Cosmos Health (COSM) Exploring Spinoff of R&D Division into a Publicly Listed Standalone Biotech Company
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Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ: COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today its intention to spin off its research and development (R&D) division into a publicly listed standalone biotech company.
Cosmos Health has been investing in innovative R&D over the past few years. The Company is actively working on a number of projects to address major health disorders such as obesity, cancer, and diabetes. Some of these projects are now advancing to the next stage. For instance, as announced on June 21, 2023, the Company successfully completed the second phase of development for the CCX0722 product and its extensions - an innovative solution for obesity and weight management - with clinical trials scheduled to commence in the fourth quarter of 2023. In light of being closer to introducing its transformative products to multi-billion-dollar markets, the Company is now actively considering the best path forward to unlock shareholder value. After careful deliberations, including the analysis of comparables from pure play biotech companies, the Company has determined that spinning off its R&D division into a standalone, well-capitalized, publicly listed biotech entity will best serve its shareholders.
Greg Siokas, Chief Executive Officer of Cosmos Health, stated: "The Company is committed to taking all available measures to enhance shareholder value. Spinning off our R&D division into a standalone biotech entity is one of the several initiatives that we are currently working on. We continue to execute on our multifaceted business plan, underpinned by our solid balance sheet with minimal debt, while also returning capital to our shareholders through our buyback program, which started on September 13, 2023."
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