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Share Name | Share Symbol | Market | Type |
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Mistral Pharma | TSXV:MIP | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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Mistral Pharma Inc. (TSX VENTURE:MIP) (the "Corporation", "Mistral") announces today its financial results and review of operating highlights for the first quarter ended June 30, 2007. "The highlights of Mistral's first quarter were the successful acquisition of CuraMedica (Canada) Inc. ("CuraMedica") and the approval of Instillagel((R)) by Health Canada", said Bertrand Bolduc, the Corporation's President & CEO. "We are working closely with our partners to realize a successful product launch in the fall of 2007" he added. Highlights of the first quarter During the first quarter, Mistral continued development work on its branded products MIST-B02 and MIST-B03, pursued formulation work on new branded products and completed its acquisition of CuraMedica. In May 2007, Instillagel((R)) was approved by Health Canada. Subsequent to the quarter, Mistral announced the results of a pilot study showing that MIST-B03, which is designed using the CHRONOP technology, presents the expected pulse release profile for both active ingredients included in the formulation. Also, Mistral continued its discussions with a potential partner from which it has obtained a release from an exclusivity clause. Mistral is pursuing its confidential discussions with numerous potential commercial partners for the co-development and commercialization of the MIST-B01 product. Results for the quarter ended June 30, 2007 The loss for the quarter was $796,101 ($0.00 per share) compared to $604,712 for the same period in the previous year ($0.00 per share). Research and development costs, net of tax credits, were $259,833 for the quarter compared to $175,250 for the quarter ended June 30, 2006. The increase is the result of an increase in wages and staffing as well as higher spending for subcontractors and material. For the quarter ended June 30, 2007, Administration expenses totaled $255,611 compared to $233,793 in 2006. The increase is the result of higher wages and higher rental and office expenses resulting from the move to the new location. Sales and business development expenses were $62,572 compared to $40,888 a year earlier. The acquisition of CuraMedica and higher expenses incurred to bring the product Instillagel(R) to market explain the increase. Stock based compensation was $89,385 for the quarter ended June 30, 2007 compared to $140,060 for the same period in the previous year. These amounts represent the expense portion of the grant of options made in the previous periods over the award's vesting period. Interest totaled $64,089 for the quarter ended June 30, 2007 compared to $(6,129) for the same quarter a year earlier. The higher amount of long term debt explains this increase. The gain on exchange was $59,211 for the quarter ended June 30, 2007 compared to $27,090 a year earlier because Mistral had more US denominated long term debt and because of the important appreciation of the Canadian dollar compared to the US dollar during the quarter ended June 30, 2007. As at June 30, 2007, the Corporation had cash and cash equivalents of $ 2,666,572 compared to $4,092,717 as at June 30, 2006. The cash balance was higher last year because Mistral had just completed the last tranche of its $5 million Private Placement realized in May 2006. During the quarter ended June 30, 2007, the funds were used for operating activities, for the acquisition of CuraMedica, for the purchase of R&D equipment and for the normal repayment of long-term debt. Selected Financial Information Three months ended June 30th 2007 2006 (Unaudited) (Unaudited) ------------------------------------------------------------------- ------------------------------------------------------------------- $ $ Expenses Research and development costs 259,833 175,250 Administration 255,611 233,793 Sales & Business development 62,572 40,888 Stock-based compensation 89,385 140,060 Interest 64,089 (6,129) Exchange loss (gain) (59,211) (27,070) Amortization & other 123,822 47,920 ------------------------------------------------------------------- ------------------------------------------------------------------- Net loss 796,101 604,712 ------------------------------------------------------------------- ------------------------------------------------------------------- Deficit, beginning 13,185,539 9,459,019 Accounting change 12,800 - Share issue costs 3,735 1,188,737 ------------------------------------------------------------------- ------------------------------------------------------------------- Deficit, end 13,998,175 11,252,468 ------------------------------------------------------------------- ------------------------------------------------------------------- Net loss per share basic and diluted 0.00 0.00 ------------------------------------------------------------------- ------------------------------------------------------------------- Weigthed average number of common shares outstanding 172,437,391 126,976,849 2007-06-30 2007-03-31 (Unaudited) (Audited) ------------------------------------------------------------------- ------------------------------------------------------------------- $ $ Assets Cash and Cash equivalent 2,666,572 3,731,911 Receivable and other current assets 401,289 341,205 ------------------------------------------------------------------- ------------------------------------------------------------------- 3,067,861 4,073,116 Equipment 1,940,715 1,949,000 Deposit 212,680 230,580 Intangible and other assets 1,385,792 889,112 ------------------------------------------------------------------- ------------------------------------------------------------------- 6,607,048 7,141,808 ------------------------------------------------------------------- ------------------------------------------------------------------- Liabilities Accounts payable and accrued liabilities 128,680 128,680 Other current liabilities 376,872 320,920 Current portion of long term debt 805,498 899,808 ------------------------------------------------------------------- ------------------------------------------------------------------- 1,311,050 1,349,408 Long term debt 1,476,421 1,841,951 Shareholders' Equity Share capital 15,046,908 14,449,863 Contributed surplus 2,770,844 2,686,125 Deficit (13,998,175) (13,185,539) ------------------------------------------------------------------- ------------------------------------------------------------------- 3,819,577 3,950,449 ------------------------------------------------------------------- ------------------------------------------------------------------- 6,607,048 7,141,808 ------------------------------------------------------------------- ------------------------------------------------------------------- About Mistral Pharma Inc. Mistral Pharma is an innovative pharmaceutical product development and drug delivery company. Its first two branded drug delivery products, MIST-B01 & B02, showed positive results at their respective first pilot clinical trials. Mistral also has the Canadian rights to Instillagel(R), a local anesthetic and antiseptic combination product used for urology procedures, which is expected to be launched in Canada during Q4 2007. Mistral positions itself as a development and marketing partner for pharmaceutical companies. Additional information about Mistral Pharma can be obtained on Mistral Pharma's website at www.mistralpharma.com. Forward-looking Statements Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of Mistral Pharma. These statements are based on assumptions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for Mistral Pharma's products, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
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