évolis® Professional in Japan as well as targeting on Chinese FDA approvals for the pharmacy products of évolis® are considered as value adding activities in the short term.
In the investor newsletter of the company, CEO and Managing Director, Maria Halasz stated that the company had released its two years growth strategies, which indicates that the company is on the path of profitability by FY2020 and the consumer health assets and the biotech assets would be separated during 2020. She also updated investors that the company has a new senior management team in place, which will help in delivering the stated plan. The senior management includes new roles of sales director, marketing director, creative director, as well as the financial controller who are highly experienced and capable professionals.
She also highlighted that in early 2019, the sales momentum continued to build with the first QVC TV shopping event in China as part of the broader plan to replicate the success of QVC Japan in other markets.
Also read: Significant new findings published on Midkine.
On 2nd April 2019, the company announced that the European Patent Office had issued a notice of intention to grant EPO application, providing protection for hair therapy formulation that consists of monoterpenoids. Maria Halasz added that the granting of this patent represents a significant milestone for the évolis® products and will also add further commercial value to the brand beyond the current sales.
At market close on 29th April 2019, the stock of CDY was trading at $0.200, down by 2.439% as compared to its previous closing price. CDY holds a market capitalisation of $17.24 million with approximately 84.11 million outstanding shares.
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