SOHM Reports on Half-Year Updates and Future Plans for 2023.
Chino Hills, CA – June 28, 2023 – SOHM, Inc. (Pink Sheets: SHMN) (the “Company”), a generic pharmaceutical, nutraceutical, and cosmeceutical company that manufactures and markets generic drugs covering various treatment categories, announces today the half year updates and future updates for the year 2023.
Mr. Baron Night, the CEO, updates SOHM, Inc., a pharmaceutical, cosmeceuticals, and nutraceutical products/medicines manufacturer, today announced the updates on its new pharmaceutical manufacturing facility in San Diego, California. The proposed state-of-the-art facility will initially produce topical pharmaceutical finished products for various therapeutic areas, including pain management, infection control, skincare, and other therapeutic segments.
The new facility will employ the latest pharmaceutical continuous manufacturing (PCM) technology, which allows for a more efficient, cost-effective, and environmentally friendly production process. PCM enables each manufacturing element to take place in a continuous process in a single facility, reducing the dependence on third-party manufacturers and increasing the output and quality of the products. Our cGMP and FDA-approved facility will enhance our product portfolios, R & D, and contract manufacturing abilities.
The company is proud to invest in this new facility, which will enhance our ability to provide high-quality and affordable medicines to patients in need,” said Baron Night, CEO. “We are committed to advancing the science and technology of pharmaceutical manufacturing and supporting the local economy and community in San Diego, CA.”
The new facility will create new jobs in the area and comply with all relevant regulations and standards for safety and quality. The company plans to start operations at the facility once the machinery is installed and necessary approvals and permissions are received. Some pieces of machinery are expected in the near future.
The company also shares pharmaceutical plant manufacturing, and third-party manufacturing has its benefits. To have our pharmaceutical plant manufacturing is beneficial because it allows companies to have more control over the production process and quality of their products. On the other hand, third-party manufacturing is helpful because it can be flexible with its services and give them to multiple clients according to their specifications. Still, in our case, it hasn’t benefited our product portfolio and contract manufacturing orders and revenues.
Furthermore, the disadvantage of third-party manufacturing is that it can be challenging to maintain quality control. Additionally, there may be issues with communication and coordination between the company and the third-party manufacturer. The company has faced such problems and has lost significant business from some of its customers. Therefore, the leadership and management decided to go for its own plant.
We are pursuing the required funding for our long-term action plan and growth, including our manufacturing unit. Our manufacturing unit is advancing with some delay, but it is ongoing. We want to inform you that the MoU with the SRAM group did not go through after several negotiations. The funding approach did not benefit our current shareholders and growth plan. However, we are continuing to negotiate with new institutional investors to fund our organic and inorganic vertical growth plan and update it in time.
We are grateful for the revenue that supports our company’s operations and growth. Our marketing and sales team is working hard to expand our product portfolio and introduce more SOHM-label products. According to our Q1 2023 financials, we have achieved a revenue of $52,000, which is a 14% growth compared to last year’s Q1 revenues of $45,770. Our net profit has also significantly increased by 45% to $22,494.
We look forward to sharing our new product pipeline and growth drivers with all stakeholders soon. All our current SOHM label products are listed on the FDA website.
Mr. Night stated that the dispatch of previously announced topical product orders has been delayed due to technical issues. We will deliver it as soon as it is resolved due to the state license. The compliance team also works to get required wholesale permits in various states for their Levetiracetam and other SOHM label products.
Due to price competition, we are still in talks with the manufacturer of Gabapentin. We have also dropped the proposed pharmaceutical marketing company, and other announced opportunities, as they had legal and operational issues that our counsel and FDA advisers advised against. We followed their expert input.
The company has maintained its corporate structure and advisory board members. We will also recruit talented experts to help us achieve our goals and visions.
The company is implementing various B2B and B2C strategies to sell its OTC, Nutraceutical, Cosmeceutical, and Prescription products. It is in the process of finalizing negotiations and agreements and will provide more updates soon. It is also registering with various states for product distribution, which will take some time due to the high regulation of the pharmaceutical industry. The company expects these actions to improve its performance, revenue, profitability, and growth in the future. The company is working towards having over 25+ SOHM label products in its portfolio by the end of this year or early 2024, along with contract manufacturing for its private label customers.
The previous six-month operation was very satisfying, and the upcoming half-year operations and activities are fascinating, according to CEO Baron Night and the management and leadership. Mr. Night added that more updates are coming soon, and we will share them with all stakeholders as they develop.
About SOHM, Inc.
SOHM, Inc. is a growing generic pharmaceutical manufacturing and marketing company with a vision of “Globalè Prospèro” that tries to build continuous growth. SOHM manufacturing and marketing, targets the rapidly growing healthcare segments, such as nutraceuticals, cosmeceuticals, and other major therapeutic segments. SOHM is headquartered in North America, with manufacturing alliances in India and strategic partnerships/alliances with U.S. manufacturing facilities. Although SOHM’s generic pharmaceuticals are exported globally and were introduced to the USA in early 2013, SOHM continues its focus on distribution to emerging markets in Africa, Latin America, and Southeast Asia.
To learn more about SOHM, Inc., visit www.SOHM.com.
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For more information, please contact:
SOHM, Inc.
714-522-6700