Correction: ODI Pharma AB publishes the annual report for the fiscal year 2022/2023
The correction refers to the completion of the auditor's remark and ODI Pharma's comment which is now included in the press release. The attached annual report, which includes the auditor's report, is unchanged.
The Board of Directors and the Chief Executive Officer of ODI Pharma AB (“ODI Pharma”) hereby publishes the annual report for the fiscal year 2022/2023. The annual report, along with the accompanying auditor’s report, is available as an attached file and on the websites of ODI Pharma (www.odipharma.com) and Spotlight Stock Market (www.spotlightstockmarket.com). A Swedish translation of the annual report is also available on www.odipharma.com.
The auditor has made the following observation:
Material uncertainty relating to going concern
Without modifying our opinions above, we want to draw attention to the report of the board of directors on page 18 and to Note 17 in the financial statements which indicate that equity has continued to decrease after the end of the financial year. Additional equity financing is needed to continue operations. If the company fails to obtain new financing, this could significantly impact its future operations. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern.
ODI Pharma's comment from the section “Expected future prospects and significant risks and uncertainties" in the Directors' Report:
“Additional financing is needed to be a going concern. Management is working on a potential direct investment, a new issue or a potential personal share sale to finance.”
For more information on ODI Pharma, please contact:
Derek Simmross, CEO, ODI Pharma AB
E-mail: [email protected]
ODI Pharma AB
ODI Pharma, based on its European network, subsidiaries and affiliates, is a producer and representative of finished pharmaceutical cannabis and cosmetics products with a focus on distribution to the medical cannabis market in Europe through its subsidiary ODI Pharma Polska Sp. z o.o. ODI Pharma intends to provide a high-quality product at a competitive price compared to competitors in Poland, thereby becoming the number one provider of medical cannabis in Poland. ODI Pharma also strives to be on the forefront of understanding the medical applications of the product as well as introducing new, innovative products to the European patients in need. The Company will continue to team up with the most knowledgeable and best renown partners in the industry to achieve its goals.