04:45 PM EDT, 05/27/2024 (MT Newswires) -- Innocan Pharma ( INNPF ) , a pharmaceutical technology company, on Monday its first-quarter consolidated financial results.

Revenues increased 334% year-over-year to US$6.8 million, compared to US$1.6 million in the first quarter of 2023, and increased 38% quarter-over-quarter, compared to US$4.9 million in the prior quarter. This significant increase in revenue was primarily due to strong sales growth of Innocan's subsidiary, BI Sky Global Ltd.

Gross Profit increased 338% year-over-year to US$6.0 million, compared to US$1.4 million in the first quarter of 2023, and increased 40% quarter-over-quarter, compared to US$4.3 million in the prior quarter.

Chief executive Iris Bincovich said in a statement: "Our LPT-CBD technology has made strong advancements in the past few months. We very much look forward to our upcoming meeting with the FDA in July where they will review and advise on our clinical plan for bringing our LPT-CBD technology to market for chronic pain."

Added Bincovich, "We are very excited about the potential of our LPT technology. It provides for prolonged release of CBD into the blood over extended periods, enabling the management of chronic pain over time. We have already demonstrated this successfully in several animal models, showing detectable levels of CBD in plasma for more than a month after a single injection."