WINNIPEG, Manitoba - (August 11, 2004) - Medicure
Inc. (TSX:MPH/Amex:MCU), a cardiovascular drug discovery and development
company, today reported the results of operations for the fiscal
year ended May 31, 2004. All amounts referenced herein are in Canadian
dollars unless otherwise noted.
As at May 31, 2004, the Company had cash and cash equivalents totaling
$19,954,000 compared to $4,130,000 at the previous year-end. Medicure
strengthened its cash position by raising gross proceeds of $7,648,000
(before share issuance costs of $609,000) through a private placement
of 8,997,632 common shares of the Company in June 2003. In addition,
the Company received proceeds of $14,578,000 from the exercise of
warrants and agents' compensation units that were to expire on December
20, 2003. The warrants were part of a public offering in December
2001.
For the year ended May 31, 2004, the Company recorded a net loss
of $5,989,000 or $0.11 per share, compared to a net loss of $4,194,000
or $0.11 per share for the year ended May 31, 2003. The increased
loss was mainly attributable to the Company's enhanced clinical
development program and the growth in business development activity
required to support the program.
Research and development expenditures rose to $4,279,000, as compared
to $3,118,000 for fiscal 2003, and represented approximately 67%
of the Company's total expenditures in fiscal 2004. Research and
development expenditures for fiscal 2004 were higher due to the
ongoing Phase II/III Coronary Artery Bypass Graft (CABG) trial attributed
to MC-1, called MEND-CABG and the clinical development program of
MC-4232. The Company initiated patient enrollment of the MEND-CABG
study in April 2004. The Company plans to enroll up to 900 patients
in the Phase II portion of the study. The study will evaluate the
ischemic reperfusion and neuro-protective effects of MC-1 in patients
undergoing high-risk CABG surgery. The trial is being conducted
at approximately 40 cardiac centres throughout Canada and the US
and is being managed by Montreal Heart Institute and Duke Clinical
Research Institute (DCRI).
Medicure expects research and development expenditures for fiscal
2005 to be significantly higher than fiscal 2004 with a majority
of the increase attributed to the MEND-CABG study of MC-1 and the
Phase II MATCHED study involving MC-4232 for treatment of diabetic
patients with hypertension.
FISCAL 2004 HIGHLIGHTS
· In June 2003, the Company launched its clinical development
program for its second product, MC-4232, for treatment of diabetic
patients with hypertension;
· Also in June, the Company successfully completed an equity
financing by way of private placement of approximately 9 million
Common Shares at $0.85 per share, resulting in gross proceeds of
$7.6 million;
· In December 2003, the Company received proceeds of $14.6
million from the exercise of common share purchase warrants pursuant
to its Initial Public Offering in 2001;
· In February 2004, Medicure listed its common shares on
the American Stock Exchange under the ticker symbol, MCU;
· In April, positive preliminary results from the initial
Phase II trial on hypertension were announced, with the data supporting
the Company proceeding with expansion of its MC-4232 clinical development
program;
· Also in April, patient enrolment commenced in the MEND-CABG
Phase II clinical trial;
· The US Patent and Trademark Office issued five new patents
and three Notices of Allowance to Medicure throughout fiscal 2004,
protecting the composition of several of the Company's new chemical
entities.
"During fiscal 2004, we generated significant momentum across
several key areas of our business as we continued to advance closer
towards our goal of introducing a product to the marketplace,"
stated Albert D. Friesen, PhD, Medicure President and Chief Executive
Officer. "Our drive to position Medicure as a leader in the
development and marketing of drugs to address unmet cardiovascular
needs is firmly on track and we look forward to fiscal 2005 with
much optimism and confidence."
General and administration expenses totaled $2,115,000 for the
year ended May 31, 2004, as compared to $1,284,225 for the prior
year. The increased spending in fiscal 2004 as compared to fiscal
2003 was primarily attributable to the internal growth that was
required to support the Company's increased business development
and investor relations activities, regulatory costs and professional
fees. This includes costs associated with listing on the American
Stock Exchange during the third quarter of fiscal 2004.
Interest and other income for fiscal 2004 totaled $445,000 as compared
to $241,000 for fiscal 2003. Interest income was higher in fiscal
2004 primarily due to a larger average cash and cash equivalents
balance. Throughout fiscal 2004 and fiscal 2003, management invested
funds in short-term investments.
Click here for financial tables (52K PDF)
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 reduction of damage associated with acute coronary
syndromes/acute myocardial infarction and cardiovascular interventions
such as angioplasty and Coronary Artery Bypass Graft (CABG). Medicure
is currently enrolling patients in its MEND-CABG clinical trial,
which will evaluate the cardioprotective and neuroprotective effects
of MC-1 in up to 900 patients undergoing high-risk CABG.
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:
Don Bain
Director of Investor & Public Relations
Derek Reimer
Chief Financial Officer
Medicure Inc.
888-435-2220
204-488-9823 fax
info@medicure.com
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