TIDMAPOL
RNS Number : 3385B
Apollon Formularies plc
30 September 2022
Apollon Formularies PLC / EPIC: APOL / Market: AQSE / Sector:
Biotechnology
30 September 2022
APOLLON FORMULARIES PLC
("Apollon" or the "Company")
Interim Results
Apollon Formularies plc (AQSE: APOL) , a UK based international
medical cannabis pharmaceutical company trading on Aquis Stock
Exchange, is pleased to report its unaudited interim results for
the period ended 30 June 2022.
Period Highlights:
-- Joint Venture with Tri-Medi Canna in South Africa to start
servicing the South African Development community (SADC) comprising
of 16 member states, encompassing a population of circa 350
million
-- Acquired patents from Aion Therapeutic Inc. ("Aion") which
covers all associated supporting data including pre-clinical
testing results from BIOENSIS:
o Composition and Methods for Treatment of Cancers;
o Composition and Methods for Treatment of Inflammation;
o Methods for Treatment of Human Cancers using Mushroom
Combinations; and
o Methods for Treatment of Human Cancers using Cannabis
Compositions.
-- Renewal of CLA-licenses for Processing and Retail
(Therapeutic) until January 2025. Apollon's Research and
Development license is current under application to be renewed
which the company expects to receive in due course
-- Signed more than a dozen Tripartite Agreements with
CLA-licensed cultivators to accelerate processing and manufacturing
of medical cannabis products for patients, clinical trials, and
export
-- Grand opening of the International Cancer and Chronic Pain Institute in Kingston, Jamaica
-- Appointment of Dr. Archibald McDonald, Professor Emeritus, as Director of Clinical Trials
-- Appointment of Dr. Herbert Fritsche and Roderick McIllree to the Board of Directors
Post Period Highlights:
-- Acquisition of Citiva Jamaica LLC, giving Apollon Jamaica
ownership of a university-affiliated, world class research,
cultivation, manufacturing, and processing facility for medical
grade cannabis
-- Dr. Stephen Barnhill, Chairman and CEO of Apollon, delivered
a keynote address at the Cannabis Science Conference in
Baltimore
Chairman's Report
I am pleased to provide shareholders with Apollon's unaudited
interim results for the six months ended 30 June 2022 and update on
the progress that the Company has made, and continues to make, as
it takes steps to transition towards serving a wider global export
market. Building on the success of 2021, we made some exciting
advancements in the first half of 2022.
Following the grand opening of the International Cancer and
Chronic Pain Institute in February 2022, Apollon has had continued
demand from international patients for treatment and consultations
at the Institute, located in Kingston, Jamaica, as well as at the
Wellness Centre in Negril.
In March 2022, Apollon announced the formation of a joint
venture partnership in South Africa with Tri-Medi Canna to
establish a vertically operated business, Apollon SA Pty. This
joint venture represents our first international expansion and is a
significant development for the Company as it provides access,
under license, to the Southern African Development Community
(SADC), comprising of 16 member states with the potential to reach
over 350 million people. According to Prohibition Partners' Africa
Cannabis Report, March 2019, Africa's medical cannabis sector is
forecast to be worth up to $7.1 billion by 2023, which provides an
excellent potential for Apollon to establish a commercial
footprint.
We have also acquired four international patents from Aion
Therapeutics. These patents are filed through the Patent
Cooperation Treaty covering 156 countries and contracting states,
as well as being filed in Jamaica. This acquisition includes all
associated supporting data including the pre-clinical testing
results from BIOENSIS, an independent, pre-clinical predictive
pharmaceutical testing laboratory in the United States. The patent
titles are:
-- Composition and Methods for Treatment of Cancers
-- Composition and Methods for Treatment of Inflammation
-- Methods for Treatment of Human Cancers using Mushroom Combinations
-- Methods for Treatment of Human Cancers using Cannabis Compositions
Apollon currently provides these medical cannabis and medicinal
mushroom products by physician prescription at the International
Cancer and Chronic Pain Institute in Kingston, Jamaica, and at the
CLA licensed dispensary in Negril, Jamaica. Apollon will, and in
the near term, provide them through medically supervised patient
trials to validate the successful results seen in pre-clinical
testing.
During the Period, we made a number of appointments to
strengthen our medical team and Board in preparation for global
expansion:
-- In January 2022, it was announced that Dr. Archibald
McDonald, Professor Emeritus, and former University Dean, Faculty
of Medical Sciences and Pro-Vice Chancellor at the University of
the West Indies, was appointed as Director of Clinical Trials at
Apollon. Dr. McDonald is currently the Chairman of the Ethics
Committee of the Ministry of Health in Jamaica and is now working
with the Company on medically supervised patient trials
-- Further to this appointment, we were delighted to welcome Dr.
Herbert Fritsche to the Board of Directors. Dr Herbert Fritsche is
former Professor of Laboratory Medicine and Chief of the Clinical
Chemistry Section at the University of Texas, M.D. Anderson Cancer
Center in Houston, Texas and world-renowned Clinical Chemist
recognised internationally as an expert in the field of clinical
chemistry, cancer diagnostics and laboratory medicine
-- Additionally, we appointed long-time advisor and major
shareholder, Roderick McIllree, to the Board as a Non-Executive
Director. Roderick has a wealth of experience in advising, funding
and running public companies across multiple global exchanges in
several sectors
Furthermore, in January 2022, the CLA approved Apollon's request
for the renewal of two medical cannabis licenses: Processing, and
Retail (Therapeutic) for an additional three years. The Company has
a current CLA approved Research and Development (Experimental)
license, and we are currently one of the very few companies in
Jamaica with all three of these vertically integrated CLA approved
licenses.
The combination of these licenses allows us to successfully
implement our business plan and achieve the goal of developing,
processing, and manufacturing our proprietary formulations, selling
Apollon's cannabis derived pharmaceutical and nutraceutical
products, treating patients, performing clinical trials, and
legally exporting our scientifically validated medical cannabis
products globally.
We announced at the start of the period the signing of more than
a dozen Tripartite Agreements with CLA-licensed cultivators,
allowing access to consistent availability of large quantities of
high-quality, fresh harvests of cannabis buds to be used by Apollon
to accelerate the processing and manufacturing of medical cannabis
products for patients, clinical trials, and export. In an effort to
ensure that traditional growers are not left out of the regulated
medical cannabis system, we established the Apollon Kannabiz
Cooperative, as we believe that local farmers should not only "grow
for us" but should also be given an opportunity to "grow with
us".
Post-Period
In July 2022, Apollon Jamaica announced an agreement to acquire
Citiva Jamaica LLC, which will give us ownership of a world class
research, cultivation, manufacturing and processing facility,
affiliated with, and located in the Medical School of the
University of West Indies. This is a transformative achievement
which will allow access to global markets for our trade marked and
patent protected formulations. The Board expects that the
opportunities opened up from this acquisition will create
significant revenue growth for the Company over the next 12
months.
Earlier this month, Dr. Stephen Barnhill, Chairman and CEO of
Apollon, delivered a keynote address at the Cannabis Science
Conference ("CSC") in Baltimore on the "Unique Combination of
Cannabis and Mushrooms for the Treatment of Cancer". CSC is the
world's largest and fastest growing cannabis science event,
bringing together a wide range of experts within the industry. This
endorsement of Apollon by CSC is significant as it helps to further
strengthen our credibility and will improve our visibility.
Outlook
The first half of 2022 was a busy and successful period for
Apollon, and we are excited about the Company's prospects as we
look towards 2023.
We are working extensively on ways in which to access the global
export market, such as through expanding our current capabilities
to a GMP facility and working with our partners in South Africa. We
will keep the market updated with any developments in this domain.
We also hope to be present at more conferences and speaking
engagements to further cement Apollon's reputation and increase
visibility.
We would like to thank our shareholders for their abundant
support and investment as we continue to work towards our goal of
becoming the premier global medical cannabis company in oncology,
epilepsy and chronic pain.
Financials
For the six-month period ended 30 June 2022 the Group is
reporting a loss of GBP 212,436 (six months ended 30 June 2021:
loss GBP1,695,662) .
The interim report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by:
Stephen D Barnhill M.D
Chairman
30 September 2022
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
The Directors of the Company accept responsibility for the
contents of this announcement.
For further information please visit www.apollon.org.uk or
contact:
Apollon Formularies
Tel: +44 771 198 0221
Stene Jacobs stene@apollon.org.uk
Peterhouse Capital Limited (Corporate Adviser)
Tel: +44 207 220 9795
Guy Miller gm@peterhousecapital.com
BlytheRay (Financial PR/IR-London)
Tel: +44 207 138 3204
Tim Blythe/Megan Ray apollon@blytheray.com
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
to 30 June to 30 June
2022 Unaudited 2021 Unaudited
Notes GBP GBP
----------------------------------------------- ------ ---------------- ----------------
Continuing operations
Revenue 165,053 -
Administration expenses (535,889) (335,425)
Foreign exchange 203,786 (25,775)
Operating loss (167,050) (361,200)
----------------------------------------------- ------ ---------------- ----------------
Share based payment for reverse acquisition - (1,319,251)
Share on loss from associate (45,386) (11,412)
Finance costs - (3,799)
----------------------------------------------- ------ ---------------- ----------------
Loss before tax for the period (212,436) (1,695,662)
----------------------------------------------- ------ ---------------- ----------------
Tax - -
Loss for the period (212,436) (1,695,662)
Total comprehensive income for the period (212,436) (1,695,662)
----------------------------------------------- ------ ---------------- ----------------
Total comprehensive income for the period
attributable to equity holders (212,436) (1,695,662)
Earnings per share from continuing operations
attributable to the equity owners of the
parent
----------------------------------------------- ------ ---------------- ----------------
Basic and diluted (pence per share) 5 (0.03)p (0.49)p
----------------------------------------------- ------ ---------------- ----------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at As at
30 June 31 December 30 June
2022 Unaudited 2021 Audited 2021 Unaudited
Notes GBP GBP GBP
----------------------------------- -------- ---------------- -------------- ----------------
Non-Current Assets
Intangible Assets 7 384,056 - -
Investments in associate 6 2,625,721 2,379,981 2,205,310
----------------------------------- -------- ---------------- -------------- ----------------
3,009,777 2,379,981 2,205,310
----------------------------------- -------- ---------------- -------------- ----------------
Current Assets
Trade and other receivables 645,283 360,657 406,082
Cash and cash equivalents 2,653 304,986 1,256,797
----------------------------------- -------- ---------------- -------------- ----------------
647,936 665,643 1,662,879
----------------------------------- -------- ---------------- -------------- ----------------
Total Assets 3,657,713 3,045,624 3,868,189
----------------------------------- -------- ---------------- -------------- ----------------
Current Liabilities
Trade and other payables 619,442 83,016 159,559
619,442 83,016 159,559
----------------------------------- -------- ---------------- -------------- ----------------
Total Liabilities 619,442 83,016 159,559
----------------------------------- -------- ---------------- -------------- ----------------
Net Assets 3,038,271 2,962,608 3,708,630
----------------------------------- -------- ---------------- -------------- ----------------
Capital and Reserves Attributable
to
Equity Holders of the Company
Share capital - - -
Share premium 54,338,863 54,050,764 54,050,764
Share option reserve 85,363 85,363 -
Reverse acquisition reserve (47,030,385) (47,030,385) (47,033,885)
Retained losses (4,355,570) (4,143,134) (3,308,249)
----------------------------------- -------- ---------------- -------------- ----------------
Total Equity 3,038,271 2,962,608 3,708,630
----------------------------------- -------- ---------------- -------------- ----------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
Note Share Reverse
Share Share option Acquisition Retained
capital premium reserve Reserve losses Total equity
GBP GBP GBP GBP GBP GBP
------ --------- --------------
Balance as
at 1 January
2021 17,344 3,910,557 - - (1,612,587) 2,315,314
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Loss for the
period - - - - (1,695,662) (1,695,662)
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Total comprehensive
income for the
year - - - - (1,695,662) (1,695,662)
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Transfer to
reverse acquisition
reserve (17,344) (3,910,557) - (47,033,885) - (50,961,786)
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Recognition
of AfriAg plc
equity at acquisition
date - 11,704,388 - - - 11,704,388
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Share issue
for acquisition - 40,000,000 - - - 40,000,000
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Share issue
for cash - 2,500,000 - - - 2,500,000
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Share issue
costs - (153,624) - - - (153,624)
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Total transactions
with owners,
recognised in
equity (17,344) 50,140,207 - ( 47,033,885) - 3,088,978
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Balance as
at 30 June 2021 - 54,050,764 - (47,033,885) (3,308,249) 3,708,630
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Balance as
at 1 January
2022 - 54,050,764 85,363 (47,030,385) (4,143,134) 2,962,608
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Loss for the
period - - - - (212,436) (212,436)
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Other comprehensive
income for the
year
Items that
may be subsequently
reclassified
to profit or
loss
------------------------ ------ --------- ------------ --------- ---------------- -------------- --------------
Total comprehensive
income for the
year - - - - (212,436) (212,436)
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Share issue - 288,099 - - - 288,099
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Total transactions
with owners,
recognised in
equity - 288,099 - - - 288,099
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
Balance as
at 30 June 2022 - 54,338,863 85,363 (47,030,385) (4,355,570) 3,038,271
-------------------------------- --------- ------------ --------- ---------------- -------------- --------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months
to 30 June to 30 June
2022 2021 Unaudited
Notes Unaudited GBP
GBP
--------------------------------------------- --------- ------------ ----------------
Cash flows from operating activities
Operating loss (212,436) (1,695,662)
Adjustments for:
Share based payment for reverse acquisition - 1,319,251
Loss from associate 45,386 11,412
Decrease in trade and other receivables (284,626) (81,782)
Increase/(decrease) in trade and other
payables 440,469 (519,372)
Foreign exchange (203,786) 24,108
Net cash used in operations (214,993) (942,045)
--------------------------------------------------------- ------------ ----------------
Cash flows from investing activities
Cash acquired from acquisition - 17,542
Loans granted to associate (87,340) (83,520)
Net cash used in investing activities (87,340) (65,978)
--------------------------------------------------------- ------------ ----------------
Cash flows from financing activities
Issue of share capital - 2,500,000
Issue costs - (153,624)
Repayment of borrowings - (83,925)
Net cash generated from financing
activities - 2,262,451
--------------------------------------------------------- ------------ ----------------
Net (decrease)/increase in cash and
cash equivalents (302,333) 1,254,428
Cash and cash equivalents at beginning
of period 304,986 2,369
Cash and cash equivalents at end
of period 2,653 1,256,797
--------------------------------------------------------- ------------ ----------------
Major non-cash transactions
On 19 May 2022, intangible assets with a value of GBP384,056
were purchased by the Company by way of allotment of 4,348,679
shares at a price of GBP0.06625 per share, totalling GBP288,099 and
an additional GBP95,957 in cash payable.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
Apollon Formularies Plc is a medicinal cannabis pharmaceutical
company incorporated and registered in the Isle of Man. The
Company's registered office is 6 Hope Street, Castletown, Isle of
Man, IM9 1AS. The Company's ordinary shares are traded on the AQSE
Exchange Growth Market as operated by Aquis Stock Exchange Ltd
("AQSE").
2. Basis of Preparation
The condensed interim financial statements have been prepared in
the AQSE Listing Rules. As permitted, the Company has chosen not to
adopt IAS 34 "Interim Financial Statements" in preparing this
interim financial information. The condensed consolidated interim
financial statements should be read in conjunction with the annual
financial statements for the year ended 31 December 2021. The
interim financial statements have been prepared in accordance with
UK adopted International Accounting Standards.
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies
Act 2006. It has been prepared on a going concern basis in
accordance with the recognition and measurement criteria of UK
adopted International Accounting Standards.
Statutory financial statements for the period ended 31 December
2021 were approved by the Board of Directors on 30 June 2022. The
report of the auditors on those financial statements was
unqualified. The condensed interim financial statements are
unaudited and have not been reviewed by the Company's auditor.
Going concern
The condensed interim financial statements have been prepared on
a going concern basis with a material uncertainty. The Directors
believe funds can continue to be raised from the capital markets to
support any working capital shortfalls, though this may be affected
by current extreme market volatility in the United Kingdom. The
Directors have a reasonable expectation that the Group and Company
will continue to be able to raise finance as required and to
continue in operational existence for the foreseeable future. Thus,
they continue to adopt the going concern basis of accounting in
preparing the Financial Statements
Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Company's medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Company's 2021
Annual Report and Financial Statements, a copy of which is
available on the Company's website: www.apollon.org.uk . The key
financial risks are market risk, exchange rate risk, liquidity risk
and credit risk.
Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in Note 2 of the Company's 2021 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of
computation are followed in the interim consolidated financial
information as were applied in the Group's latest annual audited
financial statements except for Intangible assets and those that
relate to new standards and interpretations effective for the first
time for periods beginning on (or after) 1 January 2022 and will be
adopted in the 2022 annual financial statements.
A number of new standards, amendments and became effective on 1
January 2022 and have been adopted by the Group. None of these
standards have materially affected the Group.
3.1 Basis of preparation of financial statements
The Group Financial Statements consolidate the Financial
Statements of the Company and its subsidiaries made up to 30 June
2022. Subsidiaries are entities over which the Group has control.
Control is achieved when the Group is exposed, or has rights, to
variable returns from its involvement with the investee and has the
ability to affect those returns through its power over the
investee.
Generally, there is a presumption that a majority of voting
rights result in control. To support this presumption and when the
Group has less than a majority of the voting or similar rights of
an investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an investee,
including:
-- The contractual arrangement with the other vote holders of the investee;
-- Rights arising from other contractual arrangements; and
-- The Group's voting rights and potential voting rights
The Group re-assesses whether or not it controls an investee if
facts and circumstances indicate that there are changes to one or
more of the three elements of control. Subsidiaries are fully
consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date that control ceases.
Assets, liabilities, income and expenses of a subsidiary acquired
or disposed of during the period are included in the Group
Financial Statements from the date the Group gains control until
the date the Group ceases to control the subsidiary.
Investments in subsidiaries are accounted for at cost less
impairment within the Company Financial Statements. Where
necessary, adjustments are made to the Financial Statements of
subsidiaries to bring the accounting policies used in line with
those used by other members of the Group. All significant
intercompany transactions and balances between Group enterprises
are eliminated on consolidation.
3.2 Intangible assets
Intangible asset expenditure relates to patents and associated
data acquired.
Intangible assets are only capitalised if the costs can be
measured reliably and will generate future economic benefits in the
form of cashflows to the Company.
Intangible assets are not subject to amortisation but are
assessed annually for impairment. The assessment is carried out by
allocating the patent assets to cash generating units ("CGU's"),
which are based on specific projects. The CGU's are then assessed
for impairment using a variety of methods including those specified
in IAS 36.
Whenever the patent assets in cash generating units does not
lead to the desired research outcome and the Group has decided to
discontinue such activities of that unit, the associated
expenditures are written off to the Statement of Comprehensive
Income.
The Company is not income generating as yet and therefore there
has been no amortization since acquisition. Patents and associated
data will be amortized when the Company starts generating revenue
relating to the assets.
4. Dividends
No dividend has been declared or paid by the Company during the
six months ended 30 June 2022 (six months ended 30 June 2021:
GBPnil).
5. Earnings per Share
The calculation of loss per share is based on a retained loss of
GBP 212,436 for the six months ended 30 June 2022 ( six months
ended 30 June 2021: GBP 1 ,695,662) and the weighted average number
of shares in issue in the period ended 30 June 2022 of 748,713,039
( six months ended 30 June 2021: 344,509,274 ).
No diluted earnings per share is presented for the six months
ended 30 June 2022 or six months ended 30 June 2021 as the effect
on the exercise of share options would be to decrease the loss per
share.
6. Associate
On 28 September 2018, the Legal Subsidiary acquired a right to
receive a 49% equity interest in Apollon Formularies Jamaica
Limited ("Apollon Jamaica"), a company incorporated in Jamaica,
upon approval by the Cannabis Licensing Authority (CLA) of Jamaica
for Company to so own such equity in a medically licensed cannabis
company. In the interim, the Company entered into a contract with
Apollon Jamaica whereby the Company receives 95% of the net profits
of Apollon Jamaica. The Legal Subsidary also entered into a
contract with its shareholder, Stephen D. Barnhill, M.D., who is
the person presently recognised as the owner of such 49% equity
interest in Apollon Jamaica, that he: (i) pledges to assign such
equity to Company upon CLA approval of Company being an owner, (ii)
commits to vote the equity he holds in Apollon Jamaica in
accordance with such assignment obligation to the extent permitted
by law, and (iii) will participate as a director of Apollon Jamaica
and act when voting in a way that is consistent with such equity
commitments to the Company to the extent permitted by law.
Apollon Jamaica is accounted for as an associate because the
Legal Subsidiary has significant influence over it, has a
representative serving as a director who participates in its
policy-making process, and has engaged in material transactions
with it that includes loans and a right to receive 95% of its
profits. These factors have been determined to be sufficient to
meet the requirements of IAS 28 even though the Company does not
presently own any equity in Apollon Jamaica and, once it does, will
only receive a 49% share of the return on investment (which will
come from the 5% net income) and only have 49% voting rights. As an
associate, Apollon Jamaica is accounted for on an equity accounting
basis.
The carrying value of the investment in the associate is
determined as follows:
30 June 30 June
2022 2021
GBP GBP
---------------------------- ---------- ----------
Investment in associate
At beginning of period 164,085 362,016
Share of loss of associate (45,386) (11,412)
---------------------------- ---------- ----------
At end of period 118,699 350,604
---------------------------- ---------- ----------
Loans granted to associate 2,507,022 1,854,706
2,625,721 2,205,310
---------------------------- ---------- ----------
The Company's share of Apollon Jamaica result for the period was
a loss of GBP45,386 (2021: loss of GBP11,412) of a total loss of
GBP92,624 (2021: total loss of GBP22,290).
7. Intangible Assets
30 June 30 June
2022 2021
GBP GBP
------------------------------ ----------- --------
Opening balance - -
Purchase of intangible assets 384,056 -
384,056 -
------------------------------ ----------- --------
During the period, the Company acquired intellectual property
from AI Pharmaceuticals Ltd., a wholly owned Jamaican subsidiary of
Aion Therapeutic Inc. Under the terms of the Agreement, the Company
acquired the following patents and all associated supporting
data:
-- Compositions and Methods for Treatment of Cancers.
-- Compositions and Methods for Treatment of Inflammation.
-- Methods for Treatment of Human Cancers using Mushroom Compositions.
-- Methods for Treatment of Human Cancers using Cannabis Compositions.
8. Events after the reporting date
On 26 July 2022, the Group's associate, Apollon Formularies
Jamaica Ltd, reached an agreement to acquire Citiva Jamaica LLC.
Apollon Formularies plc will pay consideration of US$60,000 cash
and issue 18,465,910 new Ordinary Shares in the Company.
On 26 July 2022 the Group entered into a loan agreement for
US$150,000 with Roderick McIllree. The term of the loan is 12
months (extendable for an additional 12 months by mutual agreement)
and bears an interest rate of 8% pa.
9. Approval of interim financial statements
The Condensed interim financial statements were approved by the
Board of Directors on 30 September 2022.
**ENDS**
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NEXGIGDCISXDGDG
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