IMI announces first quarter results

Share Name	Share Symbol	Market	Type
Imi International Medical Innovations	AMEX:IME	AMEX	Ordinary Share

Imi Medical Innovations (AMEX:IME)
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IMI announces first quarter results TORONTO, May 14 /PRNewswire-FirstCall/ -- IMI International Medical Innovations Inc. (TSX:IMI; Amex: IME), a leader in predictive medicine, today announced financial results for the first quarter of fiscal 2004 ended March 31, 2004 (Q1 2004). The company's consolidated loss for the first quarter was $1,083,000, or $0.05 per share, compared with a loss of $811,000, or $0.04 per share, for the quarter ended March 31, 2003 (Q1 2003). Based on historic burn rates and the current expectation that revenues from partnering activities and product sales will begin in 2004, management believes the company's cash resources, together with investment tax credits receivable, are sufficient to meet its current operating and capital requirements. As at March 31, 2004 the company had cash, cash equivalents and short-term investments totaling $5,800,000 ($6,700,000 at December 31, 2003). "Over the past several quarters, we have gained considerable momentum with our skin cholesterol test, achieving a number of objectives that are key to its long-term commercial success. We have strengthened the scientific validation and credibility of our products at an international level, with the publication of data from the MESA trial, a presentation at the American Heart Association annual meeting and our paper in Atherosclerosis. We have also broadened our market reach with multiple test formats and taken steps to expand our patent protection," said Dr. Brent Norton. "In addition, we are actively negotiating licensing partnerships for our cardiovascular products in the U.S. and European markets." "These accomplishments have created significant opportunities that we are working hard to capitalize on," Dr. Norton continued. "We are confident that IMI is well positioned to be a long-term success story." First Quarter Review Research and development expenditures increased by $216,000 to $571,000 from $355,000 in Q1 2003, reflecting the following: - Spending on clinical trials for skin cholesterol and cancer amounted to $138,000 compared with $22,000 in the same period last year, an increase of $116,000. This includes several new trials that commenced in the latter part of 2003; - Expenditures on intellectual property increased to $44,000 from $6,000 in Q1 2003 and included a patent on a new format for the skin cholesterol test as well as a Japanese patent for colorectal cancer; and - Research-related stock-based compensation resulted in non-cash expenses of $20,000 compared with $3,000 for Q1 2003. Most of the other development costs remained at fairly constant levels. General and administration expenses amounted to $521,000 compared with $519,000 in Q1 2003, representing an increase of $2,000 and reflecting the following: - Professional fees for legal, audit and human resources decreased by $32,000; - Insurance premiums increased by $21,000 in Q1 2004 as a result of the U.S. listing on the American Stock Exchange; and - Stock-based compensation resulted in a non-cash expense of $34,000 compared with $13,000 for Q1 2003. Amortization expenses for equipment and acquired technology for Q1 2004 amounted to $57,000 compared with $43,000 for Q1 2003 as a result of the purchase of equipment to support clinical trials. Increases in capital assets amounted to $73,000 compared with $10,000 in the same period last year. Interest income amounted to $29,000 for Q1 2004 compared with $67,000 for Q1 2003. This decrease resulted from lower interest rates on invested cash and lower cash balances. Refundable scientific investment tax credits accrued for Q1 2004 amounted to $37,000 versus $38,000 for Q1 2003. Outlook "IMI is poised to take significant steps forward in 2004 with our cardiovascular products. Working with our partner, McNeil Consumer Healthcare, we are intent on developing a strong brand, and, over time, a leading market position," continued Dr. Norton. "McNeil is continuing its education and awareness campaign and plans to make our test, branded in Canada as PREVU(x) Coronary Heart Disease Predictor, available in 2004." Dr. Norton added, "We are also continuing to strengthen the credibility of our cancer products in the international medical community, with a scientific abstract featuring LungAlert(TM), our unique and patented lung cancer-screening test, to be presented at the American Thoracic Society (ATS) International Conference on May 24th." "Another objective in 2004 is to expand our clinical program with new studies, which will help to further validate IMI's products, advance the regulatory process and increase global awareness of IMI's unique approach to screening for disease. We are building a strong platform for long-term, sustainable value creation and are positive about the company's prospects." About IMI IMI is a world leader in predictive medicine, dedicated to developing rapid, non-invasive tests for the early detection of life-threatening diseases, particularly cardiovascular disease and cancer. The company's head office is located in Toronto, and its research and product development facility is at McMaster University in Hamilton, Ontario. For further information, please visit the company's website at http://www.imimedical.com/. This release contains forward-looking statements that reflect the company's current expectation regarding future events. The forward-looking statements involve risk and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company's quarterly, annual and other regulatory filings. Financial statements are attached to this release. ------------------------------------------------------------------------- IMI International Medical Innovations Inc. Incorporated under the laws of Canada ------------------------------------------------------------------------- Consolidated Balance Sheets (in Canadian Dollars) As at March 31, 2004 and December 31, 2003 March 31 December 31 2004 2003 (Unaudited) (Audited) ------------------------------------------------------------------------- ASSETS Current Cash and cash equivalents $ 239,855 $ 61,625 Short-term investments 5,560,719 6,635,135 Prepaid expenses and other receivables 278,918 340,489 Investment tax credits receivable 217,000 180,000 ------------------------------------------------------------------------- Total current assets 6,296,492 7,217,249 ------------------------------------------------------------------------- Capital assets, net 484,354 403,205 Acquired technology, net 430,894 453,573 ------------------------------------------------------------------------- $ 7,211,740 $ 8,074,027 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable $ 274,855 $ 139,435 Accrued liabilities 426,500 403,213 ------------------------------------------------------------------------- Total current liabilities 701,355 542,648 ------------------------------------------------------------------------- Deferred revenue 91,375 93,100 ------------------------------------------------------------------------- Total liabilities 792,730 635,748 ------------------------------------------------------------------------- Shareholders' equity Capital stock 24,952,277 24,780,846 Warrants 204,200 312,200 Deficit (18,737,467) (17,654,767) ------------------------------------------------------------------------- Total shareholders' equity 6,419,010 7,438,279 ------------------------------------------------------------------------- $ 7,211,740 $ 8,074,027 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- IMI International Medical Innovations Inc. ------------------------------------------------------------------------- Consolidated Statements of Loss and Deficit Three months ended ---------------------------- March 31 March 31 2004 2003 (Unaudited) (Unaudited) ------------------------------------------------------------------------- EXPENSES Research and development $ 571,110 $ 354,772 General and administration 520,554 518,797 Amortization 57,268 42,800 ------------------------------------------------------------------------- 1,148,932 916,369 ------------------------------------------------------------------------- RECOVERIES AND OTHER INCOME Investment tax credits 37,000 38,000 Interest 29,232 67,207 ------------------------------------------------------------------------- 66,232 105,207 ------------------------------------------------------------------------- Net loss for the period (1,082,700) (811,162) Deficit, beginning of period (17,654,767) (13,592,056) ------------------------------------------------------------------------- Deficit, end of period $(18,737,467) $(14,403,218) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Basic and diluted loss per share $ (0.05) $ (0.04) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average number of common shares outstanding 21,262,979 20,814,267 ------------------------------------------------------------------------- ------------------------------------------------------------------------- IMI International Medical Innovations Inc. ------------------------------------------------------------------------- Consolidated Statements of Cash Flows Three months ended March 31 ---------------------------- March 31 March 31 2004 2003 (Unaudited) (Unaudited) ------------------------------------------------------------------------- OPERATING ACTIVITIES Net loss for the period $ (1,082,700) $ (811,162) Add item not involving cash Amortization 57,268 42,800 Stock compensation costs included in: Research and development expense 20,182 3,086 General and administrative expense 34,181 13,245 ------------------------------------------------------------------------- (971,069) (752,031) Net change in non-cash working capital balances related to operations (note 5) 137,019 (106,102) Cash used in operating activities (834,050) (858,133) ------------------------------------------------------------------------- ------------------------------------------------------------------------- INVESTING ACTIVITIES Short term investments 1,074,416 697,804 Purchase of capital assets (73,004) (9,512) ------------------------------------------------------------------------- Cash provided by investing activities 1,001,412 688,292 ------------------------------------------------------------------------- FINANCING ACTIVITIES Issuance of capital stock, net 10,868 143,000 ------------------------------------------------------------------------- Cash provided by financing activities 10,868 143,000 ------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents during the period 178,230 (26,841) Cash and cash equivalents - Beginning of period 61,625 150,451 ------------------------------------------------------------------------- - End of period $ 239,855 $ 123,610 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Represented by Cash $ 239,855 $ 123,610 Cash equivalents - - ------------------------------------------------------------------------- $ 239,855 $ 123,610 ------------------------------------------------------------------------- ------------------------------------------------------------------------- DATASOURCE: IMI International Medical Innovations Inc. CONTACT: Sarah Borg-Olivier, Director, Communications, T: (416) 222-3449, ; Ron Hosking, Vice President, Finance and CFO, T: (416) 222-3449,

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