Trimel Reports Fourth Quarter and Full Year 2013 Financial Results
05 Março 2014 - 9:33PM
Marketwired
Trimel Reports Fourth Quarter and Full Year 2013 Financial Results
TORONTO, ONTARIO--(Marketwired - Mar 5, 2014) - Trimel
Pharmaceuticals Corporation (TSX:TRL) today provided an overview of
its corporate accomplishments and reported financial results for
the three and twelve month periods ended December 31, 2013.
2013 Corporate
Accomplishments
During 2013, numerous accomplishments were achieved in the
advancement of Trimel's business. The Company successfully raised
gross proceeds of $46 million in connection with its April 2013
offering which also allowed for an expansion of its shareholder
base. The Company's first New Drug Application, for the novel male
testosterone replacement therapy CompleoTRT™, was filed with the
U.S. Food and Drug Administration in April 2013. The independence
and expertise of the Board of Directors was strengthened with the
addition of Dr. Lorne Tyrrell, Mr. Matthew Pfeffer, and Mr. Ian
Ihnatowycz as directors. The Company re-negotiated its agreement
with M&P Patent AG which resolved certain matters in dispute,
strengthened the relationship, and provided non-exclusive rights in
important commercial markets Trimel previously did not have access
to. Lastly, Trimel also saw the completion of the enrolment phase
for the Phase II clinical trial for Tefina™, a product being
developed for the treatment of Female Orgasmic Disorder which is
estimated to effect up to one in five women worldwide.
Financial Results for
the Three and Twelve Months Ended December 31, 2013
For the three and twelve month periods ended December 31, 2013,
Trimel incurred Research and Development ("R&D") expenses of
US$8.9 million and US$22.7 million respectively as compared to
US$4.1 million and US$17.2 million for the comparable 2012 periods.
The increase in R&D expenses for the three and twelve month
periods ended December 31, 2013 versus the comparable 2012 periods
reflects the favourable settlement of arbitration matters with a
technology partner during the fourth quarter or 2013 for $4.25
million.
Trimel incurred General and Administrative expenses of US$2.3
million and US$9.9 million for the three and twelve month periods
ended December 31, 2013 respectively as compared to US$3.0 million
and US$10.1 million for the comparable 2012 periods. The decrease
in expense for the three month period ended December 31, 2013, as
compared to the same 2012 period, is primarily attributable to
lower share based compensation. The decrease in expense for the
twelve month period ended December 31, 2013, as compared to the
equivalent 2012 period, is primarily attributable to lower share
based compensation expense offset partially by higher professional
fees associated with arbitration matters that were resolved during
2013.
For the three and twelve month periods ended December 31, 2013,
the Company incurred a net loss of US$0.07 and US$0.25 per share
respectively, as compared to US$0.09 and US$0.32 per share for the
comparable 2012 periods.
As at December 31, 2013, the Company had total assets of US$28.1
million as compared to US$16.9 million at December 31, 2012 and
total liabilities of US$14.5 million at December 31, 2013 as
compared to US$12.2 million at December 31, 2012. The Company's
average monthly burn rate during the 2013 fourth quarter was
approximately $2.0 million.
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.
About Trimel
Trimel is a specialty pharmaceutical company developing
medications for male hypogonadism, female sexual dysfunction and
various respiratory disorders. An NDA for CompleoTRT™, a product
utilizing Trimel's licensed bioadhesive intranasal gel technology,
has been accepted for review by the FDA for regulatory approval in
the United States. For more information, please visit
www.trimelpharmaceuticals.com.
Notice regarding forward-looking statements:
Information in this press release that is not current or
historical factual information may constitute forward looking
information within the meaning of securities laws. Implicit in this
information are assumptions regarding our future operational
results. These assumptions, although considered reasonable by the
company at the time of preparation, may prove to be incorrect.
Readers are cautioned that actual performance of the company is
subject to a number of risks and uncertainties, including that
CompleoTRT™ may not be approved by the FDA or that any approval may
be delayed, and could differ materially from what is currently
expected as set out above. For more exhaustive information on these
risks and uncertainties you should refer to our annual information
form dated March 5, 2014 which is available at www.sedar.com.
Forward-looking information contained in this press release is
based on our current estimates, expectations and projections, which
we believe are reasonable as of the current date. You should not
place undue importance on forward-looking information and should
not rely upon this information as of any other date. While we may
elect to, we are under no obligation and do not undertake to update
this information at any particular time, whether as a result of new
information, future events or otherwise, except as required by
applicable securities law.
|
|
TRIMEL PHARMACEUTICALS CORPORATION |
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
|
AS AT DECEMBER 31, 2013 AND 2012 |
|
(expressed in U.S. Dollars) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
CURRENT |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
18,111,145 |
|
|
$ |
9,216,999 |
|
|
Restricted cash |
|
|
23,505 |
|
|
|
25,128 |
|
|
Inventory |
|
|
1,913,772 |
|
|
|
- |
|
|
Prepaids and other assets |
|
|
1,582,924 |
|
|
|
1,095,256 |
|
|
|
|
21,631,346 |
|
|
|
10,337,383 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
3,273,196 |
|
|
|
3,026,160 |
|
|
Intangible assets |
|
|
3,216,800 |
|
|
|
3,562,600 |
|
TOTAL ASSETS |
|
$ |
28,121,342 |
|
|
$ |
16,926,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
CURRENT |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
9,864,079 |
|
|
$ |
4,844,608 |
|
|
Current portion of capital lease obligation |
|
|
- |
|
|
|
140,551 |
|
|
Current portion of long-term debt, net of issuance costs |
|
|
2,834,639 |
|
|
|
2,425,562 |
|
|
|
|
12,698,718 |
|
|
|
7,410,721 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM |
|
|
|
|
|
|
|
|
|
Long-term debt, net of issuance costs |
|
|
1,827,082 |
|
|
|
4,561,686 |
|
|
Derivative financial instrument |
|
|
20,977 |
|
|
|
203,248 |
|
TOTAL LIABILITIES |
|
$ |
14,546,777 |
|
|
$ |
12,175,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
119,741,040 |
|
|
|
78,214,661 |
|
Warrants |
|
|
1,039,705 |
|
|
|
3,452,607 |
|
Contributed surplus |
|
|
7,987,237 |
|
|
|
4,318,927 |
|
Accumulated other comprehensive income (loss) |
|
|
(1,639,862 |
) |
|
|
362,920 |
|
Deficit |
|
|
(113,553,555 |
) |
|
|
(81,598,627 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
|
13,574,565 |
|
|
|
4,750,488 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
28,121,342 |
|
|
$ |
16,926,143 |
|
|
|
|
|
|
|
|
|
|
|
|
TRIMEL PHARMACEUTICALS CORPORATION |
|
CONSOLIDATED STATEMENT OF LOSS AND COMPREHENSIVE
LOSS |
|
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 |
|
(expressed in U.S. Dollars) |
|
|
|
|
|
For the year ended December 31, |
|
|
|
2013 |
|
|
2012 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
22,680,609 |
|
|
$ |
17,240,969 |
|
|
General and administrative |
|
|
9,896,688 |
|
|
|
10,147,650 |
|
|
Total
operating expenses |
|
|
32,577,297 |
|
|
|
27,388,619 |
|
|
|
|
|
|
|
|
|
|
FINANCE COSTS, NET |
|
|
|
|
|
|
|
|
|
Interest on long-term debt and other financing costs |
|
|
1,112,912 |
|
|
|
635,247 |
|
|
Interest income |
|
|
(116,289 |
) |
|
|
(14,060 |
) |
|
Foreign exchange loss/(gain) |
|
|
(1,116,721 |
) |
|
|
30,730 |
|
|
Change in fair value of derivative financial instrument |
|
|
(182,271 |
) |
|
|
94,158 |
|
|
|
|
(302,369 |
) |
|
|
746,075 |
|
TOTAL EXPENSES |
|
|
32,274,928 |
|
|
|
28,134,694 |
|
LOSS BEFORE INCOME TAXES |
|
|
(32,274,928 |
) |
|
|
(28,134,694 |
) |
|
|
|
|
|
|
|
|
|
(RECOVERY OF) INCOME TAXES |
|
|
|
|
|
|
|
|
|
Current |
|
|
- |
|
|
|
(53,036 |
) |
|
Deferred |
|
|
(320,000 |
) |
|
|
(57,945 |
) |
|
|
|
(320,000 |
) |
|
|
(110,981 |
) |
NET LOSS |
|
$ |
(31,954,928 |
) |
|
$ |
(28,023,713 |
) |
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE LOSS, NET OF INCOME TAX |
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to
profit or loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(2,002,782 |
) |
|
|
284,238 |
|
TOTAL COMPREHENSIVE LOSS |
|
$ |
(33,957,710 |
) |
|
$ |
(27,739,475 |
) |
Basic and Diluted Weighted Average Shares
Outstanding |
|
|
130,351,557 |
|
|
|
86,663,082 |
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Net Loss per Common Share |
|
$ |
(0.25 |
) |
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
|
TRIMEL PHARMACEUTICALS CORPORATION |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY |
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 |
(expressed in U.S. Dollars) |
|
|
Share capital |
|
Warrants |
|
|
Contributed surplus |
|
Accumulated other comprehensive income (loss) |
|
|
Deficit |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2012 |
|
$ |
67,430,241 |
|
$ |
2,413,367 |
|
|
$ |
1,610,972 |
|
$ |
78,682 |
|
|
$ |
(53,574,914 |
) |
|
$ |
17,958,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss for the year |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
(28,023,713 |
) |
|
|
(28,023,713 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative translation adjustment |
|
|
- |
|
|
- |
|
|
|
- |
|
|
284,238 |
|
|
|
- |
|
|
|
284,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive loss for the year |
|
|
- |
|
|
- |
|
|
|
- |
|
|
284,238 |
|
|
|
(28,023,713 |
) |
|
|
(27,739,475 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units, net of issuance costs |
|
|
10,728,722 |
|
|
1,002,882 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
11,731,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker warrants issued as part of long-term debt |
|
|
- |
|
|
36,823 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
36,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of warrants |
|
|
5,698 |
|
|
(465 |
) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
5,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of options |
|
|
50,000 |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
- |
|
|
- |
|
|
|
2,707,955 |
|
|
- |
|
|
|
- |
|
|
|
2,707,955 |
|
Balance as at December 31, 2012 |
|
$ |
78,214,661 |
|
$ |
3,452,607 |
|
|
$ |
4,318,927 |
|
$ |
362,920 |
|
|
$ |
(81,598,627 |
) |
|
$ |
4,750,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2013 |
|
$ |
78,214,661 |
|
$ |
3,452,607 |
|
|
$ |
4,318,927 |
|
$ |
362,920 |
|
|
$ |
(81,598,627 |
) |
|
$ |
4,750,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss for the year |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
(31,954,928 |
) |
|
|
(31,954,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative translation adjustment |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(2,002,782 |
) |
|
|
- |
|
|
|
(2,002,782 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive loss for the year |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(2,002,782 |
) |
|
|
(31,954,928 |
) |
|
|
(33,957,710 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares, net of share issuance costs |
|
|
41,526,379 |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
41,526,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant expiry, net of tax |
|
|
- |
|
|
(2,412,902 |
) |
|
|
2,092,902 |
|
|
- |
|
|
|
- |
|
|
|
(320,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
- |
|
|
- |
|
|
|
1,575,408 |
|
|
- |
|
|
|
- |
|
|
|
1,575,408 |
|
Balance as at December 31, 2013 |
|
$ |
119,741,040 |
|
$ |
1,039,705 |
|
|
$ |
7,987,237 |
|
$ |
(1,639,862 |
) |
|
$ |
(113,553,555 |
) |
|
$ |
13,574,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRIMEL PHARMACEUTICALS CORPORATION |
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
|
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 |
|
(expressed in U.S. Dollars) |
|
|
|
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss for the year |
|
$ |
(31,954,928 |
) |
|
$ |
(28,023,713 |
) |
Items not requiring an outlay of cash: |
|
|
|
|
|
|
|
|
|
Adjustment for
foreign exchange (gain)/loss |
|
|
(1,148,602 |
) |
|
|
210,078 |
|
|
Amortization of intangible assets |
|
|
295,800 |
|
|
|
295,800 |
|
|
Depreciation of property and equipment |
|
|
870,705 |
|
|
|
687,889 |
|
|
Interest on long-term debt and other financing costs |
|
|
1,112,912 |
|
|
|
635,247 |
|
|
Change in fair value of derivative financial instrument |
|
|
(182,271 |
) |
|
|
94,158 |
|
|
Share
based compensation |
|
|
1,575,408 |
|
|
|
2,707,955 |
|
|
Intangible asset write-off |
|
|
50,000 |
|
|
|
- |
|
|
Loss
on disposal of property and equipment |
|
|
49,331 |
|
|
|
- |
|
|
Deferred income tax liability |
|
|
- |
|
|
|
(57,898 |
) |
|
Recovery of deferred income tax |
|
|
(320,000 |
) |
|
|
- |
|
|
Income tax provision |
|
|
- |
|
|
|
(53,036 |
) |
Net changes in non-cash working capital items related
to operating activities: |
|
|
|
|
|
|
|
|
|
Inventory |
|
|
(1,913,772 |
) |
|
|
- |
|
|
Prepaids and other assets |
|
|
(977,790 |
) |
|
|
(734,228 |
) |
|
Accounts payable and accrued liabilities |
|
|
5,069,637 |
|
|
|
1,108,512 |
|
Income taxes received (paid) |
|
|
- |
|
|
|
(22,876 |
) |
|
|
|
(27,473,570 |
) |
|
|
(23,152,112 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from issuance of common shares and warrants,
net of financing costs |
|
|
41,526,379 |
|
|
|
11,731,604 |
|
Proceeds from long-term debt financing, net of
financing costs |
|
|
- |
|
|
|
6,914,379 |
|
Proceeds from exercise of warrants |
|
|
- |
|
|
|
5,233 |
|
Proceeds from exercise of options |
|
|
- |
|
|
|
50,000 |
|
Payment of long-term debt obligations |
|
|
(2,750,000 |
) |
|
|
- |
|
Payment of capital lease obligations |
|
|
(136,451 |
) |
|
|
(400,669 |
) |
Interest paid |
|
|
(643,025 |
) |
|
|
(346,419 |
) |
|
|
|
37,996,903 |
|
|
|
17,954,128 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Acquisition of property and equipment |
|
|
(891,575 |
) |
|
|
(136,941 |
) |
Proceeds from sale of property and equipment |
|
|
3,219 |
|
|
|
2,833 |
|
Restricted cash |
|
|
- |
|
|
|
(25,128 |
) |
|
|
|
(888,356 |
) |
|
|
(159,236 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE/(DECREASE) IN CASH FOR THE YEAR |
|
|
10,783,580 |
|
|
|
(5,567,298 |
) |
|
|
|
|
|
|
|
|
|
Exchange (loss)/gain on cash |
|
|
(740,831 |
) |
|
|
45,594 |
|
|
|
|
|
|
|
|
|
|
CASH BEGINNING OF YEAR |
|
|
9,216,999 |
|
|
|
14,528,625 |
|
|
|
|
|
|
|
|
|
|
CASH END OF YEAR |
|
$ |
18,111,145 |
|
|
$ |
9,216,999 |
|
|
|
|
|
|
|
|
|
|
Trimel Pharmaceuticals CorporationKenneth G. HowlingChief
Financial Officer416 679 0536ir@trimelpharmaceuticals.com
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