Seed
Innovations Ltd / AIM: SEED / Sector: Closed End
Investments
23 July 2024
SEED Innovations
Limited
("SEED" or the
"Company")
Investee Company Update:
Little Green Pharma Ltd
SEED Innovations Ltd, the AIM-quoted
investment company offering exposure to disruptive, high-growth,
life sciences and technology ventures typically inaccessible to
everyday investors, is pleased to note an announcement released on
the ASX by its portfolio company, Little Green Pharma Ltd ('LGP'),
regarding its quarterly activities for the period ended 30 June
2024.
Highlights from LGP's Quarterly
Report include:
· Achieved a revenue of A$7.3 million (unaudited) for the
quarter, marking a 12% increase compared to the same quarter in
2023, reflecting strong sales performance.
· Cash
receipts reached A$8.2 million, up 19% from the previous year's
corresponding quarter.
· Sales
of CherryCo branded products hit a record A$2.2 million, a 19%
increase from the previous quarter.
· Significant
growth in oil sales, up 17%, and vaporiser sales, up 23%. Plans to
launch new brands and product formulations in the next two
quarters.
· First
commercial shipment to France, for A$0.65 million, are scheduled
for the end of July.
· Reset's psilocybin clinical trial showed encouraging results,
and the clinic fit out, supported by the Health Insurance Fund of
Australia, is now complete.
· A$4.3
million in cash as of 30 June 2024.
SEED owns 7,324,796 ordinary shares
in LGP representing 2.43% of LGP's issued share capital.
LGP's full Quarterly Report can be
accessed at
here.
OTO
International Limited ("OTO")
As previously noted in the Company's
Annual Report, SEED wrote down its investment in OTO to £nil as of
31 March 2024 due to concerns regarding its solvency. OTO has now
gone into administration. SEED held 71,502 shares in OTO,
representing approximately 0.44% of the issued share
capital.
- Ends -
For further information visit:
www.seedinnovations.co or contact:
Ed McDermott
Lance de Jersey
|
SEED Innovations
Ltd
|
info@seedinnovations.co
|
James Biddle
Roland Cornish
|
Beaumont Cornish Limited,
Nomad
|
(0)20 7628 3396
|
Isabella Pierre
Damon Heath
|
Shard Capital Partners
LLP
Broker
|
(0)20 7186 9927
|
Ana Ribeiro
Isabel de Salis
Isabelle Morris
|
St Brides Partners
Ltd,
Financial PR
|
seed@stbridespartners.co.uk
|
Notes
Seed Innovations Ltd is an AIM
quoted investment company offering exposure to disruptive,
high-growth, life sciences and technology ventures typically
inaccessible to everyday investors. Its strategy focuses on
identifying early-stage opportunities with upcoming investment
catalysts, alongside more mature investments providing near-term
liquidity. With a portfolio of such investments and cash reserves,
the company is agile and poised to capitalise swiftly on new
investment opportunities.
About Little Green Pharma
Little Green Pharma is a global,
vertically integrated, and geographically diverse medicinal
cannabis business with operations from cultivation and production
through to manufacturing and distribution.
The company has two global
production sites for the manufacture of its own-branded and
white-label ranges of GMP-grade medicinal cannabis products, being
a 21,500m2 cultivation and 4,000m2 GMP manufacturing facility
capable of producing over 30 tonnes of medicinal cannabis biomass
per annum located in Denmark (EU) and an indoor cultivation and
manufacturing facility located in Western Australia capable of
producing ~3 tonnes of medicinal cannabis biomass per
annum.
Little Green Pharma products comply
with all required Danish Medicines Agency and Therapeutic Goods
Administration regulations and testing requirements. With a growing
range of products containing differing ratios of active
ingredients, Little Green Pharma supplies medical-grade cannabis
products to Australian, European, and overseas markets.
The company has a strong focus on
patient access in the emerging global medicinal cannabis market and
is actively engaged in promoting education and outreach programs,
as well as participating in clinical investigations and research
projects to develop innovative new delivery systems.
Nominated Adviser
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.