REG-PanGenomic Health Inc: Annual Financial Results
03/05/2023 07:15
3 May 2023
PanGenomic Health Inc.
(“PanGenomic” or the “Company”)
PanGenomic Health Announces Financial Results for the 2022 Fiscal Year
Vancouver, British Columbia, Canada, 3 May 2023 – PanGenomic Health Inc.
("PanGenomic Health" or the "Company") (CSE: NARA) (AQSE: NARA), is pleased to
announce that it has filed its audited annual financial statements for the
fiscal year ended 31 December 2022 (the “2022 Year End Financial
Statements”).
The 2022 Year End Financial Statements, together with detailed information
regarding the Company's financial results as set forth in the Company’s
Management's Discussion and Analysis for the same period can be found under
the Company’s profile at www.sedar.com.
"We are very pleased with the progress we made in 2022 as a publicly-listed
startup benefit company in the digital health sector", said Robert Nygren,
Executive Chair of PanGenomic Health. "The need for innovative solutions for
consumers and their health practitioners to address mental health challenges
is significant, and we believe that evidence-based natural solutions will play
an important role."
Key highlights in the year included:
* Listed on the Canadian Securities Exchange as one of Canada's first
publicly-traded benefit companies.
* Launched Nara app to provide consumers with personalised information about
evidence-based natural remedy solutions to support mental health.
* Appointed Maryam Marissen as CEO, who has over two decades of experience in
consumer product marketing, private clinic services and public advocacy and
helped establish one of the first online personal care and wellness e-commerce
stores in North America.
* Appointed PanGenomic Health Co-Founder Vincent Lum as CEO of a new
wholly-owned subsidiary, MUJN Diagnostics Inc. (formerly PlantGx Diagnostics
Inc.), which is developing novel prognostic tests to help assess the
effectiveness of natural remedy treatments for mental health conditions.
* Acquired Mindleap Health Inc., the developer of a telehealth platform for
mental health and wellness.
The Company’s financial results for the year ended 31 December 2022 were as
follows:
As at
PANGENOMIC HEALTH INC. Consolidated Statement of Financial Position (Expressed in Canadian Dollars) 31 December 2022 $ 31 December 2021 $
ASSETS
Current assets
Cash and cash equivalents 88,526 1,348,622
Amounts receivable 157,817 41,366
Prepaid expenses 204,103 280,420
Loan receivable 33,924 –
Total current assets 484,370 1,670,408
Non-current assets
Equipment 19,772 24,880
Intangible assets – 850,000
Loan receivable – 31,640
Total non-current assets 19,772 906,520
TOTAL ASSETS 504,142 2,576,928
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 399,016 170,794
Loan payable 101,771 –
Due to related parties 218,465 163,660
Total liabilities 719,252 334,454
SHAREHOLDERS’ EQUITY (DEFICIT)
Common shares 11,240,056 4,634,568
Preferred shares – 497,330
Equity reserves 3,526,356 97,770
Deficit (14,981,522) (2,987,194)
Total shareholders’ equity (deficit) (215,110) 2,242,474
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) 504,142 2,576,928
PANGENOMIC HEALTH INC. Year ended 31 December
Consolidated Statement of Operations and Comprehensive Loss 2022 2021
(Expressed in Canadian Dollars) $ $
Expenses
Advertising and promotion 495,694 81,625
Consulting fees 954,847 357,000
Depreciation 11,113 2,127
Director’s fees 42,500 –
General and administrative 119,729 13,531
Professional fees 269,364 167,998
Rent (Note 10) 10,000 12,000
Research and development 534,113 129,669
Share-based compensation 616,786 50,877
Transfer agent and filing fees 64,914 19,024
Wages and benefits 522,767 34,804
Total expenses 3,641,827 868,655
Loss before other income (expense) (3,641,827) (868,655)
Other income (expense)
Interest expense (1,311) (2,466)
Interest income 2,454 15,841
Impairment of intangible assets (8,361,114) (1,794,042)
Foreign exchange translation gain 7,470 –
Total other income (expense) (8,352,501) (1,780,667)
Net loss and comprehensive loss for the year (11,994,328) (2,649,322)
Loss per common share, basic and diluted (0.22) (0.13)
Weighted average common shares outstanding 54,805,722 19,779,471
PANGENOMIC HEALTH INC. Year ended
Consolidated Statement of Cash Flow 31 December 31 December
(Expressed in Canadian Dollars) 2022 2021
$ $
Operating activities
Net loss (11,994,328) (2,649,322)
Items not involving cash:
Amortization of loan fee – 2,000
Depreciation 11,113 2,127
Foreign exchange translation gain (2,284) –
Impairment of intangible asset 8,361,114 1,794,042
Share-based compensation 616,786 50,877
Changes in non-cash operating working capital:
Amounts receivable (93,641) (41,585)
Prepaid expenses 76,317 (274,541)
Accounts payable and accrued liabilities 227,222 60,936
Due to related parties (15,155) (3,776)
Net cash used in operating activities (2,782,546) (1,059,242)
Investing activities
Acquisition costs upon acquisition of Mindleap Health Inc. (47,147) –
Cash acquired upon acquisition of Mindleap Health Inc. 1,023 –
Cash acquired upon acquisition of Pangenomic Technologies Inc. – 33,546
Investment in loans receivable – (631,640)
Purchase of equipment (6,005) (6,814)
Net cash used in investing activities (52,129) (604,908)
Financing activities
Proceeds from issuance of units, net of issuance costs 1,290,658 2,457,215
Proceeds from issuance of preferred shares, net of issuance costs – 497,330
Proceeds from issuance of shares upon exercise of warrants 142,500 –
Proceeds from loan payable 101,771 20,000
Proceeds from related party loans 39,650 –
Net cash provided by financing activities 1,574,579 2,974,545
Change in cash (1,260,096) 1,310,395
Cash and cash equivalents, beginning of year 1,348,622 38,227
Cash and cash equivalents, end of year 88,526 1,348,622
Cash and cash equivalents consist of:
Cash in bank 77,276 198,622
Cashable short-term investment certificate 11,250 1,150,000
Total cash and cash equivalents 88,526 1,348,622
About PanGenomic Health
PanGenomic Health is a precision health company that has developed a self-care
digital platform to deliver personalised, evidence-based information about
natural treatments. The Company’s initial focus is to support mental health.
Registered as a British Columbia benefit company, PanGenomic Health's mission
is to promote and improve the health and wellness of people and society by
providing a technology platform that identifies plant-based solutions tailored
to the health profile of each individual.
The Directors of PanGenomic take responsibility for this announcement.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
For more information, please contact:
Jerry Lai, Investor
Relations
Maryam Marissen, President & CEO
PanGenomic Health
Inc.
PanGenomic Health Inc.
778 743
4642
778 743 4642
ir@pangenomic.com
info@pangenomic.com
Patrick Callas, ND
Psy Integrated Health Inc.
604 336 2844
management@psyintegrated.com
Novum Securities Limited, AQSE corporate Advisor
David Coffman / George Duxberry
Tel: +44 (0)207 399 9400
Yellow Jersey PR
Charles Goodwin / Shiv Thambirajah / Soraya Jackson
Investor Relations, UK
Tel: +44 (0)20 3004 9512
This news release includes certain statements that may be deemed
“forward-looking statements”, including statements respecting the services
to be provided by PanGenomic and the consideration to be paid to PanGenomic.
The use of any of the words “anticipate”, “continue”, “estimate”,
“expect”, “may”, “will”, “would”, “project”, “should”,
“believe” and similar expressions are intended to identify forward looking
statements. Although PanGenomic believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements because
PanGenomic can give no assurance that they will prove to be correct. In
particular, there is no assurance that MUJN Diagnostics and/or Psy Integrated
will be able to complete trial biomarker testing program within the timeframes
expected, or at all. Since forward-looking statements address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. These statements speak only as of the date of this News
Release. Actual results could differ materially from those currently
anticipated due to a number of factors and risks including various risk
factors discussed in PanGenomic’s disclosure documents which can be found
under PanGenomic’s profile on www.sedar.com.
SELECTED FINANCIAL INFORMATION
Except as noted below, the financial information provided in this news release
is derived from the PanGenomic Health’s audited financial statements for the
year ended 31 December 2022 and the related notes thereto as prepared in
accordance with International Financial Reporting Standards (“IFRS”) and
related IFRS Interpretations Committee (“IFRICs”) as issued by the
International Accounting Standards Board (“IASB”). A copy of PanGenomic
Health’s financial statements for the year ended 31 December 2022 and the
related Management’s Discussion and Analysis is available on under
PanGenomic Health’s profile on www.sedar.com.
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