HERZLIYA, Israel and CALGARY, AB, May 27, 2024 /CNW/ -- Innocan Pharma Corporation (CSE:INNO) (FSE: IP4) (OTC:INNPF) (the "Company" or "Innocan"), a pharmaceutical technology company focusing on developing innovative drug delivery platform technologies, is pleased to announce its consolidated financial results for the three-month period ended March 31, 2024. First Quarter 2024 Financial Highlights 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. Infographic - https://mma.prnewswire.com/media/2422871/Figure_A_Infographic.jpg 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. Management Comments Iris Bincovich, the CEO of Innocan commented: "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." Infographic - https://mma.prnewswire.com/media/2422870/Figure_B_Infographic.jpg Roni Kamhi, CEO of BI Sky Global, subsidiary of Innocan and COO of Innocan Pharma, commented, "We are excited with the performance of our online platform ...