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Knight Reports First Quarter 2017 Results

MONTREAL, CANADA--(Marketwired - May 11, 2017) - Knight Therapeutics Inc. (TSX: GUD) ("Knight" or the "Company"), a leading Canadian specialty pharmaceutical company, today reported financial results for its first quarter ended March 31, 2017. All dollar amounts are in thousands except for per share amounts. All currencies are Canadian unless otherwise specified.

"This quarter marked a major milestone for Knight as we began commercializing our first innovative pharmaceutical product in Canada with the relaunch of Movantik®,” said Jonathan Ross Goodman, CEO of Knight Therapeutics Inc. “Looking ahead, we are focused on advancing our product pipeline and capitalizing on opportunities to add new products to our portfolio that will improve the health of Canadians.”


Financial Results

For the quarter ended March 31, 2017, Knight reported revenues of $1,750, an increase of $682 over the same period last year, and net income of $6,047, an increase of $5,570 over the same period last year. 

As at March 31, 2017, the Company had $763,778 in cash, cash equivalents and marketable securities and 142,759,326 common shares outstanding.


First Quarter Highlights

·         Announced the commercial relaunch of Movantik® in Canada

·         Submitted Iluvien® for regulatory approval by Health Canada

·         Received full repayment of the balance of secured loans to Apicore Inc. and Pro Bono Bio PLC


Conference Call Notice 

Knight will host a conference call to discuss its first quarter 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 June 11, 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 13628658.


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.gudknight.com or www.sedar.com.

Forward-Looking Statement

This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2016. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law. 

CONTACT INFORMATION:

Knight Therapeutics Inc.
Jeffrey Kadanoff, P.Eng., MBA
Chief Financial Officer
T: 514-484-GUD1 (4831)
F: 514-481-4116
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.gudknight.com

 


 

INTERIM CONSOLIDATED BALANCE SHEETS

[Unaudited]                                                      [In thousands of Canadian dollars]

 

As at

 

March 31, 2017

December 31, 2016

ASSETS

 

 

 

Current

 

 

 

Cash and cash equivalents

 

519,522

514,942

Marketable securities

 

244,256

221,108

Trade and other receivables

 

7,977

6,440

Inventories

 

689

790

Other current financial assets

 

41,635

51,789

Income taxes receivable

 

4,786

4,683

Total current assets

 

818,865

799,752

Property and equipment

 

37

32

Intangible assets

 

13,787

14,153

Other financial assets

 

78,076

90,643

Investment in associate

 

77,907

80,113

Deferred income tax assets

 

5,621

6,077

Total assets

 

994,293

990,770

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current

 

 

 

Accounts payable and accrued liabilities

 

2,933

3,207

Income taxes payable

 

6,007

5,659

Other balances payable

 

532

537

Deferred other income

 

263

355

Total current liabilities

 

9,735

9,758

Deferred other income

 

363

417

Other balances payable

 

900

877

Total liabilities

 

10,998

11,052

 

 

 

 

Shareholders’ equity

 

 

 

Share capital

 

761,003

760,447

Warrants

 

785

785

Contributed surplus

 

10,120

9,469

Accumulated other comprehensive income

 

26,754

30,431

Retained earnings

 

184,633

178,586

Total shareholders’ equity

 

983,295

979,718

Total liabilities and shareholders’ equity

 

994,293

990,770

 


 

INTERIM CONSOLIDATED STATEMENTS OF INCOME

[Unaudited]                [In thousands of Canadian dollars, except for share and per share amounts]

 

 

 

Three months ended March 31,

 

 

2017

2016

 

 

 

 

Revenues

 

1,750

1,068

Cost of goods sold

 

288

246

Gross margin

 

1,462

822

 

 

 

 

Expenses

 

 

 

Selling and marketing

 

363

General and administrative

 

2,468

2,193

Research and development

 

416

283

 

 

(1,785)

(1,654)

 

 

 

 

Depreciation of property and equipment

 

8

Amortization of intangible assets

 

326

41

Interest income

 

(5,860)

(4,816)

Other income

 

(308)

(1,099)

Net gain on financial assets

 

(3,375)

(1,729)

Share of net income of associate

 

(319)

(854)

Foreign exchange loss

 

243

3,770

Income before income taxes

 

7,508

3,025

 

 

 

 

Income tax expense

 

 

 

Current

 

480

2,541

Deferred

 

981

7

Net income for the period

 

6,047

477

 

 

 

 

Attributable to shareholders of the Company

 

 

Basic earnings per share

 

0.04

0.005

Diluted earnings per share

 

0.04

0.005

 

Weighted average number of common shares outstanding

 

 

Basic

 

142,720,536

103,475,043

Diluted

 

143,626,773

103,688,167

 

 

 

 

 

           


 

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

[Unaudited]                                                     [In thousands of Canadian dollars]

 

Three months ended March 31,

 

 

2017

2016

Net income for the period

6,047

477

 

 

 

Realizedgain reclassified to statement of income net of tax of $64 (2016: net of tax of $64)

(973)

(410)

Other comprehensive income (loss) to be reclassified to statement of income in subsequent periods:

 

 

Unrealized (loss) gain on available-for-sale financial instruments net of tax of $434(2016: net of tax of $72)

(1,046)

421

Unrealized loss on translation of foreign operations

(1,658)

(10,978)

Other comprehensive (loss) for the period

(3,677)

(10,967)

Total comprehensive income (loss) for the period

2,370

(10,490)

 

 

 

 

       

 

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

[Unaudited]                                                       [In thousands of Canadian dollars]

 

 

 

Share capital

Warrants

Contributed surplus

Accumulated other comprehensive income

Retained earnings

Total shareholders’ equity

Balance as at January 1, 2016

 

439,148

161

6,772

35,955

160,026

642,062

Net income for the three-month period

 

477

477

Realized gain reclassified to statement of income

 

(410)

(410)

Unrealized gain on available for sale financial instruments

 

421

421

Unrealized loss on translation of foreign operations

 

(10,978)

(10,978)

Comprehensive (loss) income

 

(10,967)

477

(10,490)

Share-based compensation expense

 

1,073

1,073

Issuance under share purchase plan

 

28

28

Balance as at March 31, 2016

 

439,176

161

7,845

24,988

160,503

632,673

 

 

 

 

 

 

 

 

Balance as at January 1, 2017

 

760,447

785

9,469

30,431

178,586

979,718

Net income for the three-month period

 

6,047

6,047

Realized gain reclassified to statement of income

 

(973)

(973)

Unrealized loss on available for sale financial instruments

 

(1,046)

(1,046)

Unrealized loss on translation of foreign operations

 

(1,658)

(1,658)

Comprehensive (loss) income

 

(3,677)

6,047

2,370

Share-based compensation expense

 

846

846

Issuance under share option plan

 

513

(195)

318

Issuance under share purchase plan

 

43

43

Balance as at March 31, 2017

 

761,003

785

10,120

26,754

184,633

983,295

 


 

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

[Unaudited]                                                       [In thousands of Canadian dollars]

 

 

 

 

Three months ended March 31,

 

 

 

2017

2016

OPERATING ACTIVITIES

 

 

 

Net income for the period

 

6,047

477

Adjustments reconciling net income to operating cash flows:

 

 

 

Deferred tax

 

981

7

Share-based compensation expense

 

846

1,073

Depreciation and amortization

 

326

49

Accretion of interest

 

(1,078)

(1,105)

Realized gain on financial assets

 

(976)

(656)

Unrealized gain on financial assets

 

(2,399)

(1,073)

Foreign exchange loss

 

204

3,760

Share of net income from associate

 

(319)

(854)

Dividends from associate

 

2,423

Other adjustments

 

(301)

(142)

 

 

3,331

3,959

Changes in non-cash working capital related to operations

 

905

576

Cash inflow from operating activities

 

4,236

4,535

 

 

 

 

INVESTING ACTIVITIES

 

 

 

Purchase of marketable securities

 

(44,291)

(147,399)

Purchase of intangibles

 

(2,924)

Issuance of loans receivable

 

(34,851)

Purchase of equities

 

(2,819)

(3,461)

Investment in funds

 

(4,141)

(5,833)

Proceeds from marketable securities

 

20,486

152,226

Proceeds from repayments of loans receivable

 

28,058

1,018

Proceeds from disposal of equities

 

709

5,619

Proceeds from distribution of funds

 

2,154

Cash inflow (outflow) from investing activities

 

156

(35,605)

 

 

 

 

FINANCING ACTIVITIES

 

 

 

Share option plan

 

345

Share purchase plan

 

43

28

Cash inflow from financing activities

 

388

28

Increase (decrease) in cash during the period

 

4,780

(31,042)

Cash and cash equivalents, beginning of the period

 

514,942

237,481

Net foreign exchange difference

 

(200)

(1,654)

Cash and cash equivalents, end of the period

 

519,522

204,785

 

 

 

 

Supplemental cash flow information:

 

 

 

Interest received

 

4,018

3,773

Income taxes paid

 

286

2,334

 

 

 

 

Cash and cash equivalents

 

519,522

204,785

Marketable securities

 

244,256

221,450

 

 

763,778

426,235

 

 

 

 

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