Please select your page

Knight Reports Fourth Quarter and Year Ended December 31, 2014 Results

Knight Reports Fourth Quarter and Year Ended December 31, 2014 Results  

MONTREAL, CANADA - (March 19, 2015) - Knight Therapeutics Inc. (TSX:GUD) (“Knight” or the “Company”), a leading Canadian specialty pharmaceutical company, today reported financial results for its fourth quarter and year ended December 31, 2014.

Highlights

•Knight committed to invest over $110 million into five life sciences funds. These funds (managed by Sectoral Asset Management Inc., Forbion Capital Partners, Teralys Capital, Domain Associates, L.L.C., and Sanderling Ventures, L.L.C.) all have the ability to leverage their broad life sciences industry experience and existing relationships with key life science companies to help secure Canadian and select international product rights for the Company.

•Knight provided over $40 million of secured loans in three separate transactions: Origin Biomed Inc., Apicore Inc. and CRH Medical Corporation. These secured loans were made with the objective of deploying capital in low risk, fair return opportunities while helping to secure Canadian and select international product rights.

•Knight acquired multiple product rights through an asset purchase agreement with Orphan Canada Inc. in September 2014.

•Knight obtained FDA approval for Impavido® in the United States for leishmaniasis, a neglected tropical disease, and was issued a priority review voucher  in March 2014 which was subsequently sold to Gilead Sciences, Inc. by one of Knight’s wholly owned subsidiaries for gross proceeds of $142 million [US$125 million] in November 2014.

•Knight closed three separate equity raises at increasing valuations totalling approximately $355 million in gross proceeds.

Financial Results Reported in Canadian Dollars 

For the quarter ended December 31, 2014, the Company reported revenues of $109,608 and net income of $124,981,439. For the year ended December 31, 2014, the Company reported revenues of $365,323 and net income of $125,858,872. As at December 31, 2014, the Company had $416,8 million in cash and marketable securities and 90,818,595 common shares outstanding.

“I said from the beginning that Knight won’t rest until it is at least as successful as Paladin, and after one year of operations, I can confidently say that we are off to a GUD start,” said Jonathan Ross Goodman, President and CEO of Knight Therapeutics Inc. “In the year ahead, we look forward to expanding our team to focus on strategy execution and continuing to build our pipeline of innovative specialty products.”

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 19, 2015 at 11:59 p.m ET. To access the replay, please call 1-800-585-8367 or 416-621-4642 and use access code 69038102. 

Knight expects to release its first quarter 2015 financial results on the morning of Wednesday, May 13, 2015. 

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 world markets. Knight's shares began trading on TSX-V on March 3, 2014 and graduated to TSX on April 29, 2014 under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's website at http://www.gud-knight.com or at www.sedar.com.

Forward-Looking Statement

This press release may contain forward-looking statements and predictions. 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. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company 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 the Company’s Listing Application dated February 21, 2014 and its short form prospectus dated December 16, 2014. The Company 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.

For further information please contact

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

 

Knight Therapeutics Inc.

CONSOLIDATED BALANCE SHEETS

[In Canadian dollars]

As at December 31

 

2014

2013

 

$

$

ASSETS

 

 

Current

 

 

Cash

283,445,451

1

Marketable securities

133,411,500

Accounts receivable

740,545

Inventory

601,780

Other current financial assets

10,089,462

Other current assets

283,867

Total current assets

428,572,605

1

Property and equipment

47,728

Intangible assets

845,761

Other financial assets

57,147,077

Total assets

486,613,171

1

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

Current

 

 

Accounts payable and accrued liabilities

2,089,911

Income taxes payable

4,492,701

Deferred revenue

1,039,825

Total current liabilities

7,622,437

 

 

 

Shareholders’ equity

 

 

Share capital

341,065,000

1

Contributed surplus

2,100,025

Accumulated other comprehensive income

9,966,837

Retained earnings

125,858,872

Total shareholders’ equity

478,990,734

1

 

486,613,171

1

 Knight Therapeutics Inc.

CONSOLIDATED STATEMENTS OF INCOME

[In Canadian dollars]

 

Year ended December 31, 2014

Period from Incorporation on November 1, 2013 to December 31, 2013

 

$

$

 

 

 

REVENUE

365,323

 

 

 

EXPENSES

 

 

General and administrative

4,283,437

Research and development

1,028,516

 

(4,946,630)

Depreciation of property and equipment

21,955

Amortization of intangible assets

63,234

Interest expense

23,538

Interest income

(3,899,865)

Gain on sale of intangible asset

(129,370,762)

Other income

(435,388)

Net gain on financial assets

(15,706)

Foreign exchange gain

(2,387,268)

Income before income taxes

131,053,632

Income tax expense

4,422,640

Deferred income tax expense

772,120

Net income for the year

125,858,872

Basic and diluted earnings per share

$2.20

 

 

 

Weighted average number of common shares outstanding

 

 

Basic

57,248,473

1

Diluted

57,295,716

1

Knight Therapeutics Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

[In Canadian dollars]

 

Year ended December 31, 2014

Period from Incorporation on November 1, 2013 to December 31, 2013

 

$

$

 

 

 

Net income for the year

125,858,872

 

 

 

Other comprehensive income to be reclassified to income or loss in subsequent periods:

 

 

Unrealized gain on available-for-sale financial instruments (net of tax of $1,101,032)

6,767,687

Unrealized gain on translating financial statements of foreign operations

3,199,150

Other comprehensive income for the year

9,966,837

Comprehensive income for the year

135,825,709

 

Knight Therapeutics Inc.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

[In Canadian dollars]

 

Share
capital

Warrants

Contributed surplus

Accumulated other comprehensive income

Retained earnings

Total shareholders’ equity

 

$

$

$

$

$

$

Balance on Incorporation and as at January 1, 2014

1

1

Net income for the year

125,858,872

125,858,872

Unrealized gain on available-for-sale financial instruments

6,767,687

6,767,687

Unrealized gain on translating financial statements of foreign operations

3,199,150

3,199,150

Share-based compensation expense

1,804,898

1,804,898

Issuance of common shares as part of Business Separation Agreement

11,909,000

11,909,000

Issuance of warrants, net of costs and deferred tax

245,734,723

491,877

246,226,600

Deemed exercise of Special Warrants into common shares

245,734,723

(245,734,723)

Issuance of shares upon financing, net of costs and deferred tax

83,071,591

83,071,591

Exercise of compensation warrants

620,148

(196,750)

423,398

Issuance of shares for acquisition of product rights

294,084

294,084

Issuance of shares under share purchase plan

30,453

30,453

Share purchase loans

(595,000)

(595,000)

Balance as at December 31, 2014

341,065,000

2,100,025

9,966,837

125,858,872

478, 990,734

 

 Knight Therapeutics Inc.

 CONSOLIDATED STATEMENT OF CASH FLOWS

[In Canadian dollars]

 

Year ended December 31, 2014

Period from Incorporation on November 1, 2013 to December 31, 2013

 

$

$

OPERATING ACTIVITIES

 

 

Net income

125,858,872

Adjustments reconciling net income to operating cash flows:

 

 

Deferred tax

772,120

Share-based compensation

1,804,898

Acquisition of product rights

294,084

Depreciation of property and equipment

21,955

Amortization of intangible assets

63,234

Accretion of interest

(348,876)

Other income

(424,583)

Gain on sale of other current financial assets

(31,546)

Gain on sale of intangible asset

(129,370,762)

Unrealized loss on derivative

15,840

Unrealized foreign exchange gain

(2,410,213)

Changes in non-cash working capital related to operations

4,510,390

Deferred revenue

47,930

Cash inflow from operating activities

803,343

INVESTING ACTIVITIES

 

 

Purchase of marketable securities

(133,411,500)

Purchase of other current financial assets

(2,238,721)

Proceeds from disposal of other current financial assets

169,880

Investment in funds

(14,157,772)

Issuance of loans receivable

(38,941,363)

Purchase of property and equipment

(69,683)

Proceeds from sale of intangible asset, net

139,563,959

 

Cash outflow from investing activities

(49,085,200)

FINANCING ACTIVITIES

 

 

Net impact of Business Separation Agreement

1,000,000

Net proceeds from warrants issuance

244,826,712

Net proceeds from share issuance

83,035,790

1

Proceeds from exercise of compensation warrants

423,398

Share purchase loans

(595,000)

Share purchase plan

30,453

Loan from related party

2,500,000

Repayment of loan from related party

(2,500,000)

Cash inflow from financing activities

328,721,353

1

Increase in cash during the year

280,439,496

1

Cash, beginning of year

1

Net foreign exchange difference

3,005,954

Cash, end of year

283,445,451

1

The following amounts are classified within operating activities:

Interest received

2,920,285

Interest paid

22,534

 

 

 

 

Buy now

You can now buy this awesome Joomla Theme directly on Themeforest for a really low price for this awesome and stunning Joomla product!

Nulla vitae elit libero, a pharetra augue. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Etiam porta sem malesuada magna mollis euismod. Morbi leo risus, porta ac consectetur ac, vestibulum at eros. Nulla vitae elit libero, a pharetra augue.

BUY NOW ON THEMEFOREST

×

Login

Please login using your credentials recived by email when you register.

  or   Create an account

Forgot your password? |  Forgot your username?

×

Register now


I'm a small Introtext for the Register Module, I can be set in the Backend of the Joomla WS-Register Module.



  or   Login
×