WINNIPEG, Manitoba - (January 12, 2004) Medicure
Inc. (TSX:MPH), a cardiovascular drug discovery and development
company, today reported financial results for the three-month and
six-month periods ending November 30, 2003. Unless otherwise stated,
the dollar values quoted herein represent Canadian dollars.
As at November 30, 2003, the Company had cash and cash equivalents
totaling $10,386,000 compared to $4,130,000 as of May 31, 2003.
For the six months ended November 30, 2003, the Company received
proceeds of $1,583,000 from the exercise of options and warrants
compared to $25,000 for the same period in fiscal 2003. Subsequent
to the end of the second quarter, the Company significantly strengthened
its cash position as it received proceeds of $13,080,000 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. The Company currently has cash and cash
equivalents totaling $22,900,000.
Research and development expenditures during the quarter were $893,000
as compared to $929,000 for the same quarter in fiscal 2003. The
year-to-date research and development expenditures were $1,649,000
compared to $1,931,000 for the six-month period ended November 30,
2002. This decrease in expenditures is due primarily to the clinical
development costs being lower in the first quarter of fiscal 2004
versus prior year, which had included costs associated with the
MEND-1 Phase II trial that was successfully completed in January
2003.
The Company anticipates research and development expenditures to
be higher for the balance of fiscal 2004 when compared with the
corresponding period in fiscal 2003. The most significant component
of these expenditures will consist of a Phase II clinical trial
in patients undergoing coronary artery bypass graft (CABG) procedures,
which received FDA and TPD approval during the quarter. The trial
will enroll up to 900 patients and is expected to commence enrollment
in the next quarter.
"The approval by the regulatory authorities that allows us
to proceed with the CABG trial was the most significant event for
the Company during the second quarter of Fiscal 2004," stated
Albert D. Friesen, PhD, Medicure's President and CEO. "Approval
of this important study furthering the clinical development of MC-1
represents a significant milestone in the Company's history. MEND-1
established MC-1's cardioprotective capabilites in angioplasty;
MEND-CABG is a much larger study designed to show MC-1's efficacy
with clinically important endpoints, setting the stage for the pivotal
Phase III to follow."
Also during the second quarter of fiscal 2004, the clinical development
program of MC-4232, Medicure's second drug candidate, progressed
as the initial Phase II trial involving diabetic patients with hypertension
saw patient enrollment continue.
Interest and other income for the second quarter ended November
30, 2003 was $81,000 compared to $56,000 for the second quarter
ended November 30, 2002. For the six months ended November 30, 2003,
interest and other income totaled $151,000 compared to $122,000
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 second quarter
ended November 30, 2003 totaled $424,000, compared to $293,000 in
fiscal 2003. For the six months ended November 30, 2003, expenditures
totaled $834,000 compared to $556,000 for the same period a year
ago. The increase is attributable to the internal growth that is
required to support the Company's increasing business development
and investor relations activities, regulatory costs and professional
fees. 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 November 30, 2003 include a consolidated
net loss from operations of $1,247,000 or $0.03 per share, compared
to $1,173,000 or $0.03 per share for the three-month period ended
November 30, 2002. The net loss for the six months ended November
30, 2003 was $2,346,000 or $0.05 per share compared to a net loss
of $2,379,000 or $0.06 per share for the same period a year ago.
The total number of Common Shares increased to 49,693,502 at November
30, 2003 from 38,509,864 at May 31, 2003.
An expanded version of the Management Discussion and Analysis and
the financial statements for the quarter are accessible on Medicure's
website here.
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
