WINNIPEG, Manitoba - (April 24, 2003) - Medicure Inc.
(TSX:MPH), a cardiovascular drug discovery and development company,
today reported financial results for the three-month and nine-month
periods ending February 28, 2003. Unless otherwise stated, the dollar
values quoted herein represent Canadian dollars.
Research and development expenditures during the third quarter
ended February 28, 2003 were $584,000 as compared to $585,000 for
the same quarter in 2002. The year- to- date research and development
expenditures were $2,515,000, versus $1,929,000 for the nine-month
period ended February 28, 2002. This increase is due primarily to
the costs associated with the MEND-1
phase II trial, which was successfully completed in the past quarter.
The Company anticipates research and development expenditures will
increase in fiscal 2004 with the initiation of a Phase II clinical
trial in patients undergoing coronary artery bypass graft (CABG)
procedures, expected to commence later this calendar year.
MILESTONE ACHIEVED
During the quarter ended February 28, 2003, Medicure achieved a
major milestone when the Company announced positive results from
its MEND-1 Phase II clinical study. The MEND-1 trial was a proof
of principle study to establish the efficacy and safety of Medicure's
lead compound, MC-1 as a cardioprotective
treatment to reduce damage to the heart associated with acute ischemic
and reperfusion injury. Central management was provided by Duke
Clinical Research Institute, Durham, NC (DCRI), an international
leader in cardiovascular clinical evaluation.
"The results were better than expected, and in fact, exceeded
our expectations," stated Albert D. Friesen, Ph.D, Medicure's
Chairman, President and Chief Executive Officer. "These findings
have provided us with the necessary positive data to proceed with
larger, pivotal Phase II trials later this calendar year."
OTHER FINANCIAL RESULTS
Interest and other income for the third quarter ended February 28,
2003 was $68,000 compared to $63,000 for the third quarter ended
February 28, 2002. The year-to-date interest and other income is
$190,000 compared to $97,000 for the nine-month period ended February
28, 2002. The increase is the result of a higher cash and cash equivalent
balance as compared to the same period of the prior year.
General and administrative expenditures for the current quarter
were $394,000 compared to $231,000 for the same quarter in 2002.
The year-to-date general and administrative expenditures were $950,000
as compared to $686,000 for the nine-month period ended February
28, 2002. The increase is attributable to the internal growth, which
has taken place to support the Company's increasing business development
and investor relations activities.
As a result of the above noted items, the financial results for
the third quarter ended February 28, 2003 include a consolidated
net loss from operations of $917,000 or $0.02 per share, compared
to a net loss of $792,000 or $0.03 per share for the three month
period ended February 28, 2002. The net loss for the nine-month
period was $3,296,000 or $0.09 per share, compared to $2,510,000
or $0.10 per share for the nine months ended February 28, 2002.
As noted, the increase in operating loss was primarily due to the
clinical expenditures associated with the Company's Phase II MEND-1
clinical trial, the enhanced research and development programs and
other business development activities.
The Company continues to maintain a solid cash position, with cash
and cash equivalents totaling $5,187,000 as of February 28, 2003,
versus $8,341,000 as of May 31, 2002, the end of the 2002 fiscal
year. In addition, for the current nine month reporting period,
Medicure received proceeds of $37,000 from the exercise of options
and warrants - this compares to $6,000 for the same period a year
ago.
Based on current plans and strategies, the Company believes it
has sufficient resources to fund its operation to the end of the
third quarter of fiscal 2004, including undertaking a second clinical
trial in CABG.
Effective March 1, 2003 all of the issued and outstanding Class
A Common Shares (TSX: MPH.A) - totaling 1,280,000 shares - were
converted into Common Shares of the Company on the basis of one
Common Share for each Class A Common Share in accordance with the
Company's Articles of Continuance. The Common Shares and the Class
A Common Shares were identical in all respects with the only distinction
being that the Class A Common Shares were eligible for the Manitoba
Equity Tax Credit which expired on February 28, 2003. As of March
1, 2003 there was no legal distinction between the Company's Common
Shares and the Class A Common Shares.
An expanded version of the Management Discussion and Analysis and
the financial statements for the quarter are accessible on Medicure's
website at www.medicureinc.com.
About Medicure
Inc.
Medicure Inc. is a cardiovascular
drug discovery and development Company focused on developing effective
therapeutics for unmet needs in the field of cardiovascular medicine
including the prevention and treatment of ischemia, ischemic reperfusion
injury, and stroke.
This press release
contains forward-looking statements that involve risks, which may
cause actual results to differ materially from the statements made,
and accordingly may be deemed to be forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The forward-looking statements are
made as of the date hereof, and the Company disclaims any intention
and has no obligation or responsibility to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
For more information, please contact:
Derek Reimer
Chief Financial Officer
Don Bain
Director of Investor & Public Relations
Medicure Inc.
888-435-2220
204-488-9823 fax
info@medicure.com
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