(Alliance News) - PanGenomic Health Inc on Wednesday said its net loss widened last year with rising expenses in several areas, but its chair said he was "very pleased" with its progress so far.

PanGenomic is based in Vancouver, Canada and was founded in 2020. It has developed a self-care digital platform for mental health information.

PanGenomic said its net loss widened to CAD12.0 million, about USD8.8 million, in 2022 from CAD2.6 million in 2021.

PanGenomic booked no revenue in either year, while total expenses more than quadrupled to CAD3.6 million from CAD868,655 dollars.

These included consulting fees more than doubling to CAD954,847 from CAD357,000 and a substantial rise in advertising and promotion fees to CAD495,694 from CAD81,625. Directors' fees of CAD42,500 also were paid in 2022, after none were reported in 2021.

PanGenomic said highlights from 2022 included the appointment of Maryam Marissen as chief executive officer and the acquisition of mental health and wellness telehealth platform Mindleap Health Inc.

"We are very pleased with the progress we made in 2022 as a publicly-listed startup benefit company in the digital health sector," said Executive Chair Robert Nygren. "The need for innovative solutions for consumers and their health practitioners to address mental health challenges is significant, and we believe that evidence-based natural solutions will play an important role."

PanGenomic's shares began trading on the Aquis Stock Exchange last month. They were untraded on Wednesday at 4.50 pence on Aquis and CAD0.060 in Toronto. They were last traded in Toronto on Monday.

By Emma Curzon, Alliance News reporter

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