Medicure says Q1 revenue reaches C$280,000 due to Aggrasat acquisition

By Lisa Kerner

Charlotte, N.C., Oct. 12 - Medicure Inc. ended the first quarter of fiscal 2007 with cash and cash equivalents totaling approximately C$26.8 million, down from C$34.9 million at May 31.

The company reported total revenue of C$280,000 for the three-month period ended Aug. 31, compared with no revenue for the same period in fiscal 2006, due to the acquisition of Aggrastat Injection (tirofiban hydrochloride) from MGI Pharma Inc. in mid August. The acquisition was funded through a senior secured term loan totaling US$15.8 million, repayable over 42 months.

"Medicure's first quarter of fiscal 2007 was highlighted by the acquisition of the U.S. rights to Aggrastat," president and chief operating officer Albert D. Friesen said in a company news release.

"Aggrastat, Medicure's first commercial product, provides the company with immediate revenues and a commercial presence in advance of MC-1's market approval."

Aggrastat is a glycoprotein IIb/IIIa inhibitor used for the treatment of acute coronary syndrome. The company plans to launch sales and marketing efforts for the drug in the United States during the second quarter of fiscal 2007.

Other first-quarter results included research and development expenditures of C$2.8 million, down from C$3.3 million for the same quarter of fiscal 2006.

Selling, general and administrative expenditures, at C$1.2 million, nearly doubled from C$537,000 for the prior-year period. Medicure attributed the increase to costs associated with the acquisition of Aggrastat, increased business development activities and stock-based compensation expense.

Interest and other income increased to C$389,000 for the quarter, from C$37,000 for the same quarter of fiscal 2006.

Consolidated net loss from operations for the quarter was C$3.2 million, or C$0.03 per share, compared with C$3.9 million, or C$0.06 per share, for the three-month period ended Aug. 31, 2005.

Medicure is a biopharmaceutical company located in Winnipeg, Manitoba.

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