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Braxia Scientific reveals cash balance of C$11.1M after a busy 4Q

Published: 14:17 30 Jul 2021 BST

canadian dollars
The Toronto-based firm also reported 4Q revenue of $346,989 and a gross margin of $60,028, or 17.3%

Braxia Scientific Corp released its quarterly and year-end results showing the company heading into its next fiscal year with C$11.1 million in cash. 

For the year ended March 31, 2021, Braxia reported revenue of $1,008,372 and a gross margin of $145,666, or 14.4%, primarily derived from its network of ketamine clinics across Canada. 

The Toronto-based firm also reported 4Q revenue of $346,989 and a gross margin of $60,028, or 17.3%. 

READ: Braxia Scientific awarded C$918,000 to study effectiveness of ketamine and cognitive behavioural therapy combo in reducing suicidality

In a statement accompanying the results, Braxia said it expects to add to its clinic network in the coming year and continue conducting clinical trials – most of which will be funded by third parties, according to the company.

"Braxia Scientific has achieved significant milestones to date, and we are picking up the pace," CEO Roger McIntyre said in a statement.

"We will continue to leverage our leading clinical position and our team's long and successful track record in R&D to engage large pharmaceutical companies and advance the development and eventual distribution of Braxia products."

Braxia recently opened its first ketamine therapy clinic in Quebec and launched the Braxia Institute, a research and clinical centre that will work on advancing ketamine and psychedelic treatment therapy.

"Braxia Scientific has a very strong and very qualified team that is focused on the research, development, and implementation (RD&I) of new treatments and delivery systems to combat depression and other brain-based disorders," McIntyre added.

"We are prioritizing the expansion of our clinics in North America and the development of ketamine derivatives and IP-capable delivery systems in order to create value for shareholders through this RD&I approach, while building upon a strong foundation with good corporate governance at its core."

The firm reported a net loss of $2,594,726 during its fourth quarter, primarily due to general corporate expenses and research and development.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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