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CURE Pharmaceutical Holding Corp. (OTC: CURR), a vertically integrated drug delivery and product development company, reported its financial results and provided an operational update for the first quarter ended March 31, 2021.
First Quarter 2021 and subsequent weeks highlights:
Total revenue rose more than 400% to $1.5 million compared with a year ago and gross profit rose in line with revenue growth.
Received approval for an Investigational New Drug (IND) application from the U.S. Food and Drug Administration and initiated clinical trials for CUREfilm Blue™, an oral soluble film of sildenafil citrate to treat erectile dysfunction.
Commenced clinical development of novel delivery vehicles for certain psychedelic compounds including psilocybin, LSD, and MDMA, which are known to treat a variety of mental health disorders.
Through its Sera Labs subsidiary, launched a new line of Nutri-Strips™ vitamins and supplements that utilize CURE’s proprietary technology, and which are being sold direct to consumer, including via Amazon.
Subsequent to quarter’s end, on May 6, 2021 received a $2.3 million payment related to a contract dispute that was resolved in April.
"During the first quarter, we made good headway on a number of important fronts," said Rob Davidson, CURE Pharmaceutical CEO. "We advanced the clinical development of two of our newest programs, one for an antiviral active pharmaceutical ingredient (API) in which we will apply our patented CUREfilm® delivery platform to optimize the delivery for certain indications. The other will explore the application of a known anti-seizure API to treat adult and pediatric patients who suffer from its debilitating effects. As part of our recently announced psychedelic and antiviral clinical development, these programs are exciting because they leverage existing safety and toxicity data. We believe this will allow us to more quickly develop orally bioavailable treatments and expand our specialty pharmaceutical pipeline. We look forward to talking with shareholders in more detail at our H.C. Wainwright investor presentation on June 17.
"Additionally, our wellness subsidiary, Sera Labs, expanded its marketing strategy by launching a national TV, radio and digital marketing campaign in support of accelerating sales for our Sleep A.S.A.P. Nutri-Strips products. Investments in sales & marketing strategies did contribute to a larger net loss for the quarter, but we believe the investment will results in faster growth in these new product lines," stated Davidson.
About CURE Pharmaceutical Holding Corp.
CURE Pharmaceutical® is the pioneering developer of CUREform™, a patented drug delivery platform that offers a number of unique immediate- and controlled-release drug delivery vehicles designed to improve drug efficacy, safety, and patient experience for a wide range of active ingredients. As a vertically integrated company, CURE’s 25,000 square foot, FDA-registered, NSF® cGMP-certified manufacturing facility enables it to partner with pharmaceutical and wellness companies worldwide for private and white-labeled production. CURE has partnerships in the U.S., China, Mexico, Canada, Israel, and other markets in Europe.
Forward Looking Statement
Statements CURE makes in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), which are usually identified by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should," "will," and variations of such words or similar expressions. CURE intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act and is making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements include, without limitation, the ability to successfully market the partnered products, the difficulty in predicting the timing or outcome of related research and development efforts, partnered product characteristics and indications, marketing approvals and launches of other products, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing, the acceptance and demand of new pharmaceutical products, the impact of patents and other proprietary rights held by competitors and other third parties and the ability to obtain financing on favorable terms. The forward-looking statements in this press release reflect CURE’s judgment as of the date of this press release. CURE disclaims any intent or obligation to update these forward-looking statements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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