Cosmos Health Inc. (COSM), an integrated healthcare company, on Monday released a consolidated summary of manufacturing contracts undertaken by its wholly owned subsidiary, Cana Laboratories.
Cana Laboratories operates a 54,000 square-foot manufacturing facility in Athens, that caters to pharmaceutical markets across the European Union (EU). The facility is licensed under the European Good Manufacturing Practices (GMP) and certified under the European Medicines Agency (EMA). The lab manufactures nutraceutical compounds for Cosmos, and acts as a contract manufacturing organization (CMO) for various third-party companies.
The company listed the various contracts received by Cana, with a maximum duration of 10 years and amounting to a potential $25 million in total earnings. These contracts include agreements with:
• Provident Pharmaceuticals, for DE3-SOLE, MIOREL, CALCIFOLIN, DEXA-DOSE, Miorelique, BE Union F.C., and CERTORUN, resulting in over 13 million units within a contract period of up to 10 years • Pharmex S.A., for the antiseptic AMBITASOL, BETAFUSIN, BOTAFEX, and dermatology medication BUDESODERM, amounting to over 4 million units in a contract period of up to 5 years. • Verisfield S.A., for about 3.9 million units of VASCLOR GEST, a women's health product, in a contract period of 3 years. • Medical Pharmaquality, for 3 million units annually of MYCOFAGYL pessaries, a women's health product, in a multi-year contract. • Humacology, for up to half a million cannabinoid wellness products in a multi-year contract. • Nassington & Verisfield, for approximately 0.26 million units of Gritse, Fungofort, Paco-4, dexamethasone, and Foproct, in a multi-year contract of unspecified duration.
The company has invested $5.5 million in upgrading and modernizing facilities in Cana, including the installment of new machinery, equipment, IT infrastructure, quality management systems, and a new ACG capsule-filling production line.
If the facility operates to its estimated full capacity, fulfillment of the orders may result in revenues of up to $10 million in recurring annual profits gained by manufacturing the aforementioned central nervous system, musculoskeletal, dermatological, vitamin, anti-inflammatory, oncology-support, women's health, antiseptic, and wellness products.
COSM closed Monday at $0.24, down 3.24%. In the pre-market, shares are trading at $0.21, down 3.14%.
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