Business
SmartKem, Inc. to Provide Investor Update on Monday, April 4th at 4:30 P.M. EDT
MANCHESTER, England, March 28, 2022 /PRNewswire/ -- SmartKem, Inc., (OTCQB: SMTK), a company seeking to reshape the world of electronics with a revolutionary
About this update from Smartkem, Inc.
[{"type":"text","content":"MANCHESTER, England, March 28, 2022 /PRNewswire/ -- SmartKem, Inc., (OTCQB: SMTK), a company seeking to reshape the world of electronics with a revolutionary semiconductor platform that enables a new generation of displays, sensors and logic, today reported its consolidated financial results for the year ended December 31, 2021. Amounts, unless specified otherwise, are expressed in U.S. dollars and presented under accounting principles generally accepted in the United States of America.\n2021 Financial Take Outs and Recent Highlights include:\nBecoming publicly listed on the OTCQB market in Q1.$24.6 million fund raising and acquisition.Joint development agreement with RiTDisplay to collaborate on the production of full color demonstration AMOLED display.Becoming a member of the University of California, Santa Barbara (UCSB) Solid State Lighting & Energy Electronics Center (SSLEEC) for research into the development of microLED displays.Receipt of DTC eligibility and subsequent trading on the OTCQB market in Q1 2022.Continued building of a pipeline of prototypes.Research and Development expenditure, excluding stock-based compensation expense, increased by 21%.Cash and cash equivalents as of December 31, 2021 was $12.2 million.SmartKem CEO Ian Jenks commented, \"After what has been a challenging year for international travel, and many global industries, we have taken great leaps forward with our business and our TRUFLEX® technology. Already in 2022, we have raised a further $2 million from Octopus Ventures, a longstanding stakeholder in the business, and have commenced trading on the OTCQB market. We have also secured our second joint development agreement with Nanosys to collaborate on the production of microLED displays. We will continue to work at pace with our exceptional team and industry leading partners to deliver the next generation of displays, sensors and logic.\"\nBusiness Update Webcast:\nSmartKem CEO Ian Jenks will provide a business update on Monday, April 4th at 4:30 P.M. EDT.\nThe presentation will be available via a live video on the Sequire platform via the following link:https://audience.mysequire.com/webinar-view?webinar_id=0915daa8-cd5d-45dc-87d6-17b3a8d7a830\nThe presentation will also be available via the Investor Relations portal of the SmartKem website:ir.smartkem.com\nYear End Financial Results:\nR&D expen...