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PanGenomic Health Announces Financial Results for the 2022 Fiscal Year

May 02, 2023 | Last Trade: C$0.08 0.05 -36.00

VANCOUVER, BC, May 2, 2023 /CNW/ - PanGenomic Health Inc. ("PanGenomic Health" or the "Company") (CSE: NARA) (AQSE: NARA), is pleased to announce that it has filed its audited annual financial statements for the fiscal year ended December 31, 2022 (the "2022 Year End Financial Statements").

The 2022 Year End Financial Statements, together with detailed information regarding the Company's financial results as set forth in the Company's Management's Discussion and Analysis for the same period can be found under the Company's profile at www.sedar.com.

"We are very pleased with the progress we made in 2022 as a publicly-listed startup benefit company in the digital health sector", said Robert Nygren, Executive Chair of PanGenomic Health.  "The need for innovative solutions for consumers and their health practitioners to address mental health challenges is significant, and we believe that evidence-based natural solutions will play an important role." 

Key highlights in the year included:

  • Listed on the Canadian Securities Exchange as one of Canada's first publicly-traded benefit companies.
  • Launched Nara app to provide consumers with personalized information about evidence-based natural remedy solutions to support mental health.
  • Appointed Maryam Marissen as CEO, who has over two decades of experience in consumer product marketing, private clinic services and public advocacy and helped establish one of the first online personal care and wellness e-commerce stores in North America.
  • Appointed PanGenomic Health Co-Founder Vincent Lum as CEO of a new wholly-owned subsidiary, MUJN Diagnostics Inc. (formerly PlantGx Diagnostics Inc.), which is developing novel prognostic tests to help assess the effectiveness of natural remedy treatments for mental health conditions.
  • Acquired Mindleap Health Inc., the developer of a telehealth platform for mental health and wellness.

The Company's financial results for the year ended December 31, 2022 were as follows:

 

As at

PANGENOMIC HEALTH INC.

Consolidated Statement of Financial Position

(Expressed in Canadian Dollars)

December 31,

2022

$

December 31,

2021

$

   

ASSETS

  
   

Current assets

  
   

Cash and cash equivalents

88,526

1,348,622

Amounts receivable

157,817

41,366

Prepaid expenses

204,103

280,420

Loan receivable

33,924

   

Total current assets

484,370

1,670,408

   

Non-current assets

  
   

Equipment

19,772

24,880

Intangible assets

850,000

Loan receivable

31,640

   

Total non-current assets

19,772

906,520

   

 TOTAL ASSETS

504,142

2,576,928

   

LIABILITIES

  
   

Current liabilities

  
   

Accounts payable and accrued liabilities

399,016

170,794

Loan payable

101,771

Due to related parties

218,465

163,660

   

Total liabilities

719,252

334,454

   

SHAREHOLDERS' EQUITY (DEFICIT)

  
   

Common shares

11,240,056

4,634,568

Preferred shares

497,330

Equity reserves

3,526,356

97,770

Deficit

(14,981,522)

(2,987,194)

   

Total shareholders' equity (deficit)

(215,110)

2,242,474

   

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

504,142

2,576,928

PANGENOMIC HEALTH INC.

 

Year ended

December 31,

Consolidated Statement of Operations and Comprehensive Loss

2022

2021

(Expressed in Canadian Dollars)

  

$

$

     

Expenses

    
     

Advertising and promotion

  

495,694

81,625

Consulting fees

  

954,847

357,000

Depreciation

  

11,113

2,127

Director's fees

  

42,500

General and administrative

  

119,729

13,531

Professional fees

  

269,364

167,998

Rent (Note 10)

  

10,000

12,000

Research and development

  

534,113

129,669

Share-based compensation

  

616,786

50,877

Transfer agent and filing fees

  

64,914

19,024

Wages and benefits

  

522,767

34,804

     

Total expenses

  

3,641,827

868,655

     

Loss before other income (expense)

  

(3,641,827)

(868,655)

     

Other income (expense)

    
     

Interest expense

  

(1,311)

(2,466)

Interest income

  

2,454

15,841

Impairment of intangible assets

  

(8,361,114)

(1,794,042)

Foreign exchange translation gain

  

7,470

     

Total other income (expense)

  

(8,352,501)

(1,780,667)

     

Net loss and comprehensive loss for the year

  

(11,994,328)

(2,649,322)

     

Loss per common share, basic and diluted

  

(0.22)

(0.13)

     

Weighted average common shares outstanding

  

54,805,722

19,779,471

PANGENOMIC HEALTH INC.

Year ended

Consolidated Statement of Cash Flow

December 31,

December 31,

(Expressed in Canadian Dollars)

2022

2021

 

$

$

Operating activities

  

Net loss

(11,994,328)

(2,649,322)

Items not involving cash:

  

Amortization of loan fee

2,000

Depreciation

11,113

2,127

Foreign exchange translation gain

(2,284)

Impairment of intangible asset

8,361,114

1,794,042

Share-based compensation

616,786

50,877

Changes in non-cash operating working capital:

  

Amounts receivable

(93,641)

(41,585)

Prepaid expenses

76,317

(274,541)

Accounts payable and accrued liabilities

227,222

60,936

Due to related parties

(15,155)

(3,776)

Net cash used in operating activities

(2,782,546)

(1,059,242)

   

Investing activities

  

Acquisition costs upon acquisition of Mindleap Health Inc.

(47,147)

Cash acquired upon acquisition of Mindleap Health Inc.

1,023

Cash acquired upon acquisition of Pangenomic Technologies Inc.

33,546

Investment in loans receivable

(631,640)

Purchase of equipment

(6,005)

(6,814)

Net cash used in investing activities

(52,129)

(604,908)

   

Financing activities

  

Proceeds from issuance of units, net of issuance costs

1,290,658

2,457,215

Proceeds from issuance of preferred shares, net of issuance costs

497,330

Proceeds from issuance of shares upon exercise of warrants

142,500

Proceeds from loan payable

101,771

20,000

Proceeds from related party loans

39,650

Net cash provided by financing activities

1,574,579

2,974,545

   

Change in cash

(1,260,096)

1,310,395

   

Cash and cash equivalents, beginning of year

1,348,622

38,227

   

Cash and cash equivalents, end of year

88,526

1,348,622

   

Cash and cash equivalents consist of:

  

Cash in bank

77,276

198,622

Cashable short-term investment certificate

11,250

1,150,000

Total cash and cash equivalents

88,526

1,348,622

   

About PanGenomic Health

PanGenomic Health is a precision health company that has developed a self-care digital platform to deliver personalized, evidence-based information about natural treatments. The Company's initial focus is to support mental health. Registered as a British Columbia benefit company, PanGenomic Health's mission is to promote and improve the health and wellness of people and society by providing a technology platform that identifies plant-based solutions tailored to the health profile of each individual.

This news release includes certain statements that may be deemed "forward-looking statements", including statements respecting the services to be provided by PanGenomic Health and the consideration to be paid to PanGenomic Health. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward looking statements. Although PanGenomic Health believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PanGenomic Health can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including those risk factors discussed in PanGenomic Health's Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2022, which can be found under PanGenomic Health's profile on www.sedar.com.  Except as required under applicable securities legislation, PanGenomic Health undertakes no obligation to publicly update or revise forward-looking information.

SELECTED FINANCIAL INFORMATION

Except as noted below, the financial information provided in this news release is derived from the PanGenomic Health's audited financial statements for the year ended December 31, 2022 and the related notes thereto as prepared in accordance with International Financial Reporting Standards ("IFRS") and related IFRS Interpretations Committee ("IFRICs") as issued by the International Accounting Standards Board ("IASB").  A copy of PanGenomic Health's financial statements for the year ended December 31, 2022  and the related Management's Discussion and Analysis is available on under PanGenomic Health's profile on www.sedar.com.

The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.

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