Welcome!

News Feed Item

Trimel Provides Corporate Update and First Quarter 2014 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 05/08/14 -- Trimel Pharmaceuticals Corporation (TSX: TRL) today provided an overview of its corporate accomplishments and reported financial results for the three month period ended March 31, 2014.

2014 Corporate Developments

As previously communicated, the Food and Drug Administration's ("FDA") review of CompleoTRT™ is progressing and is in its final stages. Barring any unforeseen circumstances, the Company expects to obtain a final decision regarding marketing approval in late May 2014.

With respect to the ongoing Phase II clinical trial for Tefina™, a product being developed for the treatment of Female Orgasmic Disorder, the last patient enrolled in the study has now completed the applicable treatment protocol. Full database lock is scheduled to occur on May 9, 2014. The Company anticipates receiving top-line results from the study by the end of May 2014.

During the 2014 first quarter, the Company successfully raised net proceeds of CAD $10.5 million (US$9.5 million) from a private placement which closed on February 21, 2014. In connection with the private placement, the Company issued 14,829,676 common shares at a price of CAD$0.711 per share.

Shareholder Meeting and Earnings Call

Shareholders are advised that an annual general and special meeting of shareholders will occur on June 12, 2014 at 11:00 a.m. (Toronto time) at The Toronto Region Board of Trade, First Canadian Place, 77 Adelaide Street West, Toronto, Ontario. Shareholders of record as of May 6, 2014 shall be entitled to vote on all matters at the meeting, and a detailed management information circular and voting materials will be mailed to shareholders shortly. If shareholders have not received their materials by June 1, 2014, they are encouraged to follow up directly with their brokers at such time.

Additionally, shareholders are reminded of the conference call to discuss the Company's first quarter results to be held on May 9, 2014 at 8:30 a.m. (Toronto time). To access the call live, please dial 416-340-2216 or 1-866-223-7781. Listeners are encouraged to dial in 10 minutes before the call begins to avoid delays. A replay of the conference call will be available until 7:00 p.m. (Toronto time) on Friday, May 16, 2014 by dialing 905-694-9451 or 1-800-408-3053, using access code: 6382379#.

Financial Results for the Three Months Ended March 31, 2014

For the three month period ended March 31, 2014, Trimel incurred Research and Development ("R&D") expenses of US$2.7 million, as compared to US$4.9 million for the comparable 2013 period. Higher R&D expenses for the 2013 first quarter reflected CompleoTRT™ expenses associated with the NDA submission in April 2013, a $2.0 million time-based milestone payment which became due on March 31, 2013, and development materials and mould prototypes for CompleoTRT™. First quarter 2014 R&D expenses were impacted by higher Tefina™ clinical trial costs as this study progressed to its completion in April 2014.

Trimel incurred General and Administrative expenses of US$1.3 million for the three month period ended March 31, 2014, as compared to US$3.4 million for the comparable 2013 period. The decrease in spending was primarily attributable to lower legal fees related to arbitration, corporate and intellectual property matters. The arbitration matters were settled pursuant to a December 21, 2013 agreement.

For the three month period ended March 31, 2014, the Company incurred a net loss of US$0.02 per share, as compared to a net loss of US$0.09 per share for the comparable 2013 period.

At March 31, 2014, the Company had total assets of US$27.2 million, as compared to US$28.1 million at December 31, 2013 and total liabilities of US$8.4 million at March 31, 2014, as compared to US$14.6 million at December 31, 2013. The US$6.2 million decrease in total liabilities was primarily impacted by a US$4.25 million milestone obligation paid to M&P Patent AG, payments related to the Company's debt facility and payments related to the purchase of CompleoTRT™ inventory.

The Company had a net cash outflow of US$0.6 million for the three months ended March 31, 2014. After adjusting this net cash outflow for the US$9.5 million private placement and the US$4.25 million milestone payment to M&P Patent AG which was accrued at the end of fiscal 2013 and paid on January 2, 2014, the Company's burn rate during the 2014 first quarter was approximately US$5.85 million, or an average of US$1.95 million per month. The Company believes it has sufficient resources to fund its ongoing activities through 2014, depending on the timing of further clinical activities and barring unforeseen events.

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
       CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                            AS AT MARCH 31, 2014
                                 UNAUDITED
                        (expressed in U.S. Dollars)

                                   ASSETS
                                                  March 31,    December 31,
                                                       2014            2013
                                            --------------------------------

CURRENT
  Cash                                         $ 17,507,518    $ 18,111,145
  Restricted cash                                    22,614          23,505
  Inventory                                       2,179,094       1,913,772
  Prepaids and other assets                       1,716,208       1,582,924
                                            --------------------------------
                                                 21,425,434      21,631,346

NON-CURRENT ASSETS
  Property and equipment, net                     2,582,675       3,273,196
  Intangible assets                               3,142,850       3,216,800
                                            --------------------------------
TOTAL ASSETS                                   $ 27,150,959    $ 28,121,342
                                            --------------------------------


                                LIABILITIES

CURRENT
  Accounts payable and accrued liabilities      $ 4,438,903     $ 9,864,079
  Current portion of long-term debt, net of
   issuance costs                                 2,846,946       2,834,639
                                            --------------------------------
                                                  7,285,849      12,698,718

LONG-TERM
  Long-term debt, net of issuance costs           1,092,120       1,827,082
  Derivative financial instrument                    41,676          20,977
                                            --------------------------------
TOTAL LIABILITIES                               $ 8,419,645    $ 14,546,777
                                            --------------------------------


                            SHAREHOLDERS' EQUITY

Share capital                                   129,211,443     119,741,040
Warrants                                          1,039,705       1,039,705
Contributed surplus                               8,058,386       7,987,237
Accumulated other comprehensive income
 (loss)                                          (3,445,938)     (1,639,862)
Deficit                                        (116,132,282)   (113,553,555)
                                            --------------------------------
TOTAL SHAREHOLDERS' EQUITY                       18,731,314      13,574,565
                                            --------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     $ 27,150,959    $ 28,121,342
                                            --------------------------------

                     TRIMEL PHARMACEUTICALS CORPORATION
  CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
             FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
                                 UNAUDITED
                        (expressed in U.S. Dollars)

                                                        2014           2013
                                              ------------------------------
EXPENSES
  Research and development                       $ 2,709,961    $ 4,874,417
  General and administrative                       1,275,065      3,402,311
                                              ------------------------------
  Total operating expenses                         3,985,026      8,276,728
                                              ------------------------------

FINANCE COSTS, NET
  Interest on long-term debt and other
   financing costs                                   176,712        288,655
  Interest income                                    (19,643)        (4,143)
  Foreign exchange (gain)/ loss                   (1,584,067)         3,370
  Change in fair value of derivative financial
   instrument                                         20,699       (135,967)
                                              ------------------------------
                                                  (1,406,299)       151,915
                                              ------------------------------
TOTAL EXPENSES                                     2,578,727      8,428,643
                                              ------------------------------
LOSS BEFORE INCOME TAXES                          (2,578,727)    (8,428,643)

INCOME TAXES                                               -              -
                                              ------------------------------
NET LOSS                                        $ (2,578,727)  $ (8,428,643)
                                              ------------------------------
                                              ------------------------------

OTHER COMPREHENSIVE LOSS, NET OF INCOME TAX
Items that may be reclassified subsequently to
 profit or loss:
  Foreign currency translation adjustment         (1,806,076)      (126,487)
                                              ------------------------------
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD         $ (4,384,803)  $ (8,555,130)
                                              ------------------------------
                                              ------------------------------
Basic and diluted weighted average shares
 outstanding                                     154,722,955     90,796,762

Basic and diluted net loss per common share          $ (0.02)       $ (0.09)

                     TRIMEL PHARMACEUTICALS CORPORATION
 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
                                 (DEFICIENCY)
             FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
                                  UNAUDITED
                         (expressed in U.S. Dollars)

                                                                 Contributed
                               Share capital        Warrants         surplus
                            ------------------------------------------------

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

Net loss for the period                    -               -               -

Cumulative translation
 adjustment                                -               -               -

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

Total comprehensive loss for
 the period                                -               -               -

Share based compensation                   -               -         477,545
----------------------------------------------------------------------------
Balance as at March 31, 2013    $ 78,214,661     $ 3,452,607     $ 4,796,472
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance, January 1, 2014       $ 119,741,040     $ 1,039,705     $ 7,987,237

Net loss for the period                    -               -               -

Cumulative translation
 adjustment                                -               -               -

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

Total comprehensive loss for
 the period                                -               -               -

Common shares, net of share
 issuance costs                    9,470,403               -               -

Share based compensation                   -               -          71,149
----------------------------------------------------------------------------
Balance as at March 31, 2014   $ 129,211,443     $ 1,039,705     $ 8,058,386
----------------------------------------------------------------------------


                     TRIMEL PHARMACEUTICALS CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
                                (DEFICIENCY)
             FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
                                 UNAUDITED
                        (expressed in U.S. Dollars)

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

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

Net loss for the period                   -      (8,428,643)     (8,428,643)

Cumulative translation
 adjustment                        (126,487)              -        (126,487)

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

Total comprehensive loss for
 the period                        (126,487)     (8,428,643)     (8,555,130)

Share based compensation                  -               -         477,545
----------------------------------------------------------------------------
Balance as at March 31, 2013      $ 236,433   $ (90,027,270)   $ (3,327,097)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance, January 1, 2014       $ (1,639,862) $ (113,553,555)   $ 13,574,565

Net loss for the period                   -      (2,578,727)     (2,578,727)

Cumulative translation
 adjustment                      (1,806,076)              -      (1,806,076)

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

Total comprehensive loss for
 the period                      (1,806,076)     (2,578,727)     (4,384,803)

Common shares, net of share
 issuance costs                           -               -       9,470,403

Share based compensation                  -               -          71,149
----------------------------------------------------------------------------
Balance as at March 31, 2014   $ (3,445,938) $ (116,132,282)   $ 18,731,314
----------------------------------------------------------------------------

                     TRIMEL PHARMACEUTICALS CORPORATION
           CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
             FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
                                 UNAUDITED
                        (expressed in U.S. Dollars)

                                                        2014           2013
                                              ------------------------------

CASH FLOWS FROM OPERATING ACTIVITIES
----------------------------------------------
  Net loss for the period                       $ (2,578,727)  $ (8,428,643)
  Items not requiring an outlay of cash:
    Adjustment for foreign exchange
     (gain)/loss                                  (1,250,269)        63,742
    Amortization of intangible assets                 73,950         73,950
    Depreciation of property and equipment           635,799        170,414
    Interest on long-term debt and other
     financing costs                                 176,712        288,655
    Change in fair value of derivative
     financial instrument                             20,699       (135,967)
    Share based compensation                          71,149        477,545
  Net changes in non-cash working capital
   items related to operating activities:
    Inventory                                       (265,322)             -
    Prepaids and other assets                       (137,696)      (158,947)
    Accounts payable and accrued liabilities      (5,404,597)     3,561,219
  Provisions                                               -         (7,784)
                                              ------------------------------
                                                  (8,658,302)    (4,095,816)
                                              ------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES
----------------------------------------------
  Proceeds from issuance of common shares, net
   of financing costs                              9,470,403              -
  Financing costs, long-term debt                    (35,757)             -
  Payment of long-term debt obligations             (750,000)      (500,000)
  Payment of capital lease obligations                     -       (103,705)
  Interest paid                                      (78,836)      (130,311)
                                              ------------------------------
                                                   8,605,810       (734,016)
                                              ------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES
----------------------------------------------
  Acquisition of property and equipment              (27,103)       (34,796)
  Proceeds from sale of property and equipment             -          1,015
                                              ------------------------------
                                                     (27,103)       (33,781)
                                              ------------------------------


NET DECREASE IN CASH FOR THE PERIOD                  (79,595)    (4,863,613)

Exchange (loss) on cash                             (524,032)      (144,542)

CASH BEGINNING OF PERIOD                          18,111,145      9,216,999
                                              ------------------------------

CASH END OF PERIOD                              $ 17,507,518    $ 4,208,844
                                              ------------------------------

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
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
SYS-CON Events announced today that China Unicom 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. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events announced today that Secure Channels 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. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...