Welcome!

News Feed Item

Trimel Reports Fourth Quarter and Full Year 2013 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 03/05/14 -- Trimel Pharmaceuticals Corporation (TSX: TRL) today provided an overview of its corporate accomplishments and reported financial results for the three and twelve month periods ended December 31, 2013.

2013 Corporate Accomplishments

During 2013, numerous accomplishments were achieved in the advancement of Trimel's business. The Company successfully raised gross proceeds of $46 million in connection with its April 2013 offering which also allowed for an expansion of its shareholder base. The Company's first New Drug Application, for the novel male testosterone replacement therapy CompleoTRT™, was filed with the U.S. Food and Drug Administration in April 2013. The independence and expertise of the Board of Directors was strengthened with the addition of Dr. Lorne Tyrrell, Mr. Matthew Pfeffer, and Mr. Ian Ihnatowycz as directors. The Company re-negotiated its agreement with M&P Patent AG which resolved certain matters in dispute, strengthened the relationship, and provided non-exclusive rights in important commercial markets Trimel previously did not have access to. Lastly, Trimel also saw the completion of the enrolment phase for the Phase II clinical trial for Tefina™, a product being developed for the treatment of Female Orgasmic Disorder which is estimated to effect up to one in five women worldwide.

Financial Results for the Three and Twelve Months Ended December 31, 2013

For the three and twelve month periods ended December 31, 2013, Trimel incurred Research and Development ("R&D") expenses of US$8.9 million and US$22.7 million respectively as compared to US$4.1 million and US$17.2 million for the comparable 2012 periods. The increase in R&D expenses for the three and twelve month periods ended December 31, 2013 versus the comparable 2012 periods reflects the favourable settlement of arbitration matters with a technology partner during the fourth quarter or 2013 for $4.25 million.

Trimel incurred General and Administrative expenses of US$2.3 million and US$9.9 million for the three and twelve month periods ended December 31, 2013 respectively as compared to US$3.0 million and US$10.1 million for the comparable 2012 periods. The decrease in expense for the three month period ended December 31, 2013, as compared to the same 2012 period, is primarily attributable to lower share based compensation. The decrease in expense for the twelve month period ended December 31, 2013, as compared to the equivalent 2012 period, is primarily attributable to lower share based compensation expense offset partially by higher professional fees associated with arbitration matters that were resolved during 2013.

For the three and twelve month periods ended December 31, 2013, the Company incurred a net loss of US$0.07 and US$0.25 per share respectively, as compared to US$0.09 and US$0.32 per share for the comparable 2012 periods.

As at December 31, 2013, the Company had total assets of US$28.1 million as compared to US$16.9 million at December 31, 2012 and total liabilities of US$14.5 million at December 31, 2013 as compared to US$12.2 million at December 31, 2012. The Company's average monthly burn rate during the 2013 fourth quarter was approximately $2.0 million.

The information set out above is in summary form. Readers are encouraged to review the Company's annual information form, financial statements (and accompanying notes), together with management's discussion and analysis available on SEDAR at www.sedar.com and on the Company's website at www.trimelpharmaceuticals.com.

About Trimel

Trimel is a specialty pharmaceutical company developing medications for male hypogonadism, female sexual dysfunction and various respiratory disorders. An NDA for CompleoTRT™, a product utilizing Trimel's licensed bioadhesive intranasal gel technology, has been accepted for review by the FDA for regulatory approval in the United States. For more information, please visit www.trimelpharmaceuticals.com.

Notice regarding forward-looking statements:

Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties, including that CompleoTRT™ may not be approved by the FDA or that any approval may be delayed, and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our annual information form dated March 5, 2014 which is available at www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities law.



                     TRIMEL PHARMACEUTICALS CORPORATION
                CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                      AS AT DECEMBER 31, 2013 AND 2012
                        (expressed in U.S. Dollars)

                                   ASSETS

                                                     2013              2012
                                         ----------------- -----------------

CURRENT
 Cash                                    $     18,111,145  $      9,216,999
 Restricted cash                                   23,505            25,128
 Inventory                                      1,913,772                 -
 Prepaids and other assets                      1,582,924         1,095,256
                                         ----------------- -----------------
                                               21,631,346        10,337,383

NON-CURRENT ASSETS
 Property and equipment, net                    3,273,196         3,026,160
 Intangible assets                              3,216,800         3,562,600
                                         ----------------- -----------------
TOTAL ASSETS                             $     28,121,342  $     16,926,143
                                         ----------------- -----------------


                                LIABILITIES

CURRENT
 Accounts payable and accrued
  liabilities                            $      9,864,079  $      4,844,608
 Current portion of capital lease
  obligation                                            -           140,551
 Current portion of long-term debt, net
  of issuance costs                             2,834,639         2,425,562
                                         ----------------- -----------------
                                               12,698,718         7,410,721

LONG-TERM
 Long-term debt, net of issuance costs          1,827,082         4,561,686
 Derivative financial instrument                   20,977           203,248
                                         ----------------- -----------------
TOTAL LIABILITIES                        $     14,546,777  $     12,175,655
                                         ----------------- -----------------


                            SHAREHOLDERS' EQUITY

Share capital                                 119,741,040        78,214,661
Warrants                                        1,039,705         3,452,607
Contributed surplus                             7,987,237         4,318,927
Accumulated other comprehensive income
 (loss)                                        (1,639,862)          362,920
Deficit                                      (113,553,555)      (81,598,627)
                                         ----------------- -----------------
TOTAL SHAREHOLDERS' EQUITY                     13,574,565         4,750,488
                                         ----------------- -----------------
TOTAL LIABILITIES AND SHAREHOLDERS'
 EQUITY                                  $     28,121,342  $     16,926,143
                                         ----------------- -----------------


                     TRIMEL PHARMACEUTICALS CORPORATION
           CONSOLIDATED STATEMENT OF LOSS AND COMPREHENSIVE LOSS
               FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012
                        (expressed in U.S. Dollars)

                                            For the year ended December 31,
                                                     2013              2012
                                         ----------------- -----------------
EXPENSES
 Research and development                $     22,680,609  $     17,240,969
 General and administrative                     9,896,688        10,147,650
                                         ----------------- -----------------
 Total operating expenses                      32,577,297        27,388,619

FINANCE COSTS, NET
 Interest on long-term debt and other
  financing costs                               1,112,912           635,247
 Interest income                                 (116,289)          (14,060)
 Foreign exchange loss/(gain)                  (1,116,721)           30,730
 Change in fair value of derivative
  financial instrument                           (182,271)           94,158
                                         ----------------- -----------------
                                                 (302,369)          746,075
                                         ----------------- -----------------
TOTAL EXPENSES                                 32,274,928        28,134,694
                                         ----------------- -----------------
LOSS BEFORE INCOME TAXES                      (32,274,928)      (28,134,694)

(RECOVERY OF) INCOME TAXES
 Current                                                -           (53,036)
 Deferred                                        (320,000)          (57,945)
                                         ----------------- -----------------
                                                 (320,000)         (110,981)
                                         ----------------- -----------------
NET LOSS                                 $    (31,954,928) $    (28,023,713)
                                         ----------------- -----------------
                                         ----------------- -----------------

OTHER COMPREHENSIVE LOSS, NET OF INCOME
 TAX
Items that may be reclassified
 subsequently to profit or loss:
 Foreign currency translation adjustment       (2,002,782)          284,238
                                         ----------------- -----------------
TOTAL COMPREHENSIVE LOSS                 $    (33,957,710) $    (27,739,475)
                                         ----------------- -----------------
                                         ----------------- -----------------
Basic and Diluted Weighted Average
 Shares Outstanding                           130,351,557        86,663,082

Basic and Diluted Net Loss per Common
 Share                                   $          (0.25) $          (0.32)


                     TRIMEL PHARMACEUTICALS CORPORATION
          CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
               FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012
                         (expressed in U.S. Dollars)
                                                                 Contributed
                              Share capital        Warrants          surplus
                            --------------- ---------------- ---------------
                            --------------- ---------------- ---------------

Balance, January 1, 2012     $   67,430,241  $    2,413,367   $    1,610,972

Net loss for the year                     -               -                -

Cumulative translation
 adjustment                               -               -                -

----------------------------------------------------------------------------

Total comprehensive loss
 for the year                             -               -                -

Units, net of issuance
 costs                           10,728,722       1,002,882                -

Broker warrants issued as
 part of long-term debt                   -          36,823                -

Conversion of warrants                5,698            (465)               -

Conversion of options                50,000               -                -

Share based compensation                  -               -        2,707,955
----------------------------------------------------------------------------
Balance as at December 31,
 2012                        $   78,214,661  $    3,452,607   $    4,318,927
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance, January 1, 2013     $   78,214,661  $    3,452,607   $    4,318,927

Net loss for the year                     -               -                -

Cumulative translation
 adjustment                               -               -                -

----------------------------------------------------------------------------

Total comprehensive loss
 for the year                             -               -                -

Common shares, net of share
 issuance costs                  41,526,379               -                -

Warrant expiry, net of tax                -      (2,412,902)       2,092,902

Share based compensation                  -               -        1,575,408
----------------------------------------------------------------------------
Balance as at December 31,
 2013                        $  119,741,040  $    1,039,705   $    7,987,237
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                               Accumulated
                                     other
                             comprehensive
                             income (loss)         Deficit            Total
                            --------------- --------------- ----------------
                            --------------- --------------- ----------------

Balance, January 1, 2012     $      78,682  $  (53,574,914)  $   17,958,348

Net loss for the year                    -     (28,023,713)     (28,023,713)

Cumulative translation
 adjustment                        284,238               -          284,238

----------------------------------------------------------------------------

Total comprehensive loss
 for the year                      284,238     (28,023,713)     (27,739,475)

Units, net of issuance
 costs                                   -               -       11,731,604

Broker warrants issued as
 part of long-term debt                  -               -           36,823

Conversion of warrants                   -               -            5,233

Conversion of options                    -               -           50,000

Share based compensation                 -               -        2,707,955
----------------------------------------------------------------------------
Balance as at December 31,
 2012                        $     362,920  $  (81,598,627)  $    4,750,488
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance, January 1, 2013     $     362,920  $  (81,598,627)  $    4,750,488

Net loss for the year                    -     (31,954,928)     (31,954,928)

Cumulative translation
 adjustment                     (2,002,782)              -       (2,002,782)

----------------------------------------------------------------------------

Total comprehensive loss
 for the year                   (2,002,782)    (31,954,928)     (33,957,710)

Common shares, net of share
 issuance costs                          -               -       41,526,379

Warrant expiry, net of tax               -               -         (320,000)

Share based compensation                 -               -        1,575,408
----------------------------------------------------------------------------
Balance as at December 31,
 2013                        $  (1,639,862) $ (113,553,555)  $   13,574,565
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                     TRIMEL PHARMACEUTICALS CORPORATION
                    CONSOLIDATED STATEMENT OF CASH FLOWS
               FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012
                        (expressed in U.S. Dollars)

                                                       2013            2012
                                             --------------- ---------------

CASH FLOWS FROM OPERATING ACTIVITIES
--------------------------------------------
Net loss for the year                        $  (31,954,928) $  (28,023,713)
Items not requiring an outlay of cash:
 Adjustment for foreign exchange (gain)/loss     (1,148,602)        210,078
 Amortization of intangible assets                  295,800         295,800
 Depreciation of property and equipment             870,705         687,889
 Interest on long-term debt and other
  financing costs                                 1,112,912         635,247
 Change in fair value of derivative
  financial instrument                             (182,271)         94,158
 Share based compensation                         1,575,408       2,707,955
 Intangible asset write-off                          50,000               -
 Loss on disposal of property and equipment          49,331               -
 Deferred income tax liability                            -         (57,898)
 Recovery of deferred income tax                   (320,000)              -
 Income tax provision                                     -         (53,036)
Net changes in non-cash working capital
 items related to operating activities:
 Inventory                                       (1,913,772)              -
 Prepaids and other assets                         (977,790)       (734,228)
 Accounts payable and accrued liabilities         5,069,637       1,108,512
Income taxes received (paid)                              -         (22,876)
                                             --------------- ---------------
                                                (27,473,570)    (23,152,112)
                                             --------------- ---------------

CASH FLOWS FROM FINANCING ACTIVITIES
--------------------------------------------
Proceeds from issuance of common shares and
 warrants, net of financing costs                41,526,379      11,731,604
Proceeds from long-term debt financing, net
 of financing costs                                       -       6,914,379
Proceeds from exercise of warrants                        -           5,233
Proceeds from exercise of options                         -          50,000
Payment of long-term debt obligations            (2,750,000)              -
Payment of capital lease obligations               (136,451)       (400,669)
Interest paid                                      (643,025)       (346,419)
                                             --------------- ---------------
                                                 37,996,903      17,954,128
                                             --------------- ---------------

CASH FLOWS FROM INVESTING ACTIVITIES
--------------------------------------------
Acquisition of property and equipment              (891,575)       (136,941)
Proceeds from sale of property and equipment          3,219           2,833
Restricted cash                                           -         (25,128)
                                             --------------- ---------------
                                                   (888,356)       (159,236)
                                             --------------- ---------------


NET INCREASE/(DECREASE) IN CASH FOR THE YEAR     10,783,580      (5,567,298)

Exchange (loss)/gain on cash                       (740,831)         45,594

CASH BEGINNING OF YEAR                            9,216,999      14,528,625
                                             --------------- ---------------

CASH END OF YEAR                             $   18,111,145  $    9,216,999
                                             --------------- ---------------

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you ...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...