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Devonian Health Group Announces Impressive Financial Results

QUEBEC CITY, December 23, 2024 – Devonian Health Group Inc. ("Devonian" or the "Company") (TSXV: GSD; OTCQB: DVHGF) has recently released its financial results for the first quarter ending October 31, 2024. The period witnessed remarkable growth and achievement, laying the groundwork for future advancements in the company’s operations.

Financial Performance Highlights

• Substantial Revenue Growth:
  Devonian reported a staggering 360% increase in first-quarter revenues compared to the same period last year. This significant revenue boost can be attributed primarily to the successful sales of DEXLANSOPRAZOLE, which is the only authorized generic formulation of the pharmaceutical drug available on the Canadian market for the treatment of gastroesophageal reflux disease (GERD).

• Net Loss Adjustments:
  During the same quarter, Devonian experienced a net loss of $0.002 per share, which marks an improvement compared to the prior year’s quarterly loss of $0.005 per share. The current net loss totaled $0.362 million, a notable decrease from last year’s loss of $0.721 million.

• Cash Position and Debt:
  As of October 31, 2024, the Company maintained cash and cash equivalents amounting to $12.5 million, while its debt remained unchanged at $2.1 million compared to the beginning of the fiscal year, indicating sound financial management.

Management’s Perspective

Luc Gregoire, President and CEO of Devonian, expressed his optimism regarding the company’s trajectory:
“Devonian continued to strengthen its financial position during the first fiscal quarter ending October 31, 2024. Our scientific research is still advancing, focusing on the development of Thykamine for the treatment of atopic dermatitis (eczema). The quarter was particularly notable due to the 360% revenue increase at Altius, which provided crucial financial support to sustain our ongoing operations.”

Key Developments in Business Operations

Altius Healthcare Inc. Advancement

• The wholly owned subsidiary of Devonian, Altius Healthcare Inc., successfully marketed DEXLANSOPRAZOLE, leveraging its status as the only authorized generic version in Canada. This has resulted in a propelled demand from the healthcare sector, contributing to the overall revenue surge.

Progress Towards Clinical Trials

• Devonian is actively preparing for its planned Phase II/III clinical study for Thykamine in treating mild to moderate atopic dermatitis (eczema) in pediatric patients. The company has initiated critical work related to the qualification of the product batches intended for clinical studies, setting the stage for potential breakthroughs in pediatric care.

Stock Options Granted

Devonian also announced the granting of stock options to its independent directors, allowing them to purchase 1,535,715 common shares at an exercise price of $0.19. These options are valid for a period of ten years from the date of grant, reflecting a strategy aimed at aligning the interests of the directors with those of the shareholders.

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Summary

Devonian Health Group continues to demonstrate solid growth, innovation, and commitment to its mission of improving treatment options for autoimmune inflammatory conditions. With impressive revenue figures and ongoing advancements in clinical research, the company is positioned for continued success. As they navigate through these financial landscapes, leveraging tools like AI legalese decoder will support better communication, paving the way for stronger stakeholder engagement.

For full details, the Interim Consolidated Financial Statements for the three-month period ending October 31, 2024, can be accessed via the following link: Devonian Financial Reports or through the Company profile on SEDAR+.

For more insights about Devonian and its strategic developments, please visit www.groupedevonian.com.

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