Khiron Life Sciences (TSXV: KHRN) this morning issued a corporate update, chief among which included the announcement that the company has seen its medical patient prescription figure cross the 1,000 mark in Colombia alone as the company continues to dominate the Latin American market. Furthermore, the firms own telehealth platform accounted for 55% of those prescriptions to date, with the platform being effective in expanding the geographic presence of its patients.
Khiron’s foothold on the Colombian market doesn’t stop there however, with the firm being the only firm in the country to date that is authorized to sell both high and low THC formulations of medical cannabis within the country. Further, the company recently expanded that foothold to other parts of Latin America, by receiving authorization to ship high CBD medical cannabis from Colombia to that of Peru, where commercialization is anticipated to occur within the third quarter. The company also recently established export licenses for both Germany, through Nimbus Health, and the UK, through Project Twenty21.
In terms of financials, Khiron announced that its second quarter financials will be filed on August 24, 2020. While not providing guidance on revenue figures, the company identified that it has been financially prudent, with approximately $20.0 million in cash remaining in the bank at the end of the second quarter, representing a burn rate of roughly $4 million on a quarterly basis.
Furthermore, the recently launched Doctor Zerenia telehealth web platform, while accounting for 55% of total prescriptions to date in the country, has a growing presence in the telehealth market as a whole within Colombia. The platform currently accounts for 14% of total consults based on June 2020 data. An enhanced platform and mobile app are expected to be launched in the third quarter, further increasing the presence of the firm.
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Khiron Life Sciences last traded at $0.49 on the TSX Venture.
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