The Company realized significant Q1 revenue growth due to increased online retail sales and proceeds from a licensing agreement
LOS ANGELES, April 08, 2021 (GLOBE NEWSWIRE) — ViaDerma, Inc., (“Company”) (OTC Pink: VDRM), is pleased to provide an update of estimated sales and revenue numbers for the first quarter of 2021, as well as additional highlights of the Company’s year to date progress.
- Estimated revenues for Q1, 2021 are expected to top $113,000 compared to total revenues of only $2,133 for Q1, 2020. That represents more than 5000% growth over the same period last year.
- Revenues from online retail sales for Q1 are estimated to be more than $23,000, representing an increase of 978% over the Q1, 2020 total and more than double the Company’s total revenues for all of last year.
- Proceeds of $90,000 from a previously announced licensing agreement have accounted for the majority of this year’s Q1 revenues compared to 2020 when online retail sales accounted for 100% of all revenues.
- The Company paid off all outstanding toxic convertible debt and is now completely debt free. Additionally, ViaDerma expects to self-fund all operations from this point and does not expect to take on any future debt.
- At the request of ViaDerma, OTC Markets conducted a manual review of the Company’s “shell risk” status and as a result has removed the “shell risk” annotation from ViaDerma’s profile.
- ViaDerma intends to submit an application this year for listing to the OTCQB. To qualify for OTCQB listing the Company needs to have one-year audited financials and add two independent directors. ViaDerma is currently seeking a qualified auditing firm that is registered with the Public Company Accounting Oversight Board (PCAOB) and is conducting a search for suitable directors.
“While I am very pleased with the growth we have experienced in the first quarter, we have not yet even scratched the surface of our potential,” said Dr. Chris Otiko, ViaDerma President and CEO. “Vitastem is a great product and the results experienced by its users is likely the main reason for our increased online retail sales. However, our top priority this year is to focus on large institutions and integrated delivery networks. Our marketing reps have been working closely with several prospective institutional clients and we hope to finalize some large purchase orders in the near future.”
About ViaDerma, Inc.
ViaDerma, Inc. (OTC: VDRM) is a publicly traded specialty pharmaceutical company committed to bringing new products to market and licensing its innovative technology to current leaders in the pharmaceutical industry in a wide variety of therapeutic areas. For more information, visit: www.viadermalicensing.com
Any forecast of future performance is a “forward looking statement” under securities laws. Such statements are included to allow potential investors the opportunity to understand management’s beliefs and opinions with respect to the future so that they may use such beliefs and opinions as one factor among many in evaluating an investment.