Valeo Pharma reports its second quarter 2019 financial results
Jul 03, 2019, 07:00 ET
- Q2-2019 Revenues of $1.0 million compared to $0.3 million in Q2-2018
- H1-2019 Revenues of $2.8 million compared to $0.5 million in H1-2018
- Strong pre-launch interest and product demand for Onstryv® (safinamide tablets) from all channels across Canada
MONTREAL, July 3, 2019 /CNW Telbec/ - Valeo Pharma Inc. (CSE: VPH) (the "Company" or "Valeo"), a Canadian specialty pharmaceutical company focused on Neurodegenerative Diseases, Oncology and Hospital Specialty Products, today reported its financial results for the second quarter ended April 30, 2019.
2019 Second Quarter Financial and Business Highlights
- Revenues increased to $1.0 million, after deducting a non-recurrent $0.4 million adjustment, from $0.3 million in the second quarter last year
- Net Loss for the quarter was $1.3 compared to $0.6 million for the same period last year
- In February 2019, the Company closed the final tranche of its previously announced non-brokered private placement of convertible debentures for total gross proceeds of $1.4 million.
- In February 2019, the Company proceeded with the listing and trading of its shares on the Canadian Securities Exchange ("CSE") under the symbol "VPH".
- In March 2019 the Company entered into a License and Supply agreement with an undisclosed partner to secure the rights to three products to be added to its existing Hospital products portfolio. The products are subject to regulatory review by Health Canada. Regulatory filings are expected to take place over the coming year with marketing approval to follow within 9-12 months thereafter.
- In March 2019, Health Canada granted the Company a marketing approval for Benztropine, an anticholinergic agent used for the treatment of Parkinson's disease. The Canadian rights to the product were previously licenced from Phebra PTY Ltd. Valeo expects to start commercializing Benztropine before year-end 2019.
- In April 2019, the Company filed a preliminary short form prospectus in each of the provinces and territories of Canada in connection with a fully marketed offering of units of the Company.
Subsequent events to Q2 2019
- In May 2019, the Company announced that its marketed public offering was priced at $0.50 per unit of the Company. Each Unit is comprised of one class A share of the Company and one Share purchase warrant of the Company. Each Warrant is exercisable into one Share at the price of $0.60 per Warrant Share for a period of 36 months from closing of the Offering.
- In June 2019, the Company established a National sales force to support the upcoming launch of Onstryv® for the treatment of Parkinson's disease scheduled for the week of July 8, 2019
"Our first quarter as a publicly traded entity has seen us deliver as planned on a number of key corporate initiatives", said Steve Saviuk, President and Chief Executive Officer of Valeo Pharma Inc. "With the upcoming launch of Onstryv® , Valeo is rapidly transforming into a revenue and earnings growth company. Our expanding product portfolio will also contribute significantly to our results going forward".
Commenting on the 2019 second quarter financial results, Luc Mainville, Sr. Vice-President and Chief Financial Officer said: "Our revenues and margins have continued to progress during the second quarter despite the non-recurring adjustment. We are now forecasting quarterly growth of our revenues as well as significant expansion of our gross margins in the coming quarters. Our revenues and profitability going forward will benefit from the impact of several new product launches starting with Onstryv® in July".
Financial Statements and MD&A
Valeo Pharma's financial statements and Management's Discussion and Analysis for the three-month and six-month periods ending April 30, 2019 are available on SEDAR at www.sedar.com
About Valeo Pharma
Valeo Pharma is a specialty pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada. With a focus on Neurodegenerative Diseases, Oncology, Women's Health and Hospital Specialty Products, Valeo Pharma has a growing portfolio of innovative products and the full infrastructure to properly manage these products through all stages of commercialization. Headquartered in Kirkland, Quebec, Valeo Pharma has all capabilities internally to register and market health care solutions for Canadian patients. For more information, please visit http://www.valeopharma.com and follow us on LinkedIn and Twitter.
Forward Looking Statements
This press release contains forward-looking statements about Valeo's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.
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.
For further information: Steve Saviuk, President and CEO, 514-693-8830, [email protected]; Frederic Dumais, Director, Communications and Investor Relations, 514-782-8803, [email protected]