BOULDER, CO--(Marketwired - August 13, 2015) - Peak Pharmaceuticals, Inc. (OTCQB: PKPH) (“Peak Pharma” or the “Company”), an emerging leader in the research, development, sales and marketing of safe, hemp-based supplements, today announced results of operations for the three months ending June 30, 2015, which included Q3 revenues of $317,244, a healthy increase over Q2, with year to date results for the nine months ended June 30, 2015 at $751,313.
Dr. Soren Mogelsvang, President and CEO of Peak Pharmaceuticals, states, “Our Canna-Pet® products continue to perform well in the animal health sector where we specifically target a profitable niche of the Pet Supply market. This financial statement represents our third quarter with revenue from product sales and we are pleased to report healthy returns following a moderate but growing investment in sales and marketing efforts. However, with the recent placement of ads in a variety of media outlets, including industry publications and on the Pandora Radio platform, we are excited for the pending release of our new generation of Advanced capsule and biscuit products.”
“Our profitability remains robust,” continues Dr. Mogelsvang. “And with the recent transition to a larger scale, cGMP compliant manufacturer, we are well positioned to support the anticipated growth while maintaining our margins. The veterinary market continues to offer tremendous potential while providing us with tactical insights in the areas of legal, regulatory and consumer protection issues. This commercial intelligence continues to be critical to our success and ultimately benefits our shareholders.”
All revenues were earned from sales of the company’s Canna-Pet® line of products. The product sales were through the Company’s online e-commerce portal, Amazon, plus select retailers and veterinarians. Cash on hand for the period ending June 30, 2015 was $239,621.
The following summary financial information is derived from our unaudited financial statements contained in our 10-Q for the quarter ended June 30, 2015.
For the Three Months Ended For the Nine Months Ended June 30, June 30, 2015 2014 2015 2014 ------------ ------------ ------------ ------------ Revenue $ 317,244 $ - $ 751,313 $ - Gross profit 178,812 - 440,842 - Net (loss) (488,483) $ (1,630,090) $ (1,893,779) $ (2,492,464) June 30, 2015 Sept 30, 2014 -------------- -------------- Current assets 372,895 458,269 Total Assets 406,157 490,908 Current liabilities 330,133 54,427 Total Liabilities 330,133 54,427 Working Capital 42,762 403,842 Total Stockholders’ Equity 76,024 436,481
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.
For additional information, please contact:
Peak Pharmaceuticals, Inc. Investor Relations
E: investors@peakpharmaceuticals.com
T: +1 (800) 713-9091
www.peakpharma.com
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