Company Financials Show 36% Revenue Growth Driven by Sales of the Canna-Pet(R) Line of Products
May 18, 2015: 12:13 PM ET
Peak Pharmaceuticals, Inc. (OTCQB: PKPH) ("Peak Pharma" or the "Company"), an emerging leader in the research, development, sales and marketing of safe, hemp-based, medicinal products and supplements, today announced results of operations for the three months ending March 31, 2015, which included revenues of $220,932, a healthy 36% increase of over Q1.
Dr. Soren Mogelsvang, President and CEO of Peak Pharmaceuticals, commented, "We are delighted by our quarterly results and are working hard to sustain the aggressive growth rate in the pet supplement market. The Canna-Pet® product line has opened a number of doors for the Company and we are actively exploring new collaborations and additional marketing channels. We plan to boost our marketing efforts in order to continue on the current trajectory, while exceeding our internally projected goals for the year."
"The profitability in this sector has proven quite robust and we have been undertaking a number of initiatives to test consumer interest in new products and continue to work on bringing new pet products to market," continues Dr. Mogelsvang. "At the same time, we continue to focus on the development of our first human products, aiming at a product launch later this year. We are fortunate to have gained expertise and data from the veterinary market, which has saved us tens of thousands of dollars in development costs and strengthened our ability to grow the business and deliver value to our shareholders."
All revenues were earned pursuant to the Company's exclusive, worldwide license to the Canna-Pet™ veterinary products and brand. The product sales were through the Company's online e-commerce portal and select retailers. Cash on hand for the period ending March 31, 2015 was $203,883.
The following summary financial information is derived from our unaudited financial statements contained in our 10-Q for the quarter ended March 31, 2015.
Additional details and notes relating to the Company's finances and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer with the Securities and Exchange Commission ("SEC") available at www.sec.gov. For more information please visit www.peakpharma.com.
About Peak Pharmaceuticals, Inc. (OTCQB: PKPH) Peak Pharmaceuticals, Inc. specializes in the development, manufacturing, sales and marketing of pharmaceutical-grade, hemp-based nutraceutical and supplement products for the human and animal health markets. The company aims to become a global leader in the research, development, sales and marketing of medicinal hemp and cannabinoid products. For more information visit www.peakpharma.com and follow us on Facebook, Twitter and LinkedIn.
Safe Harbor Statement Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the availability of additional funding; the early-stage nature of the industry sector; regulatory changes affecting the sale, transport or consumption of Cannabidiol or hemp based products by humans or animals; commercial impacts to the Company's business, related agreements, product development, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, the Company's current reports on Form 8-K. The Company does not undertake to update these forward-looking statements. FDA Disclosure: The statements in this news release have not been evaluated by the Food and Drug Administration (FDA). The products and statements mentioned in this release are not intended for humans, or to diagnose, treat, cure, or prevent any disease.