WINNIPEG, Manitoba - (January 29, 2003) - Medicure Inc. (TSE:MPH),
a cardiovascular drug discovery and development company, today reported
financial results for the second quarter and six months ended November
30, 2002. Unless otherwise stated, the dollar values quoted herein
represent Canadian dollars.
Research and development expenditures during the second quarter
ended November 30, 2002 were $929,000 as compared to $492,000 for
the same quarter in 2001. The year- to- date research and development
expenditures were $1.9 million as compared to $1.3 million for the
six-month period ended November 30, 2001. This increase is primarily
due to the costs incurred as a result of the MEND-1 Phase II trial,
which completed enrollment during the second quarter, and the expansion
of the Company's research team during the year.
With the successful completion and reporting of results of the
MEND-1 trial in January 2003, all remaining costs associated with
the MEND-1 trial should be incurred in the third quarter of fiscal
2003. The Company anticipates clinical expenditures to be sustained
at present levels throughout the remainder of fiscal 2003 with the
initiation of future clinical trials with MC-1. The most significant
component of these expenditures will consist of a Phase II proof
of principle clinical trial in patients undergoing coronary artery
bypass graft (CABG) procedures, expected to commence later this
year.
"Clearly, the most significant event during the second quarter
of Fiscal 2003 was the completion of the patient enrollment in our
multi-centre, Phase II clinical trial to evaluate the cardioprotective
effect of our lead product MC-1, against potential damage caused
by ischemia and ischemic reperfusion frequently experienced by high
risk heart disease patients undergoing angioplasty," stated
Albert D. Friesen, PhD, Medicure's Chairman, President and CEO.
The Company recently announced positive results from this study,
which, "exceeded our expectations," said Dr. Friesen.
"Both the primary and secondary endpoints of the Phase II MEND-1
study were met. The primary endpoint of the trial was infarct size
(area of the heart that is damaged) during the procedure as determined
by the release of the amount of the marker cardiac enzyme, CK-MB,
over 24 hours following percutaneous coronary intervention (PCI).
"Improvement was also shown in certain secondary endpoints,
including myocardial ischemia measured by continuous ST-segment
electrocardiographic monitoring, peak periprocedural CK-MB through
24 hours and clinical tolerability and safety," he added.
Dr. Friesen went on to state that, "the results from this
clinical trial showed that MC-1 reduces ischemic heart damage following
angioplasty and demonstrated MC-1's potential to be an effective
drug for the treatment of ischemia and ischemic reperfusion injury.
The results provide a solid base for further clinical trials with
MC-1 in this and other cardiovascular conditions."
General and administrative expenditures for the current quarter
were $292,000 compared to $221,000 for the same quarter in 2001.
The increase is attributable to the internal growth that is required
to support the Company's increasing business development and investor
relations activities. The Company expects higher levels of general
and administrative activities for the remainder of fiscal year ending
May 31, 2003 to support its increased business activities.
As a result of the above noted items, the financial results for
the second quarter ended November 30, 2002 include a consolidated
net loss from operations of $1,173,000 or $0.03 per share compared
to a net loss of $654,000 or $0.03 per share for the three month
period ended November 30, 2001. The net loss for the six months
ended November 30, 2002 was $2,379,000 or $0.06 per share compared
to $1,718,000 or $0.08 per share for the six months ended November
30, 2001. The rise in operating loss was primarily due to the increased
pre-clinical and clinical expenditures in the Company's research
and development programs as well as increased business activities.
The Company continues to maintain a solid cash position with cash
and cash equivalents totaling $5,672,000 as of November 30, 2002
as compared to $8,341,000 million as of May 31, 2002. Patent costs
totaled $645,000 as at November 30, 2002 as compared to $509,000
as at May 31, 2002. The increase is attributable to the expansion
of the Drug Discovery group and the resulting growth of the Company's
intellectual property position.
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.
Medicure will host a conference call to discuss the financial results
and review the corporate highlights from the quarter and update
participants on recent events.
Notification of Conference Call
Date: THURSDAY, JANUARY 30, 2003
Time: 1:00 P.M., EASTERN STANDARD TIME
Telephone Access: 1-877-888-4605 OR, 416-695-5261
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.
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