TORONTO, ONTARIO -- (Marketwire) -- 03/25/13 -- Trimel Pharmaceuticals Corporation (TSX: TRL) ("Trimel" or "the Company") today reported its financial results for the three and twelve month periods ended December 31, 2012.
Financial Results for the Three and Twelve Months Ended December 31, 2012
For the three and twelve month periods ended December 31, 2012, Trimel incurred Research and Development expenses ("R&D") of US$3.9 million and US$16.5 million respectively as compared to US$2.2 million and US$13.2 million for the comparable 2011 periods. The increase in R&D spending for the 2012 period relates primarily to the costs associated with the advancement of the CompleoTRT Phase III and Tefina Phase II clinical trials.
Trimel incurred General and Administrative expenses of US$3.3 million and US$10.9 million for the three and twelve month periods ended December 31, 2012 respectively as compared to US$2.7 million and US$8.4 million for the comparable 2011 periods. The increase in spending for the 2012 period(s) as compared to spending levels for the same 2011 period(s) was primarily attributable to employment related expenses and legal fees related to intellectual property and arbitration matters.
For the three and twelve month periods ended December 31, 2012, the Company incurred a net loss of US$0.09 and US$0.32 per share respectively, as compared to US$0.06 and US$0.39 per share for the comparable 2011 periods.
As at December 31, 2012, the Company had total assets of US$16.9 million as compared to US$25.3 million at September 30, 2012 and total liabilities of US$12.2 million at December 31, 2012 as compared to US$13.7 million at September 30, 2012.
The information set out above is in summary form. Readers are encouraged to review the Company's annual information form, financial statements (and accompanying notes), together with management's discussion and analysis available on SEDAR at www.sedar.com and on the Company's website at www.trimelpharmaceuticals.com.
Short Form Preliminary Prospectus
As previously announced, the Company has filed a preliminary short form prospectus in connection with a proposed marketed offering of units, each unit consisting of one common share of the Company and one-half of one common share purchase warrant. The common shares forming a part of the units will be comprised of a combination of common shares issued by the Company and common shares sold by Mr. Eugene Melnyk. The warrants forming a part of the units will all be warrants issued by the Company. Mr. Melnyk will receive the net proceeds from the sale of common shares sold by him. The Company will receive the net proceeds from the sale of common shares and warrants issued by the Company.
Further information with respect to the Company and the proposed offering is set out in the preliminary short form prospectus of the Company dated March 20, 2013, available on SEDAR at www.sedar.com.
Trimel Pharmaceuticals Corporation (TSX: TRL) - Trimel is a specialty pharmaceutical company actively developing medications for male hypogonadism, female sexual dysfunction and various respiratory disorders. CompleoTRT, a product utilizing Trimel's licensed bioadhesive intranasal gel technology, has successfully completed its pivotal Phase III study for the treatment of male hypogonadism, a condition commonly referred to as "Low T", and Trimel is preparing to file its New Drug Application with the FDA in the second quarter of 2013. For more information, please visit www.trimelpharmaceuticals.com.
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Apple Wants Samsung to Pay $22M for Patent Dispute Legal Bills
- Shanghai Smog Forces Factory Shutdowns
- Apple Paid Its Lawyers More Than $60MM to Defeat Samsung in Court
- Economic Bright Spots Not a Sure Boost for President Obama
- Starbucks Gets Grinchy; No Gingerbread Lattes for Tampa Customers
- US Consumer Borrowing Rose $18.2B in Oct.
- 2014 World Cup Official Noisemakers Quieter than Vuvuzelas
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines