Agreement Terminated: Devonian Health Group Ends Distribution Deal
Devonian Health Group Inc. (“Devonian” or the “Company”) (TSXV: GSD; OTCQB: DVHGF), a clinical-stage company focused on developing innovative solutions for inflammatory diseases, announced that its pharmaceutical distribution division, Altius Health Group LP (“Altius”), has been informed that one of its licensors has decided not to exercise the option to renew the license for the distribution of Dexlansoprazole. This decision will impact Devonian’s revenue, as Dexlansoprazole contributed 86% of the Company’s total reported revenues for the fiscal year ended July 31, 2024, and 92% for the first quarter ended October 31, 2024.
Despite the upcoming termination of the license agreement, Devonian will continue to sell Dexlansoprazole until April 17, 2025. After this date, the agreement will officially end, but the Company will still distribute other products, including Pantoprazole Magnesium and Cleo-35®.
Devonian Health Group is committed to developing drugs targeting autoimmune inflammatory diseases. The Company’s main focus is on prescription drugs for conditions such as ulcerative colitis and atopic dermatitis. Devonian’s approach is based on over 15 years of research and is supported by U.S. Food and Drug Administration (FDA) guidelines for the development of botanical drugs, offering a more efficient pathway than traditional pharmaceutical methods.
In addition to its pharmaceutical efforts, Devonian is also working on high-value cosmeceutical products, utilizing the same innovative strategies used for their drug development. The Company operates a marketing subsidiary, Altius Healthcare Inc., which specializes in selling prescription pharmaceutical products in Canada under license from branded pharmaceutical companies.
Founded in 2015, Devonian is headquartered in Quebec City, Canada, where it operates a state-of-the-art extraction facility that provides full “seed to pill” traceability. The Company is publicly traded on the TSX Venture Exchange (TSXV: GSD) and OTCQB (OTCQB: DVHGF).
