WINNIPEG, Manitoba - (April 22, 2004) - Medicure
Inc. (TSX: MPH / Amex: MCU), a cardiovascular drug discovery and
development company, today reported financial results for the three-month
and nine-month periods ending February 29, 2004. Unless otherwise
stated, the dollar values quoted herein represent Canadian dollars.
As at February 29, 2004, the Company had cash and cash equivalents
totaling $21,860,000 compared to $4,130,000 as of May 31, 2003.
For the nine months ended February 29, 2004, the Company received
net proceeds of $14,935,000 from the exercise of options and warrants.
The majority of these proceeds - $14,578,000 - came from the exercise
of warrants and agents' compensation units that expired on December
20, 2003. The warrants and units were part of a public offering
in December 2001. At the end of the third quarter, the total number
of common share outstanding was 66,329,993, compared to 38,509,864
at the end of fiscal 2003.
Research and development expenditures during the quarter were $1,090,000
as compared to $584,000 for the same quarter in fiscal 2003. The
year-to-date research and development expenditures were $2,739,000
compared to $2,515,000 for the nine-month period ended February
28, 2003. This increase in R & D expenditures is due primarily
to the expanded activities in connection with the Company's two
clinical development programs involving MC-1 and MC-4232.
The Company anticipates research and development expenditures to
be higher for the remainder of fiscal 2004 when compared with the
same period in fiscal 2003. The most significant component of these
expenditures will be associated with the Phase II/III clinical trial
in patients undergoing coronary artery bypass graft (CABG) procedures,
which commenced in April 2004. The Phase II portion of this trial
will enroll up to 900 patients and is expected to take 12 months
to complete enrollment.
"The initiation of the CABG trial signified a major milestone
for the Company," stated Albert D. Friesen, PhD, Medicure's
President and CEO. "This trial represents an integral component
in our overall strategy to establish MC-1 as a powerful cardioprotective
drug for the treatment of cardiovascular diseases and stroke. "
In April 2004, the Company announced positive preliminary results
from its clinical development program for MC-4232 in diabetic hypertensive
patients. These results support the Company proceeding with the
expansion of its MC-4232 clinical development program. MC-4232 is
a combination product incorporating MC-1 and an ACE Inhibitor. The
initial Phase II trial tested MC-1 alone to establish complementary
therapeutic effects of MC-1 and dosing regimens.
The third quarter of fiscal 2004 was highlighted by the listing
of the Medicure stock on the American Stock Exchange® (Amex®),
on February 17, under the ticker symbol MCU. As part of the day's
events, Medicure hosted a luncheon presentation at the Waldorf=Astoria
Hotel for 100 people from the New York financial and business communities.
In attendance were biotech analysts, retail brokers, portfolio managers,
investment bankers and private investors.
"This United States listing has resulted in increased visibility
in the U.S. marketplace for Medicure and has made the Company's
stock significantly more accessible to U.S. investors," Dr.
Friesen stated.
Interest and other income for the third quarter ended February
29, 2003 was $163,000 compared to $69,000 for the third quarter
ended February 28, 2003. For the nine months ended February 29,
2004, interest and other income totaled $317,000 compared to $193,000
for the same period in fiscal 2003. 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 third quarter ended
February 29, 2004 totaled $530,000, compared to $394,000 for the
same period in fiscal 2003. For the nine months ended February 29,
2004, general and administrative expenditures totaled $1,363,000
compared to $950,000 for the same period a year ago. The increase
is attributable to higher business development expenses associated
with the listing of the Company's common shares on the American
Stock Exchange. The Company expects higher levels of general and
administrative activities for the remainder of fiscal year ending
May 31, 2004 in support of its business activities.
As a result of the above noted items, the financial results for
the three months ended February 29, 2004 include a consolidated
net loss from operations of $1,468,000 or $0.02 per share, compared
to $917,000 or $0.02 per share for the three-month period ended
February 28, 2003. The net loss for the nine months ended February
29, 2004 was $3,814,000 or $0.07 per share, compared to a net loss
of $3,296,000 or $0.09 per share for the same period a year ago.
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. The Company's lead drug,
MC-1, is focused on the prevention and treatment of ischemia, ischemic
reperfusion injury, and stroke. The cardiovascular and stroke market
is the largest pharmaceutical sector with annual global sales of
over US $70 billion.
The Company's second product candidate, MC-4232, is being targeted
for the treatment of hypertension, a common disorder in which blood
pressure remains abnormally high. Approximately 73% of the more
than 50 million adult Americans who have hypertension, are not adequately
treated.
Medicure also has a medicinal chemistry based Drug Discovery program
focused on discovery and advancement of novel small molecule, anti-ischemics
and anti-thrombotics towards human clinical studies.
This news 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
