ONSTRYV™ and Benztropine approved by Health Canada
Company Announces Significant Increase in Revenues and Licenses Six Additional Products for its Hospital Portfolio
KIRKLAND, QC, March 27, 2019 /CNW Telbec/ - Valeo Pharma Inc. (CSE: VPH) ("Valeo Pharma") a Canadian specialty pharmaceutical company, today reported financial results for its first quarter ended January 31, 2019. All dollar amounts are in thousands and reported in Canadian dollars, unless otherwise stated.
2019 First Quarter Financial and Business Highlights
- Marketing approval received from Health Canada for ONSTRYV™ for the treatment of Parkinson's disease
- Company's shares listed on the Canadian Securities Exchange under the symbol VPH
- Revenues increased to $1,832 versus $246 in the first quarter last year, a 646% increase
- Net loss for the quarter at $989 compared to $606 last year
- Completed $1.4 million private placement
- Licensed Canadian Marketing authorization for Ondansetron
- Secured Canadian rights to two additional hospital products.
Key Subsequent Events
- Marketing approval received from Health Canada for Benztropine, an anticholinergic agent for the treatment of Parkinson's Disease.
- Entered into a License and Supply Agreement for three additional products to be added to Valeo Pharma's growing portfolio of hospital products. Valeo Pharma intends to submit these products for registration with Health Canada within the coming quarters.
"We continue to make strides in adding products to our hospital portfolio," said Steve Saviuk, Chief Executive Officer. "These new additions, coupled with products already in our registration pipeline, will expand our hospital portfolio's depth. We expect to have four product launches this year led by ONSTRYV™, an innovative drug for the treatment of Parkinson's Disease, which we plan to launch in our third quarter. These launches will meaningfully contribute to our sales this year and we expect profitability before year end."
Financial Statements and MD&A
Valeo Pharma's financial statements and Management's Discussion and Analysis for the three-month period ended January 31, 2019 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, oncology, woman's health and hospital products 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.