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MEDICURE REPORTS SECOND QUARTER 2012 FINANCIAL
RESULTS
WINNIPEG, Manitoba - (January 25, 2012) Medicure
Inc. ("Medicure" or the "Company
Second Quarter 2012 Highlights:
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Net revenue from the sale of AGGRASTAT® are
consistent with the second quarter last year at
$792,000, excluding the one-time sale of
unfinished product discussed below, and have
increased $0.2 million for the six months ended
November 30, 2011 compared with the same period
from the prior year;
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Net income for the quarter was $1.1 million,
compared to $0.7 million for the second quarter
last year, an increase primarily attributed to
the one-time sale of unfinished product
discussed below, and reduced finance expense as
a result of the debt settlement from the first
quarter, partially offset, by higher selling
and general administrative costs;
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Recorded $1.5 million of revenue during the
second quarter after having met all conditions
relating to a one-time sale, entered into
during the first quarter, of unfinished product
to (Iroko Cardio LLC, for USD$1.9 million and
an option to access clinical and regulatory
information recently used to expand the
approved use of AGGRASTAT in the European
Union.
Financial Results
Total net revenue in the second quarter increased
to $2.2 million from $0.8 million for the same
quarter last year. The increase in revenue for the
second quarter of fiscal 2012 is largely
attributable to a one-time sale to Iroko Cardio
LLC, of which all conditions of the sale were met
during the second quarter. There were no similar
sales of unfinished products during the three
months ended November 30, 2010.
Net revenue from the sale of finished AGGRASTAT
product for the three months ended November 30,
2011 was consistent with the same quarter last year
at $792,000 and $802,000 respectively. Net revenue
from the sale of finished AGGRASTAT product for the
six months ended November 30, 2011 increased by
$217,000 or 13% to $1,850,000 from $1,633,000 for
the same period last year.
Net income for the quarter was $1.1 million or
$0.01 per share, compared to $0.7 million or $0.01
per share in the second quarter a year ago. Net
income for the six months ended November 30, 2011
was $24.6 million or $0.15 per share, compared to a
loss of $0.9 million or ($0.01) per share for the
same period a year ago, primarily due to a $23.9
million non cash gain relating to the settlement of
the Companies long-term debt in the first quarter
as well as the one-time sale previously
described.
At November 30, 2011, the Company had cash
totalling $2,544,769 compared to $750,184 as of May
31, 2011. Cash flows from (used in) operating
activities for the six months ended November 30,
2011 were $1,829,361, compared to ($29,878) for the
six months ended November 30, 2010.
As further described in the Company's Management's
Discussion and Analysis and in the notes to the
financial statements for the three and six months
ended November 30, 2011, the ability of the Company
to continue as a going concern is dependent on many
factors. The actions, described herein are intended
to contribute to support the validity of the going
concern assumption used in preparing the financial
statements. There is no certainty that these
actions or others will be sufficient to permit the
Company to continue as a going concern.
Product Developments
The ongoing focus of the Company and its primary
asset of interest is AGGRASTAT. In parallel with
its ongoing commitment to support and grow sales of
the product, the Company is in the process of
developing a new regulatory, brand and life cycle
management strategy for AGGRASTAT. The objective of
this effort is to further expand AGGRASTAT's share
of the US$400 million glycoprotein IIb/IIIa (GP
IIb/IIIa) inhibitor market. GP llb/lla inhibitors
are injectable platelet inhibitors used to treat
acute coronary syndromes and related
conditions.
Subsequent to November 30, the Company announced
the addition of a site in India for its ongoing
Phase II Clinical Trial, TARDOXAL™ for the
Treatment of Tardive Dyskinesia (TEND-TD). The
Company anticipates interim results from the study
will be available in summer 2012. Tardive
Dyskinesia is a motion disorder that is a common
side effect of the use of antipsychotic drugs and
effective treatment of this disorder would address
an unmet medical need. The Company is also
interested in the out-licensing of its library of
small molecule antithrombotic drugs.
The Company's ability to continue in operation
for the foreseeable future remains dependent upon
the effective execution of its business development
and strategic plans.
About Financial Statements and Transition to
IFRS
In February 2008, the Canadian Accounting Standards
Board (AcSB) confirmed that the use of
International Financial Reporting Standards (IFRS)
would be required for Canadian publicly accountable
enterprises for interim and annual financial
statements effective for fiscal years beginning on
or after January 1, 2011. The Company implemented
these standards on June 1, 2011. The unaudited
condensed consolidated interim financial statements
for the six months ended November 30, 2011 are
prepared under IFRS. Further information on this
transition, comparisons to previous financial
statements and the preparation of the financial
statements are described in the notes of the
condensed consolidated interim financial
statements.
All amounts referenced herein are in Canadian
dollars unless otherwise noted.
About Medicure Inc.
Medicure is a specialty pharmaceutical company
focused on the development and commercialization of
novel small molecule therapeutics. The primary
focus of the Company and its subsidiaries is the
marketing and distribution of AGGRASTAT® (tirofiban
HCl) for acute coronary syndromes in the United
States, where it is sold through the Company's US
subsidiary, Medicure Pharma, Inc. For more
information on Medicure please visit .
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release. Forward Looking Information Statements
contained in this press release that are not
statements of historical fact, including, without
limitation, statements containing the words
"believes", "may", "plans", "will", "estimates",
"continues", "anticipates", "intends", "expects"
and similar expressions, may constitute
"forward-looking information" within the meaning of
applicable Canadian and U.S. federal securities
laws (such forward-looking information and
forward-looking statements are hereinafter
collectively referred to as "forward-looking
statements"). Forward-looking statements are based
on the current assumptions, estimates, analysis and
opinions of management of the Company made in light
of its experience and its perception of trends,
current conditions and expected developments, as
well as other factors which the Company believes to
be relevant and reasonable in the circumstances.
Inherent in forward-looking statements are known
and unknown risks, uncertainties and other factors
beyond the Company's ability to predict or control
that may cause the actual results, events or
developments to be materially different from any
future results, events or developments expressed or
implied by such forward-looking statements, and as
such, readers are cautioned not to place undue
reliance on forward-looking statements. Such risk
factors include, among others, the Company's future
product revenues, stage of development, additional
capital requirements, risks associated with the
completion and timing of clinical trials and
obtaining regulatory approval to market the
Company's products, the ability to protect its
intellectual property, dependence upon
collaborative partners, changes in government
regulation or regulatory approval processes, and
rapid technological change in the industry. Such
statements are based on a number of assumptions
which may prove to be incorrect, including, but not
limited to, assumptions about: general business and
economic conditions; the impact of changes in
Canadian-US dollar and other foreign exchange rates
on the Company's revenues, costs and results; the
timing of the receipt of regulatory and
governmental approvals for the Company's research
and development projects; the availability of
financing for the Company's commercial operations
and/or research and development projects, or the
availability of financing on reasonable terms;
results of current and future clinical trials; the
uncertainties associated with the acceptance and
demand for new products and market competition. The
foregoing list of important factors and assumptions
is not exhaustive. The Company undertakes no
obligation to update publicly or otherwise revise
any forward-looking statements or the foregoing
list of factors, other than as may be required by
applicable legislation. Additional discussion
regarding the risks and uncertainties relating to
the Company and its business can be found in the
Company's other filings with the applicable
Canadian securities regulatory authorities or the
US Securities and Exchange Commission, and in the
"Risk Factors" section of its Form 20F for the year
ended May 31, 2010.
For more information, please contact:
Dawson Reimer
President & COO
Tel. 888-435-2220
Fax 204-488-9823
E-mail: info@medicure.com
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