Crescita Therapeutics Reports Fourth Quarter and Fiscal 2018 Results

- March 21st, 2019

Crescita Therapeutics (TSX:CTX) has announced its financial results for the fourth quarter and year ended December 31, 2018. As quoted in the press release: Financial Highlights Q4-F2018 Revenue of $6.2 million, up $3.8 million or 163.3% versus Q4-F2017; Revenue includes $1.4 million of royalties on the U.S. net sales of Pliaglis and $2.0 million in sales and development milestones; Adjusted EBITDA1 of $1.8 million, … Continued

Crescita Therapeutics (TSX:CTX) has announced its financial results for the fourth quarter and year ended December 31, 2018.

As quoted in the press release:

Financial Highlights

Q4-F2018

  • Revenue of $6.2 million, up $3.8 million or 163.3% versus Q4-F2017;
  • Revenue includes $1.4 million of royalties on the U.S. net sales of Pliaglis and $2.0 million in sales and development milestones;
  • Adjusted EBITDA1 of $1.8 million, up $3.8 million versus Q4-F2017;
  • Ending cash position of $8.6 million versus $7.0 million as at December 31, 2017;

F2018

  • Revenue of $16.6 million, up $4.6 million or 38.4% versus F2017;
  • Revenue includes $4.1 million of royalties on the U.S. net sales of Pliaglis and $3.3 million in sales and development milestones;
  • Operating expenses of $16.7 million, down $1.6 million or 8.6% versus F2017;
  • Adjusted EBITDA1 of $1.5 million, an improvement of $5.9 million versus F2017;

Operational and Corporate Developments of F2018

  • Announced the U.S. launch of Pliaglis in Q1, by our partner Taro Pharmaceutical Inc. (“Taro”);
  • Recognized two out of four sales milestones, totaling $2.6 million (US$2.0 million) following the achievement by Taro of cumulative sales targets;
  • Announced the U.S. FDA’s approval to remove the “Not for Home Use” label restriction on Pliaglis, triggering a $0.7 million (US$0.5 million) milestone;
  • Successfully completed a Rights Offering on March 9, 2018, raising $3.5 million in net equity financing;
  • Reported favourable results from a skin permeation study using our patented technologies, MMPE™ and DuraPeel™, demonstrating significantly increased transdermal permeation of CBD over the control formulation by up to 14- and 6-fold, respectively;
  • Launched five product innovations in our non-Rx business, leveraging our MMPE technology;

Click here to read the full press release.

Is the biotech market the perfect mesh between the technology and pharmaceutical market?

 
Read our FREE outlook report below!
 

Get the latest Biotech Investing stock information

Get the latest information about companies associated with Biotech Investing Delivered directly to your inbox.

Biotech Investing

Select None
Select All

Leave a Reply