TORONTO, ON--(Marketwired - August 23, 2017) - Delivra Corp. (TSX VENTURE: DVA) ("Delivra" or the "Company") reported its financial results for the three and six months ended June 30, 2017. All figures are reported in CDN dollars ($), unless otherwise indicated. Delivra's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").

Q2 2017 Financial and Operational Highlights:

  • Canada OTC sales of $1.12M for the quarter and $2.37M for the first half, representing a +7% and +16% growth over the comparative periods, respectively;
  • Delivered third consecutive quarter of over $1M in revenue;
  • Significant operating efficiencies in the first half of the year over the comparative period, through the optimization of expenses, resulting in a 30% reduction in operating expenditures, before termination costs, while continuing to grow OTC revenues;
  • Continued to reduce cash flow expenditures in operating activities over the past three quarters, while delivering 16% growth in OTC sales in the first half of the year;
  • Cash burn in the first half of 2017 significantly reduced by $1.2M over the comparative 2016 period, while delivering growth in OTC sales;
  • Development pipeline continues to be very robust, including products targeted towards conditions which represent significant market opportunities, such as osteoarthritis, sleep, psoriasis, migraines, cardiovascular disease, and circulation;
  • Completed a licensing agreement with ARA-Avanti RX Analytics Inc. for natural and medicinal products using hemp; and
  • Added Board strength with the appointment of Ms. Louisa Greco, who brings significant healthcare sales and marketing expertise.

"We delivered another solid quarter driven by increased sales of our flagship pain and nerve products and our team's disciplined focus on cost efficiencies. With increased sales, strong margins, and a robust consumer and pharmaceutical portfolio, Delivra has built a platform to grow both our consumer and pharmaceutical businesses," said Dr. Joseph Gabriele, CEO of Delivra. "We believe there is significant opportunity for further growth of our OTC portfolio in Canada and will continue to focus on driving revenue and optimizing profitability through strong marketing and advertising programs. Our proprietary transdermal platform provides an additional opportunity for revenue growth within our pharmaceutical portfolio, specifically for diabetic wound healing."

Selected Financial Summary

CDN$ 000s
(except earnings per share and percentages)
 For the three
months ended
June 30, 2017
 For the three
months ended
June 30, 2016
 For the six
months ended
June 30, 2017
 For the six
months ended
June 30, 2016
Revenue  1,122  1,112  2,374  2,105
Gross profit  808  784  1,678  1,457
Gross profit margin  72%  71%  71%  69%
Net loss per share - basic  0.01  0.03  0.02  0.05

Delivra's unaudited condensed interim consolidated financial statements and management's discussion & analysis ("MD&A"), for the three and six months ended June 30, 2017, are available via Delivra's website at and on SEDAR at

Retention of Mackie Research Capital Corporation as Market Maintenance Service Provider

The Company is pleased to announce that, subject to regulatory approval, it has retained Mackie Research Capital Corporation to initiate its market making service to provide market making services to the Company in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.

Mackie will trade shares of Delivra on the TSXV for the purposes of maintaining a reasonable market and improving the liquidity of the Company's common shares. The agreement between Mackie and the Company is month to month and the Company has agreed to pay Mackie $4,000 per month during the term. The engagement may be terminated by either party with written notice of 60 days. The Company and Mackie act at arm's length, but Mackie may provide investment banking services to Delivra and Mackie and/or its clients may have an interest, directly or indirectly, in the securities of Delivra. The agreement is principally for the purposes of maintaining market stability and liquidity for the Company's common shares and is not a formal market making agreement. There are no performance factors contained in the agreement between Mackie and the Company and Mackie will not receive any shares or options from the Company as compensation for services it will render.


Delivra Corp. is a specialty biotechnology company that has a proprietary transdermal delivery system platform that can shuttle pharmaceutical and natural molecules, through the skin, in a targeted specific manner. Delivra manufactures and sells a growing line of natural topical creams with the proprietary transdermal delivery system platform under the LivRelief™ brand, for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and under the LivSport™ brand for sports performance. LivRelief™ products are available in pharmacies, grocery chains, and independent health food stores across Canada, and on-line at LivRelief™ pain and nerve pain products are also available in the United States on Amazon and at In parallel with its consumer products business, Delivra also has a mandate to license its over-the-counter products in other countries and its patent-pending proprietary transdermal delivery technology platform to pharmaceutical companies for the repurposing of pharmaceutical molecules in the treatment of a broad range of conditions. Delivra is headquartered in Burlington, Ontario and has a research and development laboratory in Charlottetown, PEI.

Further information on Delivra can be found at, for Canada and for the United States.

About Mackie Research Capital Corporation

Mackie is one of Canada's largest independent full-service investment firms, and proudly traces its roots back to 1921. Mackie is privately owned by many of its 300 employees. As a fully integrated national investment dealer, Mackie offers a full complement of capital markets and wealth management services to private clients, institutions and growth companies.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute "forward-looking statements", which are not comprised of historical facts. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends", "expects", "estimates", "may", "could", "would", "will", or "plan", and similar expressions. Specifically, forward-looking statements in this news release include, without limitation, statements regarding: the Company's revenues and financial performance; the Company's drug research and development plans; the timing of operations; and estimates of market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events, performance, or achievements of Delivra to differ materially from those anticipated or implied in such forward-looking statements. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that actual results will meet management's expectations. In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting Delivra will continue substantially in the ordinary course and will be favourable to Delivra; that the Company will continue to complete orders with existing customers and control product pricing and expenses that clinical testing results will justify commercialization of the Company's drug candidates; that Delivra will be able to obtain all requisite regulatory approvals to commercialize its drug candidates, that such approvals will be received on a timely basis, and that Delivra will be able to find suitable partners for development and commercialization of its products and intellectual property on favourable terms. Although these assumptions were considered reasonable by management at the time of preparation, they may prove to be incorrect. Factors that may cause actual results to differ materially from those anticipated by these forward-looking statements include: the ability of the Company to maintain existing product sales with current customers at existing product pricing and expenses; uncertainties associated with obtaining regulatory approval to perform clinical trials and market products; the need to establish additional corporate collaborations, distribution or licensing arrangements; the ability of the Company to generate sales and profits; the Company's ability to raise additional capital if and when necessary; intellectual property disputes; increased competition from pharmaceutical and biotechnology companies; changes in equity markets, inflation, and changes in exchange rates; and other factors as described in detail in Delivra's public filings, all of which may be viewed on SEDAR ( Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Delivra disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

For more information, please contact:

Dr. Joseph Gabriele
Chief Executive Officer

Investor Relations:
Joanna Longo
416-238-1414 x 233