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CHICAGO - Cosmos Health Inc. (NASDAQ:COSM), a global healthcare group with a market capitalization of $15.18 million, has announced a new 10-year contract manufacturing agreement through its subsidiary Cana Laboratories with Provident Pharmaceuticals. The agreement involves the production of four pharmaceutical products, including Miorelique®, BE Union F.C., and two variations of Certorun, totaling 800,000 packs annually. According to InvestingPro data, the company has demonstrated revenue growth of 13% over the last twelve months, despite operating with modest gross profit margins.
The contract specifies the annual production of 200,000 packs of Miorelique®, an oral solution for muscle spasticity treatment, and 400,000 packs of BE Union F.C. tablets, a vitamin B-complex supplement. Additionally, Cana will produce 200,000 packs of Certorun capsules in two dosages, which are used for mood and anxiety disorders.
Greg Siokas, CEO of Cosmos Health, expressed satisfaction with the expansion of their collaboration with Provident, highlighting the potential for growth and the ability to meet increased demand with Cana’s state-of-the-art facilities.
Provident Pharmaceuticals, a specialty pharmaceutical company established in 2012, focuses on niche and legacy products and medical devices, adhering to European standards. It operates primarily in Greece, offering a range of services and products across various healthcare sectors.
Cosmos Health, incorporated in 2009, is a diversified healthcare group with a portfolio of proprietary brands, manufacturing capabilities, and a telehealth platform. The company is expanding its global presence through offices and distribution centers in Greece, the UK, and beyond.
This new contract is a strategic move for Cosmos Health, aiming to boost its contract manufacturing business and secure stable, long-term revenue streams.
The information in this article is based on a press release statement from Cosmos Health Inc.
In other recent news, Cosmos Health Inc. has been making significant strides in the healthcare sector. The company recently filed a patent for an allergy inflammation treatment, leveraging their AI-powered Cloudscreen drug repurposing platform. The patent application represents a development in Cosmos Health’s therapeutic offerings for inflammatory conditions, which are on the rise globally.
In a transformative move, Cosmos Health has also secured exclusive rights to two patented anticancer drugs, which are ready to enter Phase I clinical trials. The drugs target various cancers, including prostate, ovarian, and colorectal. The company’s CEO, Greg Siokas, indicated that this acquisition could potentially impact cancer treatment paradigms.
Additionally, Cosmos Health has entered into an exclusive licensing agreement with DocPharma Single SA to commercialize two patented cancer treatments. The agreement includes provisions for an initial payment of $500,000, followed by fixed annual payments of EUR 350,000 during the five-year Start-Up Term from 2025 to 2030.
In a recent development, Cosmos Health announced the appointment of Professor Dimitrios Trafalis as Head of Oncology at its Research and Development division. Professor Trafalis, with his extensive experience in oncology-hematology, cancer cytogenetics, personalized cancer therapies, and clinical pharmacology, is expected to accelerate the company’s oncology research initiatives.
Lastly, at Cosmos Health’s recent Annual Meeting of Shareholders, key proposals were approved, including the election of directors, issuance of shares, ratification of the company’s public accounting firm, approval of an equity incentive plan, and the potential for reverse stock splits. These developments highlight Cosmos Health’s commitment to transparency and adherence to corporate governance standards.
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