Business
CURE Pharmaceutical Reports Increase in Revenue to $7.7 Million on a Pro Forma Basis in 2020
CURE Pharmaceutical Reports Increase in Revenue to $7.7 Million on a Pro Forma Basis in 2020.
About this update from Avenir Wellness Solutions Inc.
[{"type":"text","content":"\nCURE Pharmaceutical Holding Corp. (OTC: CURR), a vertically integrated drug delivery and product development company, reported its financial and operating results for the year ended Dec. 31, 2020, and provided recent operational highlights.\n\nThe Company's total revenue of $2.1 million rose 229% compared to fiscal year 2019. On a pro forma basis, which includes full year revenue generated from CURE’s wholly owned subsidiary The Sera Labs, Inc., acquired October 2, 2020, revenue totaled $7.7 million. This compared to $3.0 million in 2019 pro forma revenue.\n\nGross profit increased to approximately $1.0 million from approximately $0.4 million in 2019.\n\nOperational Highlights for Fiscal Year 2020\n\n\nReceived positive results from a pharmacokinetic (PK) study examining the bioavailability of CURE’s proprietary CUREfilm® delivery system compared to soft gels;\n\n\nSecured NSF International, cGMP certification for its 25,000 square foot manufacturing facility;\n\n\nFiled and received FDA approval on its Investigational New Drug (IND) application for CUREfilm® Blue, an oral soluble film of sildenafil citrate (the active ingredient present in Viagra®), designed for the treatment of erectile dysfunction (ED);\n\n\nAcquired The Sera Labs, a trusted leader in the health, wellness, and beauty sectors, further positioning CURE as an integrated healthcare company;\n\n\nSera Labs announced Nicole Kidman as the Global Brand Ambassador and Strategic Partner for all its topical product lines including its anti-aging skincare brand Seratopical;\n\n\nTogether, Sera Labs and CURE launched a new consumer product line, Nutri-Strips™, leveraging CURE’s patented and advanced novel oral film strip technology to deliver nutraceuticals to consumers nationally\n\n\n“We made great progress in 2020 and are now well positioned to become a fully integrated healthcare company, as propelled by the acquisition of Sera Labs,” said Rob Davidson, CEO of CURE Pharmaceutical. “We have more than doubled our revenue in 2020, mostly through our wellness subsidiary Sera Labs. Meanwhile, we continue to forge ahead in our pharmaceutical research and development initiatives. These initiatives include our recently announced psychedelic and antiviral clinical programs which target high-growth, unmet need categorie...