Trimel Pharmaceuticals Corporation (TSX:TRL) ("Trimel or "the
Company") today reported its financial results for the three and
nine month periods ended September 30, 2012. The Company today is
also providing investors with an update on the status of its
product development programs, the market conditions for its key
products as well as a discussion of the results of a physician
research study on the potential use of CompleoTRT(TM) in clinical
practice.
Management of the Company will host a conference call to discuss
these results and the status of its business on Thursday, November
8, 2012, at 8:30 a.m. Eastern Standard Time. Presenting from Trimel
will be Bruce Brydon, Chairman of the Board and Chief Executive
Officer, Tom Rossi, President and Chief Operating Officer and
Kenneth Howling, Chief Financial Officer. The conference call
details can be found at the end of the press release.
Financial Results for the Three and Nine Months Ended September
30, 2012
For the three and nine month periods ended September 30, 2012,
Trimel incurred Research and Development expenses ("R&D") of
US$3.5 million and US$12.6 million respectively as compared to
US$6.3 million and US$11.0 million for the comparable 2011 periods.
The increase in R&D spending for the 2012 period relates
primarily to the costs associated with the advancement of the
CompleoTRT(TM) Phase III and Tefina(TM) Phase II clinical
trials.
Trimel incurred General and Administrative expenses of US$2.8
million and US$7.6 million for the three and nine month periods
ended September 30, 2012 respectively as compared to US$2.6 million
and US$5.8 million for the comparable 2011 periods. The increase in
spending for the 2012 period as compared to spending levels for the
same 2011 period was primarily attributable to employment related
expenses, professional fees and public company costs following the
Company's successful qualifying transaction in July 2011.
For the three and nine month periods ended September 30, 2012,
the Company incurred a net loss of US$0.07 and US$0.24 per share
respectively, as compared to US$0.14 and US$0.34 per share for the
comparable 2011 periods.
As at September 30, 2012, the Company had total assets of
US$25.3 million as compared to US$12.1 million at June 30, 2012 and
total liabilities of US$13.7 million at September 30, 2012 as
compared to US$6.7 million at June 30, 2012.
During the third quarter of 2012 the Company completed two
financing transactions raising total gross proceeds of US$20.6
million. On July 17, 2012 the Company announced that it had closed
a public offering for aggregate gross proceeds of C$13.2 million
(the "Offering"). In connection with the Offering, the Company
issued 7,569,000 units ("Units") at a price of C$1.75 per Unit.
Each Unit consists of one common share of the Company ("Common
Share") and one-half of one common share purchase warrant (each
whole warrant, a "Warrant"). Each whole Warrant entitles the holder
to purchase one Common Share at an exercise price of C$2.50 until
January 17, 2015.
The offering was completed by a syndicate of underwriters led by
RBC Dominion Securities Inc. and including GMP Securities L.P. On
August 3, 2012, RBC Dominion Securities Inc. and GMP Securities
L.P. exercised in part their over-allotment option to purchase an
additional 60,400 Trimel Common Shares and 74,700 Trimel Warrants
for aggregate gross proceeds of C$111,040. The closing of the
over-allotment took place on August 3, 2012.
On July 18, 2012, the Company entered into a loan and security
agreement with GE Capital, Healthcare Financial Services ("GE
Capital"), as agent for the lenders party thereto, pursuant to
which GE Capital advanced US$7,500,000 (the "Loan") to the Company.
According to the Loan Agreement, the Loan accrues interest at
10.75% per year and is repayable in scheduled instalments through
to July 1, 2015 (subject to repayment on demand at any time should
certain customary events of default occur). As is customary, the
Company has granted security over the assets of the Company and its
subsidiaries. In connection with the Loan transaction, the lenders
under the Loan Agreement (or certain of their affiliates) have been
issued Warrants exercisable for an aggregate of 154,916 Common
Shares of the Company and certain brokers have been issued Warrants
exercisable for an aggregate of 51,639 common shares of the
Company. The Warrants are exercisable for five years at an exercise
price calculated using the volume weighted average trading price of
the Common Shares on the Toronto Stock Exchange for the period of
five days ending immediately prior to the completion of the
Loan.
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.
Product Development Update
CompleoTRT(TM) (Testosterone - Hypogonadism ("Low T"))
Phase III Efficacy Dosing Completed
On October 15, 2012 the Company announced that all patients have
completed dosing for the efficacy portion of the CompleoTRT(TM)
Phase III clinical trial. The Company continues to gather the Phase
III efficacy results for all patients since achieving the "data
lock" on November 6, 2012. Once the final results have been
tabulated and reviewed, they will be included in the New Drug
Application ("NDA") for CompleoTRT(TM).
A specific filing timeline has yet to be determined for the NDA,
as it is directly impacted by the outcome of a pre-NDA meeting
requested with the Food and Drug Administration ("FDA").
CompleoTRT(TM) Physician Market Research
On October 22, 2012, the Company announced positive results from
an independent market research study on the reception by physicians
of CompleoTRT(TM). The quantitative study conducted in the United
States surveyed 113 physicians covering urologists,
endocrinologists and primary care physicians that are well versed
in treating Low T with currently marketed testosterone replacement
therapies.
After reviewing a profile of CompleoTRT(TM), all physicians
surveyed who had prior experience with CompleoTRT(TM) as part of
the recently completed clinical development program indicated that
they would likely prescribe CompleoTRT(TM) to their Low T patients.
These physicians anticipated that they would use CompleoTRT(TM) to
treat 36% of their Low T patients and 45% of all of their newly
diagnosed Low T patients. Looking at the 113 respondents as a
whole, 87% of the physicians surveyed indicated that they would
initiate CompleoTRT(TM) therapy. Overall, the 113 physicians
surveyed anticipated that CompleoTRT(TM) would be used in 18% of
their Low T patients and 23% of their newly diagnosed Low T
patients.
When asked for their opinion on the acceptability of an
intranasal treatment, 77% of the physicians responded that patients
would not have an issue with using an intranasal product. The
CompleoTRT(TM) benefits most mentioned by the respondents related
to safety and the reduced risk of secondary transference of
testosterone to women and young children, as well the ease of use
and convenience of CompleoTRT(TM) administration.
Testosterone Market Dynamics
According to IMS Health, nearly 4.6 million testosterone
prescriptions were written in the first eight months of 2012,
reflecting growth of 35% versus the same period in 2011. This
represents an acceleration of prescription growth rates as
physicians and patient awareness of this medical condition
increases.
Tefina(TM) (Testosterone - Female Orgasmic Disorder)
Enrolment Initiated for Patient Ambulatory Study in
Australia
On October 15, 2012, the Company announced that it had received
clearance from the Therapeutic Goods Administration ("TGA"),
Australia's regulatory body, to initiate patient enrolment in
Australia for the Tefina(TM) Phase II Ambulatory study. Approval
for the Australian sites brings the number of countries recruiting
to three, including the United States and Canada where patient
recruitment was initiated in May and June of 2012 respectively.
This study is exploring a "use-as-required" treatment for women
experiencing Female Orgasmic Disorder ("FOD"), more commonly
referred to as anorgasmia. FOD is defined as the persistent or
recurrent delay in, or absence of, orgasm following a normal sexual
excitement phase which can result in marked personal distress or
interpersonal difficulties. FOD affects 1 in 5 women worldwide.
Currently there are no approved treatments for FOD; therefore, this
condition represents a significant unmet need for women suffering
distress from this condition.
The Tefina(TM) Phase II study design will involve women
experiencing FOD and will be conducted as an ambulatory trial. As
part of this double-blinded placebo-controlled study, patients will
receive Tefina(TM) or placebo at home instead of in a hospital
setting. The primary efficacy endpoint of the ambulatory trial will
be the increase in the occurrence of orgasm over the treatment
period compared against baseline levels.
The Company intends to enroll 240 patients in this Phase II
study, with estimated completion in the latter part of Q3 2013.
Conference Call Details
To access the call live, please dial 416-340-2216 (Toronto),
1-866-226-1792 (Canada and U.S.), and 00-800-9559-6849
(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 Standard Time on Wednesday November 14, 2012 by
dialing 905-694-9451 (Toronto), 1-800-408-3053 (Canada and U.S.) or
00-800-3366-3052 (International), using access code: 6252312#.
About CompleoTRT(TM)
CompleoTRT(TM) is designed to represent a significant
advancement in the treatment of male hypogonadism, or low
testosterone - commonly known as "Low T". CompleoTRT(TM)'s unique
delivery technology is designed to provide patients with the
therapeutic effect of supplementing testosterone levels while doing
so with a small amount of drug in the form of a bio-adhesive
intranasal gel.
CompleoTRT(TM)'s intranasal no-touch delivery system is designed
to avoid the risk of accidental transfer (secondary transference)
of testosterone to spouses or other family members, thus offering
unique patient benefits and improved safety as compared to other
currently marketed products indicated to treat "Low T".
Since Trimel took over development of the product in the second
half of 2009, CompleoTRT(TM) has been optimized to meet FDA
regulatory requirements, including the development of a no-touch
applicator device that is designed to ensure that CompleoTRT(TM) is
dosed accurately and discretely. Trimel's research program to date
has demonstrated that CompleoTRT(TM) is safe and effective, having
recorded over 10,000 drug exposures in the studies conducted thus
far in the United States.
About Hypogonadism ("Low T")
Subject to FDA approval, Trimel's lead product candidate,
CompleoTRT(TM) would be indicated for the treatment of male
hypogonadism or low testosterone - commonly known as "Low T".
Hypogonadism is a biochemical syndrome characterized by a
deficiency in serum testosterone levels that can be either acquired
or inherited, and seriously affects the quality of life for those
affected with the syndrome. Low testosterone is estimated to affect
13 million men in the United States, of which an estimated 90% go
untreated. According to IMS Health, sales of marketed treatments
for low testosterone in the United States grew 24% in 2011 versus
2010 to now exceed $1.6 billion in annual sales volume.
About Tefina(TM)
Trimel's product candidate Tefina(TM) is a bioadhesive 'no
touch' intranasal low-dose gel formulation of testosterone.
Tefina(TM) is being developed to offer women with female orgasmic
disorder, a "use as required" treatment option. Tefina(TM) is
expected to present an attractive safety profile, with virtually no
androgen-related side effects such as acne, facial and body hair
growth or deepening of the voice. Moreover, there is no expected
risk of skin-to-skin transfer of testosterone to third parties with
the multi-dose dispenser.
About Female Orgasmic Disorder ("Anorgasmia")
Female Orgasmic Disorder ("FOD") is defined as the persistent or
recurrent delay in, or absence of, orgasm following normal sexual
excitement phase that causes marked personal distress or
interpersonal difficulties. The etiology of FOD is often
characterized by whether the dysfunction has been lifelong
(primary) or acquired (secondary). This condition is estimated to
affect one in five pre and post menopausal women worldwide.
Currently there are no approved treatments for FOD and therefore
represents an unmet need for women suffering distress from this
condition.
About Trimel
Trimel Pharmaceuticals Corporation (TSX:TRL) - Developing
medications for Female Sexual Health and conditions related to
Aging, and Well Being. Trimel is developing multiple product
opportunities, including CompleoTRT(TM), a bioadhesive intranasal
Testosterone gel currently in Phase III clinical testing in the
United States. CompleoTRT(TM) is under investigation for the
treatment of male hypogonadism, a condition commonly referred to as
"Low T". For more information, please visit
www.trimelpharmaceuticals.com.
For further information regarding Trimel Pharmaceuticals
Corporation, please contact either Bruce Brydon, Chairman of the
Board and Chief Executive Officer at (416) 679-0711 or Kenneth
Howling, Chief Financial Officer at (416) 679-0536 or via email at
ir@trimelpharmaceuticals.com.
Notice regarding forward-looking statements:
This press release contains forward looking information. This
forward-looking information is not based on historical facts but
rather on the expectations of the Company's management regarding
the future growth of the Company and its respective results of
operations, performance and business prospects and opportunities.
Forward-looking information may include financial and other
projections, as well as statements regarding future plans,
objectives or economic performance, or the assumptions underlying
any of the foregoing. This press release uses words such as
"believe", "expect", "would", "will", "expects", "anticipates",
"intends", "estimates", or similar expressions to identify
forward-looking information. Such forward-looking information
reflects the current beliefs of the Company's management based on
information currently available to them.
Forward-looking information included in this press release is
based in part, on factors and assumptions that may change, thus
causing actual future results or anticipated events to differ
materially from those expressed or implied in any forward-looking
information. Such factors and assumptions include that: the Company
will achieve, sustain or increase profitability, and will be able
to fund its operations with existing capital, and/or it will be
able to raise additional capital to fund operations; the Company
will be able to attract and retain key personnel; the Company will
be able to acquire any necessary technology or businesses and
effectively integrate such acquisitions; the Company will be
successful in developing and clinically testing products under
development; the Company will be successful in obtaining all
necessary approvals for commercialization of its products from the
U.S. Food and Drug Administration, the Canadian Therapeutic
Products Directorate or other regulatory authorities; the results
of continuing and future safety and efficacy studies by industry
and government agencies relating to the Company's products will be
favourable; the Company's products will not be adversely impacted
by competitive products and pricing; raw materials and finished
products necessary for the Company's products will continue to be
available; the Company will be able to maintain and enforce the
protection afforded by any patents or other intellectual property
rights; the Company's products will be successfully licensed to
third parties to market and distribute such products on favourable
terms; the Company's key strategic alliances, out licensing and
partnering arrangements, now and in the future, will remain in
place and in force; the general regulatory environment will not
change in a manner adverse to the business of the Company; the tax
treatment of the Company and its subsidiaries will remain constant
and the Company will not become subject to any material legal
proceedings. The Company cautions that the foregoing list of
factors and assumptions is not exhaustive.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to differ materially
from any future results, performance or achievements expressed or
implied by the forward-looking information. Risks related to
forward-looking statements include those risks referred to in the
Company's filings with the Canadian Securities regulators,
including risks described in the Company's Annual Information Form
dated March 9, 2012 under the heading "Risk Factors" and updated by
the Company's short form prospectus dated July 11, 2012 under the
headings "Forward-Looking Statements" and "Risk Factors". Actual
results, performance or achievement could differ materially from
that expressed in, or implied by; any forward-looking information
in this press release, and, accordingly, investors should not place
undue reliance on any such forward-looking information. Further,
any forward-looking information speaks only as of the date on which
such statement is made and the Company undertakes no obligation to
update any forward-looking information to reflect the occurrence of
unanticipated events, except as required by law. New factors emerge
from time to time and the importance of current factors may change
from time to time and it is not possible for management of the
Company to predict all of such factors, changes in such factors and
to assess in advance the impact of each such factor on the business
of the Company or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking information contained in this
press release.
TRIMEL PHARMACEUTICALS CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2012
UNAUDITED
(expressed in U.S. Dollars)
ASSETS
September 30, December 31,
2012 2011
--------------- --------------
CURRENT
Cash $ 17,778,637 $ 14,528,625
Other receivables 78,171 74,304
Prepaids and other assets 514,801 276,578
--------------- --------------
18,371,609 14,879,507
--------------- --------------
NON-CURRENT ASSETS
Restricted cash 25,427 -
Property and equipment,
net 3,221,895 3,508,194
Intangible assets 3,636,550 3,858,400
--------------- --------------
6,883,872 7,366,594
--------------- --------------
TOTAL ASSETS $ 25,255,481 $ 22,246,101
--------------- --------------
LIABILITIES
CURRENT
Accounts payable and
accrued liabilities $ 6,405,714 $ 3,207,507
Provisions 58,336 417,378
Income taxes payable - 74,611
Current portion of
capital lease obligation 246,740 393,807
Current portion of long-term debt, net of
issuance costs 1,642,148 -
--------------- --------------
8,352,938 4,093,303
--------------- --------------
LONG-TERM
Capital lease obligation - 137,497
Deferred tax liability - 56,953
Long-term debt, net of
issuance costs 5,244,859 -
Derivative financial
instrument 102,990 -
--------------- --------------
5,347,849 194,450
--------------- --------------
--------------- --------------
TOTAL LIABILITIES 13,700,787 4,287,753
--------------- --------------
SHAREHOLDERS' EQUITY
Share capital 78,214,661 67,430,241
Warrants 3,452,607 2,413,367
Contributed surplus 3,386,097 1,610,972
Accumulated other
comprehensive income 418,810 78,682
Deficit (73,917,481) (53,574,914)
--------------- --------------
TOTAL SHAREHOLDERS' EQUITY 11,554,694 17,958,348
--------------- --------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 25,255,481 $ 22,246,101
--------------- --------------
TRIMEL PHARMACEUTICALS CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2012
UNAUDITED
(expressed in U.S. Dollars)
For the three months ended For the nine months ended
September 30, September 30,
2012 2011 2012 2011
-------------- ------------- ------------- -------------
EXPENSES
Research and
development, net
of refundable tax
credits $ 3,524,371 $ 6,273,761 $ 12,578,799 $ 11,010,034
General and
administrative 2,766,439 2,555,434 7,572,479 5,759,131
-------------- ------------- ------------- -------------
Total operating
expenses 6,290,810 8,829,195 20,151,278 16,769,165
-------------- ------------- ------------- -------------
FINANCE COSTS, NET
Accretion of long-
term debt 12,946 853,391 12,946 1,815,859
Interest on long-
term debt and
other financing
costs 287,164 56,180 305,358 726,125
Interest income (4,978) (1,109) (10,721) (1,261)
Change in fair
value of
derivative
financial
instrument (5,987) - (5,987) -
Capital
reorganization
costs - 1,311,751 - 1,311,751
-------------- ------------- ------------- -------------
289,145 2,220,213 301,596 3,852,474
-------------- ------------- ------------- -------------
TOTAL EXPENSES 6,579,955 11,049,408 20,452,874 20,621,639
-------------- ------------- ------------- -------------
LOSS BEFORE INCOME
TAXES (6,579,955) (11,049,408) (20,452,874) (20,621,639)
PROVISION FOR
(RECOVERY OF)
INCOME TAXES
Current - 61,569 (52,519) 241,743
Deferred - 21,380 (57,788) 37,856
-------------- ------------- ------------- -------------
- 82,949 (110,307) 279,599
-------------- ------------- ------------- -------------
NET LOSS $ (6,579,955) $(11,132,357) $(20,342,567) $(20,901,238)
-------------- ------------- ------------- -------------
-------------- ------------- ------------- -------------
OTHER COMPREHENSIVE
INCOME
Foreign currency
translation
adjustment 379,589 (54,786) 340,128 (54,786)
-------------- ------------- ------------- -------------
NET LOSS AND
COMPREHENSIVE LOSS $ (6,200,366) $(11,187,143) $(20,002,439) $(20,956,024)
-------------- ------------- ------------- -------------
-------------- ------------- ------------- -------------
Basic and Diluted
Weighted Average
Shares Outstanding 89,375,821 78,861,289 85,235,059 61,589,825
Basic and Diluted
Net Loss per
Common Share $ (0.07) $ (0.14) $ (0.24) $ (0.34)
TRIMEL PHARMACEUTICALS CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
UNAUDITED
(expressed in U.S. Dollars)
Debt
Share conversion Contributed
capital Warrants option surplus
------------- ----------- ------------ ------------
Balance, January 1,
2011 $ 4,252,937 $ - $ 3,609,798 $ 916,912
Net loss for the period - - - -
Cumulative translation
adjustment - - - -
----------------------------------------------------------------------------
Total comprehensive
loss for the period - - - -
Issuance of Class A
shares and warrants 31,710,141 2,317,798 - -
Share issuance costs (2,935,228) 95,570 - -
Equity portion of
convertible debt
issued - - 141,571 -
Conversion of
convertible debt 32,591,161 - (3,751,369) -
Share issuance in
amalgamation
transaction 1,288,532 - - -
Share based
compensation - - - 568,505
----------------------------------------------------------------------------
Balance as at September
30, 2011 $ 66,907,543 $2,413,368 $ - $ 1,485,417
----------------------------------------------------------------------------
Balance, January 1,
2012 $ 67,430,241 $2,413,367 $ - $ 1,610,972
Net loss for the period - - - -
Cumulative translation
adjustment - - - -
----------------------------------------------------------------------------
Total comprehensive
loss for the period - - - -
Unit issuance in public
offering, net of
issuance costs 10,728,722 1,002,882 - -
Broker warrants issued
as part of long-term
debt - 36,823 - -
Conversion of warrants 5,698 (465) - -
Conversion of options 50,000 - - -
Share based
compensation - - - 1,775,125
----------------------------------------------------------------------------
Balance as at September
30, 2012 $ 78,214,661 $3,452,607 $ - $ 3,386,097
----------------------------------------------------------------------------
TRIMEL PHARMACEUTICALS CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
UNAUDITED
(expressed in U.S. Dollars)
Accumulated
other
comprehensive
income Deficit Total
------------------ ----------------- ----------------
Balance, January 1,
2011 $ - $ (27,196,590) $ (18,416,943)
Net loss for the period - (20,901,238) (20,901,238)
Cumulative translation
adjustment (54,786) - (54,786)
----------------------------------------------------------------------------
Total comprehensive
loss for the period (54,786) (20,901,238) (20,956,024)
Issuance of Class A
shares and warrants - - 34,027,939
Share issuance costs - - (2,839,658)
Equity portion of
convertible debt
issued - - 141,571
Conversion of
convertible debt - - 28,839,792
Share issuance in
amalgamation
transaction - - 1,288,532
Share based
compensation - - 568,505
----------------------------------------------------------------------------
Balance as at September
30, 2011 $ (54,786) $ (48,097,828) $ 22,653,714
----------------------------------------------------------------------------
Balance, January 1,
2012 $ 78,682 $ (53,574,914) $ 17,958,348
Net loss for the period - (20,342,567) (20,342,567)
Cumulative translation
adjustment 340,128 - 340,128
----------------------------------------------------------------------------
Total comprehensive
loss for the period 340,128 (20,342,567) (20,002,439)
Unit issuance in public
offering, net of
issuance costs - - 11,731,604
Broker warrants issued
as part of long-term
debt - - 36,823
Conversion of warrants - - 5,233
Conversion of options - - 50,000
Share based
compensation - - 1,775,125
----------------------------------------------------------------------------
Balance as at September
30, 2012 $ 418,810 $ (73,917,481) $ 11,554,694
----------------------------------------------------------------------------
TRIMEL PHARMACEUTICALS CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
UNAUDITED
(expressed in U.S. Dollars)
For the nine months ended
September 30,
-----------------------------
2012 2011
-------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES
----------------------------------------------
Net loss for the period $ (20,342,567) $ (20,901,238)
Items not requiring an outlay of cash:
Amortization of intangible assets 221,850 221,850
Depreciation of property and equipment 515,092 385,875
Accretion of long-term debt 12,946 1,815,859
Amortization of deferred financing costs 68,886 -
Share based compensation 1,775,125 568,505
Change in fair value of derivative financial
instrument (5,987) -
Interest expense 236,472 726,125
Capital reorganization expense - 1,311,751
Impairment loss on equipment - 43,333
Deferred income tax liability (56,954) 37,856
Income tax provision (73,519) 241,743
Other 5,418 (158,351)
Net changes in non-cash working capital items
related to operating activities:
Other receivables (1,722) 8,125
Accounts payable and accrued liabilities 3,183,991 1,022,938
Prepaids and other assets (225,986) (53,205)
Income taxes payable - (282,021)
Provisions (356,858) -
-------------- --------------
(15,043,812) (15,010,855)
-------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
----------------------------------------------
Proceeds from issuance of Class A shares and
warrants, net of issuance costs - 31,188,281
Proceeds from issuance of common shares and
warrants, net of financing costs 11,731,604 -
Proceeds from issuance of convertible debt - 2,399,900
Proceeds from long-term debt financing, net of
financing costs 6,914,265 -
Proceeds from exercise of warrants 5,233 -
Proceeds from exercise of options 50,000 -
Payment of capital lease obligations (272,080) (63,960)
Interest paid (169,284) (5,174)
-------------- --------------
18,259,737 33,519,047
-------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES
----------------------------------------------
Acquisition of property and equipment (147,797) (349,565)
Restricted cash (24,942) -
-------------- --------------
(172,739) (349,565)
-------------- --------------
NET INCREASE IN CASH FOR THE PERIOD 3,043,186 18,158,627
Exchange gain on cash 206,826 -
CASH, BEGINNING OF THE PERIOD 14,528,625 786,834
-------------- --------------
CASH, END OF THE PERIOD $ 17,778,637 $ 18,945,461
-------------- --------------
Contacts: Trimel Pharmaceuticals Corporation Kenneth G. Howling
Chief Financial Officer 416 679 0536ir@trimelpharmaceuticals.com
www.trimelpharmaceuticals.com
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