CV Sciences Inc (OTCMKTS:CVSI) released the third quarter business highlights, wherein it stated that the company continues to record preclinical advancement with CVSI-007, the combination of Nicotine and synthetic-based CBD in gum form. The drug can offer considerable improvement in treatment alternatives for the unserved large smokeless tobacco cessation industry.
During the corporate update, CV Sciences encourages shareholders to participate in the webcast planned for November 10. During this webcast, management will offer additional details pertaining to development measures for CVSI-007 and its placement in the smokeless tobacco cessation industry. Commenting on natural products sales, the company reported that led by their extensive education and marketing initiatives, sales came at $2.94 million for 3Q2016, which includes supply to over 775 stores.
Michael Mona, Jr., the CEO and Chairman of CV Sciences, said that earlier this year, they pivoted corporate strategy to cover the commercialization and development of innovative medicines that cure unmet medical needs. During the third quarter, they continued to build the groundwork for developing CVSI-007, the proprietary drug candidate, which targets the large unserved market. The company remains on track to develop the plan into clinical advancement next year.
As of September 2016, CV Sciences reported cash of $847,433. The firm has adequate cash reserves and source to capital to fulfill its working capital needs. Stockholders’ equity amounted to almost $20.6 million.
A couple of months ago, CV Sciences issued a letter to its shareholders highlighting recent events and developments. Highlights of the letter talked about the acquisition of CanX Inc. and more focus on the commercialization and development of innovative medicines. The company said that there is a multi-billion market prospect offered by initial drug candidate, CVSI-007, which is a unique product developed to excel in unserved market.
During the update, the management talked about the review of drug advancement program and also timeline of accomplishments and upcoming milestones. Further, they discussed on the CBD consumer segment, which has surged to more than 700 locations from 120 retail locations. CV Sciences team also said that there are several macro factors that continue to led the market for hemp and natural CBD products.