Apollon Formularies PLC (LON:APOL) told investors it made “a strong and positive start” to life as a publicly listed company.
The medical cannabis company attained listed status in April through a reverse takeover of AfriAg Global PLC so its 2020 full-year results are not especially meaningful. For the record, the company made a profit before tax of £330,000 in 2020, compared to a loss of £2.18mln in 2019.
Apollon expects 2021 to be a productive year for treating patients, developing new targeted formulations and growing its business.
“We have already shown the ambition of the company securing a three-year lease for our first International Cancer Institute in Kingston to complement our work at Doc's Wellness Centre in Negril. The lease was signed in June 2021. In the near term, our focus will remain on independent testing of our medical cannabis formulations, particularly for different cancers. Our results thus far indicate that Apollon's treatments appear to be effective in killing triple-negative and HER2+ breast cancer cells in 3D culture,” said the company’s chairman, Stephen Barnhill.
“In the long-term, we plan to emulate our success in Jamaica across jurisdictions where medical use of THC containing products is legal, as we continue to deliver on Apollon's strategy of becoming the premier global medical cannabis company,” he added,
In a separate announcement, the company said it has agreed to extend its existing right to purchase option to acquire up to 90% of Doc's Place International Inc. Wellness Center in Negril, Jamaica by six months to the end of this year.
The company said it has extended the option so it can focus on expanding its operations to Kingston, where it has signed a long-term lease for its first International Cancer Institute in the Jamaican capital.