Trimel Pharmaceuticals Corporation Announces First Quarter 2013 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/08/13 -- Trimel Pharmaceuticals Corporation (TSX: TRL) today reported its financial results for the three month period ended March 31, 2013.
Management of the Company will host a conference call to discuss these results on Thursday, May 9, 2013, at 8:30 a.m. Eastern Daylight Time.
To access the call live, please dial 416-340-2216 (Toronto), 1-866-226-1792 (Canada and U.S.) or 1-800-9559-6849 (International). Listeners are encouraged to dial in 10 minutes before the call begins to avoid delays.
A replay of the conference call will be available until 7:00 p.m. Eastern Daylight Time on Thursday, May 16, 2013 by dialing 905-694-9451 (Toronto), 1-800-408-3053 (Canada and U.S.) or 00-800-3366-3052 (International), using access code: 3086288#.
Financial Results for the Three Months Ended March 31, 2013
For the three month period ended March 31, 2013, Trimel incurred Research and Development ("R&D") expenses of US$4.9 million, as compared to US$4.4 million for the comparable 2012 period. The increase in R&D spending for the 2013 period relates primarily to the payment of a milestone payment to the Company's technology partner which offset the decrease in other R&D expenses.
Trimel incurred General and Administrative expenses of US$3.4 million for the three month period ended March 31, 2012, as compared to US$2.0 million for the comparable 2012 period. The increase in spending for the 2013 period as compared to spending levels for the same 2012 period was primarily attributable to legal fees associated with matters relating to the Company's intellectual property and changes in the management composition.
For the three month period ended March 31, 2013, the Company incurred a net loss of US$0.09 per share, as compared to a net loss of US$0.08 per share for the comparable 2012 period.
As at March 31, 2013, the Company had total assets of US$11.8 million, as compared to US$16.9 million at December 31, 2012 and total liabilities of US$15.1 million at March 31, 2013, as compared to US$12.2 million at December 31, 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 .
Recent Developments
Submission of CompleoTRT™ New Drug Application ("NDA")
On April 30, 2013, the Company announced that it had submitted a NDA to the United States Food and Drug Administration ("FDA") for approval of its bioadhesive intranasal gel testosterone product, indicated for the treatment of testosterone deficiency in men. The Company expects the CompleoTRT™ NDA will be subject to a standard review cycle, which could be completed as early as the first half of 2014.
Equity Financing Completed
On April 24, 2013, the Company announced that it completed its public offering (the "Offering") for aggregate gross proceeds of $40.0 million ($37.8 million after deducting applicable underwriting commission). In connection with the Offering, the Company issued a total of 50.0 million common shares at a price of $0.80 per common share. The Offering was completed by a syndicate of underwriters led by RBC Capital Markets and including D&D Securities and Paradigm Capital (collectively, the "Underwriters").
On May 1, 2013, the Company announced the issuance of an additional 7.5 million common shares of the Company at a price of $0.80 per common share for gross proceeds of $6.0 million ($5.67 million after deducting applicable underwriting commission). The issuance was pursuant to the exercise of the overallotment option granted to the Underwriters.
About Trimel
Trimel is a specialty pharmaceutical company actively developing medications for male hypogonadism, female sexual dysfunction and various respiratory disorders. A New Drug Application for CompleoTRT™, a product using Trimel's licensed bioadhesive intranasal technology, has been filed with the FDA for regulatory approval in the United States. For more information, please visit .
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, whether the Company will be successful in obtaining FDA approval of CompleoTRT™), 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 24, 2013 and prospectus dated April 18, 2013 which are available at . 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.
Contacts:
Trimel Pharmaceuticals Corporation
Kenneth G. Howling
Chief Financial Officer
416 679 0536
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Datum: 08.05.2013 - 21:31 Uhr
Sprache: Deutsch
News-ID 257959
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Healthcare
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