$INNO.CN

InnoCan Pharma to Raise CA$1 Million in Private Placement of Units

InnoCan Pharma (INNO.CN) said Wednesday after-trade that it intends to raise CA$1 million through a private placement of up to 535,000 units at CA$1.87 apiece.Each unit is comprised of one share and one three-year warrant to buy a share at CA$2.50. Proceeds will be used for working capital.The offering is expected to close on Sept. 17.InnoCan shares closed down CA$0.25 at CA$2 on the Canadian Securities Exchange.

InnoCan Pharma Swings to Second-quarter Loss, Lower Revenue

InnoCan Pharma (INNO.CN) after trade Monday reported a second-quarter operating loss of $508,000, compared with an operating profit of $396,000 a year ago.Per-share figures were not given.Revenue for the quarter ended June 30 fell about 25% to $5.25 million from $7.01 million a year earlier.Corresponding FactSet figures were not available.The company said its consumer wellness unit, BI Sky, had a gross margin of 90.9% during the quarter."The company's results were also impacted by the Trump administration's frequently changing policies regarding customs duties and tariffs, which created significant uncertainty that led to a decline in sales in the period," Chief Executive Iris Bincovich said.InnoCan Pharma had about $6.4 million in cash and cash equivalents and $10.37 million in total assets as of June 30, Bincovich added.The company's shares closed up C$0.27, or 12%, to C$2.44 on the Canadian Securities Exchange.

Earnings Flash (INNO.CN) Innocan Pharma Corporation Reports Q2 Revenue $5.25M