REG-PanGenomic Health Inc: PanGenomic Health Announces Financial Results for Half Year Ended 30 June 2023
30/08/2023 12:45
30 August 2023
PanGenomic Health Inc.
(“PanGenomic” or the “Company”)
PanGenomic Health Announces Financial Results for Half Year Ended 30 June 2023
Vancouver, British Columbia, Canada, 30 August 2023 – PanGenomic Health Inc.
("PanGenomic Health" or the "Company") (CSE: NARA) (AQSE: NARA), is pleased to
announce that it has filed financial statements for the six month period ended
30 June 2023 (the “First Half 2023 Financial Statements”).
The First Half 2023 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.
Key highlights in the period included:
* Listed on the Aquis Stock Exchange (AQSE) in the United Kingdom.
* Introduced hormonal health support for women with the availability of the
Women's Hormonal Health DNA Report.
* Launched e-commerce platform to market its proprietary natural herbal remedy
information library and practitioner-vetted brands.
* Introduced rapid in-clinic access to patient Vitamin D assessments through
the MUJN biomarker platform.
As at
PANGENOMIC HEALTH INC. 30 June 31 December
Consolidated Statement of Financial Position 2023 2022
(Expressed in Canadian Dollars) $ $
(unaudited)
ASSETS
Current assets
Cash and cash equivalents 5 88,526
Amounts receivable 74,792 157,817
Prepaid expenses 91,055 204,103
Loan receivable 33,087 33,924
Total current assets 198,939 484,370
Non-current assets
Equipment 16,766 19,722
Total Assets 215,705 504,142
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities 804,251 399,016
Loan payable 500,000 101,771
Due to related parties 358,993 218,465
Total liabilities 1,663,244 719,252
SHAREHOLDERS’ DEFICIT
Common shares 11,878,595 11,240,056
Equity reserves 3,675,049 3,526,356
Deficit (17,001,183) (14,981,522)
Total shareholders’ deficit (1,447,539) (215,110)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT 215,705 504,142
PANGENOMIC HEALTH INC. Six months ended 30 June
Consolidated Statement of Operations and Comprehensive Loss 2023 2022
(Expressed in Canadian Dollars) $ $
Expenses
Advertising and promotion 57,801 200,604
Consulting fees 560,401 493,509
Depreciation 6,148 5,246
Director’s fees 60,000 –
General and administrative 87,059 23,672
Professional fees 258,909 156,897
Rent 3,600 6,000
Research and development 224,852 351,144
Share-based compensation 148,693 202,215
Transfer agent and filing fees 105,336 8,382
Wages and benefits 450,047 182,008
Total expenses 1,962,846 1,629,677
Loss before other income (expense) (1,962,846) (1,629,677)
Other income (expense)
Interest expense (12,492) (57)
Interest income 1,239 1,410
Foreign exchange translation gain (9,334) (798)
Write-off of amounts receivable (36,228) –
Total other income (expense) (56,815) 555
Net loss and comprehensive loss for the period (2,019,661) (1,629,122)
Loss per common share, basic and diluted (0.02) (0.04)
Weighted average common shares outstanding 98,981,911 39,042,791
PANGENOMIC HEALTH INC. Six months ended
Consolidated Statement of Cash Flow 30 June 30 June
(Expressed in Canadian Dollars) 2023 2022
$ $
Operating activities
Net loss (2,019,661) (1,629,122)
Items not involving cash:
Depreciation 6,148 5,246
Foreign exchange translation loss (gain) 837 (542)
Share-based compensation 148,693 202,215
Write-off of amounts receivable 36,228 –
Changes in non-cash operating working capital:
Amounts receivable 46,297 (50,038)
Prepaid expenses 113,048 102,875
Accrued interest receivable – (7)
Accounts payable and accrued liabilities 399,985 175,159
Due to related parties 155,428 (860)
Net cash used in operating activities (1,112,997) (1,195,074)
Investing activities
Purchase of equipment (3,142) (3,445)
Net cash used in investing activities (3,142) (3,445)
Financing activities
Proceeds from issuance of units, net of issuance costs 311,319 –
Proceeds from issuance of shares upon exercise of warrants 327,220 –
Proceeds from units subscribed – 1,104,900
Proceeds from loans payable 500,000 –
Repayment of loans payable (101,771) –
Repayment of related party loans (9,150) –
Net cash provided by financing activities 1,027,618 1,104,900
Change in cash (88,521) (93,619)
Cash and cash equivalents, beginning of period 88,526 1,348,622
Cash and cash equivalents, end of period 5 1,255,003
Cash and cash equivalents consist of:
Cash in bank – 1,250,003
Bank indebtedness (11,245) –
Cashable short-term investment certificate 11,250 5,000
Total cash and cash equivalents 5 1,255,003
Non-cash investing and financing activities:
Issuance of common shares to acquire intangible asset – 75,000
The half year results have not been audited or reviewed by the Company’s
auditors.
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.
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.
For more information, please contact:
Jerry Lai, Investor Relations PanGenomic Health Inc. 778 743 4642 ir@pangenomic.com Maryam Marissen, President & CEO PanGenomic Health Inc. 778 743 4642 info@pangenomic.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 Health and the consideration to be paid to
PanGenomic Health. 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 Health 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 Health can give
no assurance that they will prove to be correct. 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 Health’s disclosure documents
which can be found under PanGenomic Health’s profile on www.sedar.com.
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