Khiron Corporate Update: Company Reports Increasing Latin America Sales Activity
- As of October 31, Khiron reached more than 4,600 medical cannabis prescriptions filled
- With more than 1,300 prescriptions filled in October, this represents greater than 130% growth over the July monthly and daily prescription rates
- Total monthly patient consultations at Khiron clinics in October far exceeded pre-pandemic levels in February 2020, surpassing 9,500 monthly consultations. In Q2, the Company had experienced a significant drop due to the pandemic with 4,500 patient consultations in April
- Monthly patient attentions have increased significantly in the past 5 months, in part due to the Company's increased focus on telehealth, which accounts for 15% of patient consultations since launch
- Achieved first medical cannabis sales in Peru through 22 prescribing doctors, and with the first 4-week sales surpassing the initial monthly Colombia rate
- Successfully achieved DIGEMID approval to introduce THC product to the Peru market, with first sales anticipated in Q4,2020
- Khiron's Latam doctor education continues to grow with 210 doctors trained in Colombia and 85 in Peru, supporting patient prescription demand
- Khiron welcomes the recent Uruguay government announcement to promote medical cannabis, an important advancement as the Company prepares for expansion into Brazil
- Company maintains a strong cash position at the end of Q3, 2020 of CAN$14.7 million, with continued prudent expense management
- Company anticipates steady, quarter on quarter revenue growth, subject to market conditions
TORONTO, Nov. 2, 2020 /CNW/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN), (OTCQX: KHRNF), (Frankfurt: A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe, is pleased to provide a corporate update on global medical cannabis operations, including accelerating sales growth in Colombia and first sales in Peru. The Company also reports a strong cash position of CAN$14.7 million at the end of Q3, 2020.
"We are seeing the positive impact of our highly focused sales model in the key Latam markets of Colombia and Peru with targeted strategies for distribution, education and patient growth. With prudent cash management, we are leveraging our experience in Colombia, together with the adoption of timely digital tools, and as a result are achieving increasing sales activity in the Colombian market and positive rates of initial sales in Peru," comments Alvaro Torres, Khiron CEO and Director.
"We never lose sight of our mission to improve the quality of patients' lives, especially during this global pandemic, and so patient satisfaction is an important metric for us. We have been growing in patient prescriptions on a daily basis, despite the fact that COVID-19 cases have increased dramatically since March 2020. This demonstrates the global demand for medical cannabis which, leveraged with the use of technology such as telehealth, can help to improve the quality of people's lives. We are very positive on what the future holds for our Company and how we will keep bringing our medical cannabis know-how, clinic approach and telehealth solutions to become leaders in the nascent international medical cannabis industry," continues Alvaro Torres.
Webcast and Q&A
Khiron invites individual and institutional investors, as well as advisors and analysts, to attend a webcast and Q&A to discuss the Company's corporate update.
DATE: Monday, November 9, 2020
TIME: 9:00am EST/6:00am PST
PRESENTERS: Alvaro Torres, Khiron CEO and Director, Tejinder Virk, Khiron Europe President, and Chris Naprawa, Khiron Chairman
FORMAT: Live 20 minutes presentation and Q&A session
REGISTER LINK: https://event.on24.com/wcc/r/2819768/9328DB919FFBB024F2CF5F4F5119285E
About Khiron Life Sciences Corp.
Khiron is a vertically integrated medical and CPG cannabis company with core operations in Latin America, and operational activity in Europe and North America. Khiron is the leading cannabis company in Colombia and the first company licensed in Colombia for the cultivation, production, domestic distribution and sales, and international export of both low and high THC medical cannabis products. The Company has filled medical cannabis prescriptions in Peru and has a presence in Mexico, Uruguay, UK, Spain and also in Germany, where it is positioned to begin sales of medical cannabis.
Leveraging its first-mover advantage and patient-oriented approach, Khiron combines global scientific expertise, product innovation, agricultural infrastructure, wholly-owned medical clinics, and online doctor education programs to drive prescription and brand loyalty to address priority medical conditions. Its Wellbeing unit launched the first branded CBD skincare brand in Colombia, with Kuida™ now marketed in multiple jurisdictions in Latin America, the US and UK. The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and diverse executive team and Board of Directors.
This press release may contain certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Khiron undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Khiron, its securities, or financial or operating results (as applicable). Although Khiron believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Khiron's control, including the risk factors discussed in Khiron's Annual Information Form which is available on Khiron's SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. Khiron disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
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SOURCE Khiron Life Sciences Corp.
Released November 2, 2020