WINNIPEG, MANITOBA -- (Marketwire) -- 01/28/13 -- Medicure Inc. ("Medicure" or the "Company") (TSX VENTURE: MPH)(PINKSHEETS: MCUJF), a specialty pharmaceutical company, today reported its results from operations for the quarter ended November 30, 2012.
Total net revenue for the three months ended November 30, 2012 was $721,000 compared to $2.2 million for the three months ended November 30, 2011 and $667,000 for the previous quarter ended August 31, 2012. Net revenue from the sale of AGGRASTAT finished product for the three months ended November 30, 2012 was $721,000 compared to $792,000 for the same quarter last year and $667,000 for the previous quarter ended August 31, 2012. The decrease in total revenues compared to the same quarter last year relates to a $1.5 million one-time sale of unfinished AGGRASTAT in the previous year. Sales of AGGRASTAT finished product were consistent with the same period in the prior year and the previous quarter.
Net loss for the quarter was $493,000 or $0.04 per share, compared to net income of $1.1 million or $0.09 per share in the same quarter a year ago and a net loss of $297,000 or $0.02 for the previous quarter. The net income in the previous year quarter primarily relates to a $1.5 million sale of unfinished AGGRASTAT.
At November 30, 2012, the Company had cash totalling $248,000 compared to $1.1 million as of May 31, 2012. Cash flows used in operating activities for the three months ended November 30, 2012 were $178,000, compared to cash flows from operating activities of $1.3 million for the three months ended November 30, 2011. The change in cash from/used in operating activities primarily results from the sale of unfinished AGGRASTAT in the prior year's quarter described above.
On November 1, 2012, the Company announced that it completed a consolidation of the Company's common shares ("Common Shares") on the basis of fifteen pre-consolidation Common Shares for each one post consolidation Common Share. Effective with the opening of markets on November 2, 2012, the Company's Common Share's began trading on a consolidated basis.
The primary ongoing research and development activity is the development and implementation of a new regulatory, brand and life cycle management strategy for AGGRASTAT.
On January 8, 2013, the Company announced that it has filed a supplemental new drug application (sNDA) for the high dose bolus (HDB) dosing regimen of AGGRASTAT. The Company also announced that it will receive up to $200,000 in grant funding from the Province of Manitoba Commercialization Support for Business (CSB) Program to complete a renal study evaluating the AGGRASTAT HDB regimen in patients with impaired kidney function. The results of this study will be submitted to the FDA separately to guide appropriate dosing recommendations for the HDB regimen in patients with impaired kidney function.
On September 26, 2012 the Company announced the development of a transdermal delivery formulation of AGGRASTAT's active ingredient, tirofiban. In vivo proof of principle for the transdermal delivery of therapeutic levels of tirofiban was recently established in animal studies conducted in collaboration with 4P Therapeutics, Inc. (Alpharetta, GA). 4P Therapeutics, a world leader in the research and development of novel transdermal products, has entered into an agreement with the Company's subsidiary, Medicure International, Inc., to further develop transdermal tirofiban.
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