Revenues increase 243% over the prior year
ONSTRYVTM approved by Health Canada in January 2019
Listed on CSE in February 2019
KIRKLAND, QC, Feb. 28, 2019 /CNW Telbec/ - Valeo Pharma Inc. (CSE: VPH) ("Valeo Pharma") a Canadian specialty pharmaceutical company, today reported financial results for its fourth quarter and year ended October 31, 2018. All dollar amounts are in thousands and reported in Canadian dollars, unless otherwise stated.
2018 Fourth Quarter Financial and Business Highlights
- Revenues were $1,750 as compared to $271 in the prior year, representing a 545% increase.
- Net loss for the quarter at $929 compared to $1,225, a 24% improvement.
- EBITDA loss for the quarter decreased by 43% at $892 compared to $1,567 in the prior year.
- Distribution agreement signed with Besins Healthcare for Utrogestan, used for luteal phase support during in vitro fertilization cycles.
2018 Full Year Financial and Business Highlights
- Revenues were $4,382 up 243% as compared to $1,277 in the prior year.
- Net loss for the year at $2,437 compared to $3,619, a 33% improvement.
- EBITDA loss reduced by 49% at $2,182 compared to $4,311 in the prior year.
- Launched Ethacrynate Sodium in Canada, a loop diuretic which was developed by Valeo Pharma.
- Distribution agreement with Ethypharm Inc. amended and renewed.
- Filed Ethacrynate Sodium dossier with the FDA in order to obtain marketing approval.
Key Subsequent Events
- Marketing approval received from Health Canada for ONSTRYVTM for the treatment of Parkinson's disease.
- Company's shares listed on the Canadian Securities Exchange under the symbol VPH
- Completed $1.4 million private placement.
"Our growing revenues, coupled with the continued expansion and regulatory progress of our product pipeline, has positioned Valeo Pharma for a successful listing of its shares on the CSE", said Steven Saviuk, Chief Executive Officer. "We look for 2019 to be a transformational year with five product launches planned, the addition of more product rights to innovative drugs and continued revenue growth that will bring us closer to sustainable profitability".
Financial Statements and MD&A
Valeo Pharma's financial statements and Management's Discussion and Analysis for the three and twelve-month periods ended October 31, 2018 are available on SEDAR at www.sedar.com.
About Valeo Pharma
Headquartered in Kirkland, Quebec, Valeo Pharma is a specialty pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada. With a focus on neurodegenerative diseases, woman's health and oncology, Valeo Pharma has a growing portfolio of innovative products and a complete internal infrastructure to manage these products from registration through commercialization. For more information, please visit www.valeopharma.com
Forward Looking Statements
This document contains some forward-looking information as defined under applicable Canadian securities laws. Forward looking information can generally be identified using forward-looking terminology such as "may", "anticipate", "expect", "intend", "estimate", "continue" or similar terminology. Forward looking information is subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results or performance to be materially different from actual results and are developed based on assumptions about such risks and other factors set out herein.
Non-IFRS Financial Measures
"EBITDA" is a non-IFRS measure. The term EBITDA is defined as net income (loss) before: (i) provision for (recovery of) income taxes; (ii) interest (income) expense and other financing costs; (iii) depreciation of property, plant, and equipment; and (iv) amortization of intangible assets. Management uses EBITDA to provide supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Valeo Pharma inc.