Business
Cosmos Health's Cana Laboratories Completes Facility Upgrades and Secures Contract Manufacturing Agreement with Provident Pharmaceuticals for 4.32 Million Vials of DE3-SOLE
CHICAGO, IL / ACCESSWIRE / July 3, 2024 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / July 3, 2024 / Cosmos Health Inc. (\"Cosmos Health\" or the \"Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that its wholly-owned subsidiary, Cana Laboratories (\"Cana\"), has completed the latest upgrades to its manufacturing capabilities and capacities and secured a contract manufacturing agreement with Provident Pharmaceuticals (\"Provident\").Provident, established in 2012, is a privately held specialty pharmaceutical company focused on the commercialization and marketing of niche and legacy pharmaceutical products, as well as medical devices in specific therapeutic areas.Cosmos Health completed its acquisition of Cana in July 2023 and has since invested in upgrading Cana's Athens facility, which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), laying the foundation for future growth. As a result, Cana is now ramping up revenue generation from manufacturing its own products as well as those of third parties. Cana's facilities can accommodate a wide range of pharmaceuticals, including tablets, capsules, syrups, nasal sprays, creams, gels, and ointments. In line with this strategy, the Company has entered into a contract manufacturing agreement with Provident to support their growth aspirations. Specifically, the contract relates to the manufacturing of 4.32 million units of DE3-SOLE OR.SOL.SDC 25000 IU/2.5ML (BTx4 vials x 2.5 ml).Greg Siokas, CEO of Cosmos Health, stated: \"Cana is our hidden gem. Historically, Cana has been an ideal contract manufacturing partner, collaborating with multinational companies such as Merck, AstraZeneca, and Unilever. The agreement with Provident marks the first step in restoring Cana to its former glory. To put things into perspective, at its peak, Cana generated over $60 million in annual revenue but also had total liabilities of approximately $30 million in 2018. We acquired Cana as part of a restructuring process, allowing us to revitalize its strengths without inheriting past liabilities. Interestingly, if we were to restore Cana to its peak revenue, it would excee...