[ad_1]
- $55.8 million Cash and cash equivalents June 30, 2022
- Cessation of fezagepras development
- Net loss from continuing operations 6.5 million dollars At the end of the quarter June 30, 2022 In comparison 12.6 million dollars At the end of the quarter June 30, 2021
LAVAL, QC And CambridgeEngland , August 9, 2022 /PRNewswire/ – Liminal BioSciences Inc. (Nasdaq: LMNL) (“Liminal BioSciences” or the “Company”), today reported its second quarter financial results. June 30, 2022.
Liminal BioSciences will host a conference call and webcast to discuss financial results at 8:30 am (ET). Wednesday August 10, 2022. Telephone numbers to access the conference call are 888-390-0620 and 416-764-8651. An audio playback of the call is available at this time. Wednesday August 10, 2022 as if 11:30 a.m. (ET). To access audio replay numbers 416-764-8677 and 1-888-390-0541 using the following password (#617941). The conference call is available on the live audio website Click here.
As stated in July 21, 2022In early Q3 2022, we met the milestone of receiving clear data from the Phase 1a single-high-dose clinical trial of Fesagepras. Bruce PritchardCEO of Liminal Biosciences. “The decision to discontinue development of Fezgepras allows us to focus our resources on our current pipeline, including our GPR84 and OXER1 antagonist preclinical programs. We look forward to appointing our lead candidates for the company’s GPR84 antagonist program, which is expected to be completed by the end of 2022.”
Second quarter 2022 financial results
All figures presented in this section are in Canadian dollars.
- Cash and cash They were. 55.8 million dollars as if June 30, 2022 Our working capital is current liabilities net of current assets 35.0 million dollars.
- Research and development costs They were. 3.9 million dollars For both the second quarter of 2022 and 2021, there will be an increase in professional fees and preclinical costs 0.2 million dollars Each, amortized intangible asset is reduced in value 0.4 million dollars.
- Management expenses They were. 4.6 million dollars Compared to the second quarter of 2022 8.6 million dollars For the second quarter of 2021, it represents a 46% reduction. The decrease in administrative expenses is mainly due to the reduction 2.5 million dollars Cost of reducing insurance premiums for directors and officers due to change of registered office of the company from Quebec to the converted one. Ontario In the latter part of 2021, a reduction in stock-based payment expense 0.6 million dollars and in professional fees 0.4 million dollars.
- Net loss from continuing operations, net of tax it was 6.5 million dollars Compared to the second quarter of 2022 12.6 million dollars For the second quarter of 2021. The decrease in losses is mainly due to the reduction of administrative expenses 3.9 million dollarsReflecting the reduction in insurance costs, the reduction in financial costs 0.8 million dollars Due to the repayment of the company’s long-term debt and the increase in foreign exchange profits 1.3 million dollars.
- Gross income (loss) from discontinued operations It was income. 0.3 million dollars Compared to the loss for the second quarter of 2022 19.5 million dollars In the year This decrease in the second quarter of 2021 was mainly due to the end of the quarter. June 30, 2021 Plasma collection works from half of the quarter, up to the time of sale and includes works taken from Ryplazim® Activities for the quarter are over. June 30, 2021It was completed in a quarter June 30, 2022Discontinued operating income or loss was primarily impacted by contract and development manufacturing organization or CDMO, lease liability and provision, plasma-derived medical unit residuals, inflation and discount variances. . These operating losses, which are reduced 30.5 million dollars In the year A partial decline in sales of discontinued operations during the second quarter of 2022 compared to the second quarter of 2021; 10.7 million dollarsThese transactions only occurred during the second quarter of 2021.
- Net loss it was 6.2 million dollars Compared to the loss for the second quarter of 2022 32.1 million dollars For the second quarter of 2021.
Post-quarter developments
in July 2022We stopped development of fezagepras, our small molecule product candidate. The decision to stop the development of fezagepras was based on the results of the Phase 1a single-acid dosage or SAD clinical trial, which showed that fezagepras was significantly less effective than sodium phenylbutyrate as a nitrogen fixer. Phase 1a SAD clinical trial of Fasegepras has begun May 2022 A head-to-head comparison with sodium phenylbutyrate was designed to provide additional information to determine whether fezagepras is beneficial in developing nitrogen fixation. The recommendation to stop the development program for fezagepras is not based on safety concerns.
in August 2022, 100% of the nominal amount of outstanding and common stock of our subsidiary, Pathogen Removal Diagnostic Technologies Inc. , or PRDT, as a result of which the Company now has 100% control of PRDT. PRDT owns certain prion reduction technology, which is considered a non-core asset of the Company, and has licensed certain prion reduction technology. A non-controlling interest in PRDT or NCI resulting from the acquisition of a balance related to NCI on the consolidated statement of financial position or on the consolidated statement of operations from The transaction.
About Liminal BioSciences Inc.
Liminal BioSciences is a growth-stage biopharmaceutical company focused on discovering and developing novel small molecule therapeutics for inflammatory, fibrotic and metabolic diseases using our data-driven approach to drug discovery. The company is currently developing GPR84 antagonists and OXER1 antagonists. In addition to these programs, the company continues to explore other development opportunities to add to its pipeline.
Liminal BioSciences has active business operations in Canada and the united kingdom.
Forward-looking statements
This press release Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, contain forward-looking statements. Some future-looking sentences can be identified by using forward-looking words. Statements that are non-historical in nature, including the words “anticipate”, “anticipate”, “opinion”, “plan”, “believe”, “expect”, “estimate”, “target”, “project”. “”may,” “may,” “could,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These statements involve risks and uncertainties related to Liminal Bioscience’s objectives, strategies and business. Forward-looking information includes, among other things, : Development of liminal bioscience product candidates includes statements including the timing of the selection of a lead product candidate for the Company’s GPR84 antagonist program; the potential development of the Company’s R&D programs; the timing or nature of initiation of preclinical and clinical trials and potential therapeutic areas; and the ability to build value for our stockholders and from the Company’s prior These statements are “forward-looking” because they are based on our current expectations of the markets in which we operate and various assumptions and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements. Factors that could cause actual results to differ from those expressed or projected herein include, but are not limited to: the Company’s ability to develop, manufacture and successfully commercialize its product candidates; 19 Pandemic in the company’s human resources, business operations, clinical development, regulatory functions and finance and others the impact on corporate influences; availability of funds and resources to pursue R&D projects, clinical development, manufacturing operations or commercial activities; successful and timely initiation or completion of preclinical and clinical trials; Ability to take advantage of financial opportunities or business opportunities in the pharmaceutical industry; ability to resolve Nasdaq listing deficiencies and regain compliance with Nasdaq listing rules; uncertainties generally associated with research and development, clinical trials and related regulatory reviews and approvals; and changes in general economic conditions. A more detailed review of these risks, uncertainties and other concerns that actual conditions or results could differ materially is available in our current filings and reports in the Company’s filings with the US Securities and Exchange Commission and Canadian securities regulators. In Form 20-F Annual Report for the year ended December 31, 2021, as well as other records and reports that Liminal Biosciences’ may make from time to time. Such risks may be exacerbated by the ongoing COVID-19 pandemic and any related impacts on the liminal biosciences business and the global economy. As a result, we do not guarantee that any forward-looking statement made will come true. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and assumptions, which speak only as of the date hereof. We undertake no obligation to update any forward-looking statement contained in this press release, whether as new information becomes available, as a result of future events or for any other reason, except as required by applicable securities laws and regulations.
Source Liminal BioSciences Inc.
[ad_2]
Source link
