Knight Therapeutics Posts Financial Results for 2016

Knight Therapeutics (TSX:GUD) announced their financial results for 2016 and its fourth quarter.

As quoted in the press release:

“In 2016, we continued to make substantial progress towards building Canada’s leading speciality pharmaceutical company by strengthening our team, our product pipeline and our balance sheet,” said Jonathan Ross Goodman, CEO of Knight Therapeutics Inc. “In the year ahead, we look forward to advancing our product pipeline, commercializing Movantik® in Canada and making a difference to the health of patients.”

Financial Results

For the quarter ended December 31, 2016, Knight reported revenues of $1,845, an increase of $1,502 over the same period last year, and net income of $7,939, an increase of $2,385 over the same period last year.

For the year ended December 31, 2016, Knight reported revenues of $5,940, an increase of $4,903 over the same period last year, and net income of $18,560, a decrease of $15,607 over the same period last year.

As at December 31, 2016, the Company had $736,050 in cash, cash equivalents and marketable securities and 142,713,489 common shares outstanding.

2016 Highlights

  • Signed license agreements for Netildex™ and Probuphine™ for Canada, and Movantik® for Canada and Israel.
  • Terminated the agreement with Paladin Labs Inc. related to the distribution and sale of Impavido® in all countries other than the U.S.
  • Launched Impavido® in U.S. through commercialization partner Profounda, Inc.
  • Issued secured loans of US$23,000 to Medimetriks Pharmaceuticals Inc. and $6,841 to Crescita Therapeutics Inc. as part of secured lending strategy.
  • Appointed Samira Sakhia, former CFO of Paladin Labs Inc., as President of Knight.
  • Completed two bought deals at $8 and $10 per common share for gross proceeds of $230,000 and $100,050, respectively, including over-allotment exercise.

Key Subsequent Events

  • Submitted Iluvien® for regulatory approval by Health Canada.
  • Announced the commercial relaunch of Movantik® in Canada.
  • Received a Notice of Deficiency Withdrawal from Heath Canada with respect to its ATryn® regulatory submission.

Conference Call Notice

Knight will host a conference call to discuss its fourth quarter and year end results today at 8:30 am ET. Investors and other interested parties may call 1-877-223-4471 (Operator Assisted Toll-Free) or 647-788-4922 (local or international).

A taped replay of the conference call will be available from today at 11:30 a.m. ET until Sunday, April 16, 2017 at 11:59 p.m. ET. To access the replay, please call 1-800-585-8367 or 416-621-4642 and use access code 16647769.

About Knight Therapeutics Inc.

Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.’s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company’s web site at www.gud-knight.com or www.sedar.com.

Click here to read the full press release.

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