Ontario, Canada | 0-31198 | Not Applicable | ||
(State or other jurisdiction
of incorporation)
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(Commission File Number) | (I.R.S. Employer
Identification Number)
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Tribute Pharmaceuticals Canada Inc. Press Release, dated March 21, 2013. |
Tribute Pharmaceuticals Canada Inc. | |||
Date: March 21, 2013
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By:
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/s/ Scott Langille | |
Name: Scott Langille
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Title: Chief Financial Officer
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Revenues increased 219% to $12,342,800 from $3,869,900 for the year ended December 31, 2011
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Gross profit was up 113% to $5,168,900 from $2,426,500 for the year ended December 31, 2011
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Expanded Canadian national sales force to support growing product portfolio and revenues
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In October, 2012 launched novel migraine headache treatment CAMBIA® into the Canadian migraine market
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Acquired exclusive Canadian rights to Collatamp G® to compete in the post-operative infection prevention market
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Signed agreement with Pfizer Canada for exclusive promotional rights in Canada for Gelfoam® addressing the hemostatic device market
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Subsequent to the 2012 year-end, in March 2013 Tribute raised US$4,545,000 from the sale of its equity securities with over 50% participation from insiders
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Soriatane and Bezalip are registered trademarks and under license from Actavis Group PTC ehf
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Cambia is a registered trademark and under license from Nautilus Neurosciences, Inc.
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Collatamp G is a registered trademark and under license from EUSA Pharma (Europe) Limited
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Gelfoam is a registered trademark of Pharmacia & Upjohn Company LLC, used under license by Pfizer Canada Inc.
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As at
December 31,
2012
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As at
December 31,
2011
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ASSETS
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Current
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||||||||
Cash and cash equivalents
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$ | 2,283,868 | $ | 2,227,973 | ||||
Accounts receivable, net of allowance of $nil (2011 - $nil)
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1,205,087 | 763,810 | ||||||
Inventories
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1,000,557 | 870,630 | ||||||
Taxes recoverable
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261,400 | 180,160 | ||||||
Loan receivable
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15,814 | 15,814 | ||||||
Prepaid expenses and other receivables
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118,910 | 124,101 | ||||||
Total current assets
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4,885,636 | 4,182,488 | ||||||
Property, plant and equipment, net
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1,159,375 | 1,207,462 | ||||||
Intangible assets, net
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10,883,179 | 10,409,744 | ||||||
Goodwill
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3,599,077 | 3,408,741 | ||||||
Debt issuance costs, net
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301,265 | - | ||||||
Total assets
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$ | 20,828,532 | $ | 19,208,435 | ||||
LIABILITIES
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Current
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||||||||
Accounts payable and accrued liabilities
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$ | 5,455,664 | $ | 2,684,542 | ||||
Amount payable and contingent consideration due
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- | 1,624,289 | ||||||
Current portion of long term debt
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1,305,840 | - | ||||||
Total current liabilities
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6,761,504 | 4,308,831 | ||||||
Warrant liability
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202,213 | 2,543 | ||||||
Long term debt
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1,815,791 | - | ||||||
Deferred tax liability
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314,900 | 1,524,200 | ||||||
Total liabilities
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9,094,408 | 5,835,574 | ||||||
Contingencies and commitments
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SHAREHOLDERS’ EQUITY
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Capital Stock
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AUTHORIZED
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Unlimited Non-voting, convertible redeemable and retractable preferred shares with no par value
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Unlimited Common shares with no par value
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ISSUED
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Common shares 39,610,042 (2011 – 37,610,042)
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17,589,957 | 16,469,621 | ||||||
Additional paid-in capital options
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1,867,723 | 1,277,830 | ||||||
Deficit
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(7,723,556 | ) | (4,374,590 | ) | ||||
Total shareholders’ equity
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11,734,124 | 13,372,861 | ||||||
Total liabilities and shareholders’ equity
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$ | 20,828,532 | $ | 19,208,435 |
2012
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2011
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Revenues
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Licensed domestic product net sales
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$ | 8,322,945 | $ | 572,272 | |||||
Other domestic product sales
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2,494,359 | 1,977,167 | |||||||
International product sales
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1,525,479 | 1,306,215 | |||||||
Royalty and licensing revenues
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- | 14,227 | |||||||
Total revenues
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12,342,783 | 3,869,881 | |||||||
Cost of sales
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Licensor sales and distribution fees
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5,916,845 | 484,480 | |||||||
Cost of products sold
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1,220,716 | 932,755 | |||||||
Write down of inventories | 36,345 | 26,117 | |||||||
Gross Profit
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5,168,877 | 2,426,529 | |||||||
Expenses
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Selling, general and administrative
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8,870,609 | 3,034,740 | |||||||
Amortization
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718,981 | 77,951 | |||||||
Total expenses
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9,589,590 | 3,112,691 | |||||||
(Loss) from operations
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(4,420,713 | ) | (686,162 | ) | |||||
Non-operating income (expenses)
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Change in warrant liability
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247,486 | 214,280 | |||||||
Cost of extending the warrant expiration
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(135,157 | ) | - | ||||||
Change in fair value of contingent consideration
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79,724 | (57,996 | ) | ||||||
Research and development
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(21,402 | ) | (49,977 | ) | |||||
Loss on disposal of equipment
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- | (259,636 | ) | ||||||
Acquisition and restructuring costs
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- | (671,112 | ) | ||||||
Accretion expense
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(140,154 | ) | (6,888 | ) | |||||
Interest expense
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(253,143 | ) | - | ||||||
Interest income
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13,940 | 18,910 | |||||||
Loss and comprehensive loss before tax
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(4,629,419 | ) | (1,498,581 | ) | |||||
Current income tax recovery
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71,153 | - | |||||||
Deferred income tax recovery
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1,209,300 | 976,800 | |||||||
Net loss and comprehensive loss for the year
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$ | (3,348,966 | ) | $ | (521,781 | ) | |||
Loss Per Share |
- Basic
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$ | (0.09 | ) | $ | (0.02 | ) | ||
- Diluted
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$ | (0.09 | ) | $ | (0.02 | ) | |||
Weighted Average Number of Common Shares Outstanding | |||||||||
- Basic | 39,167,419 | 25,706,000 | |||||||
- Diluted
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39,167,419 | 25,706,000 |
2012
|
2011
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Cash flows from (used in) operating activities
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Net (loss)
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$ | (3,348,966 | ) | $ | (521,781 | ) | ||
Items not affecting cash:
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Deferred income tax recovery
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(1,209,300 | ) | (976,800 | ) | ||||
Amortization
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772,012 | 143,505 | ||||||
Loss on disposal of equipment
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- | 259,636 | ||||||
Change in warrant liability
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(247,486 | ) | (214,280 | ) | ||||
Cost of extending the warrant expiration
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135,157 | - | ||||||
Change in fair value of contingent consideration
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(79,724 | ) | 57,996 | |||||
Stock-based compensation
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589,893 | 332,532 | ||||||
Accretion expense
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140,154 | 6,888 | ||||||
Issuance of equity instruments for services rendered
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- | 14,467 | ||||||
Change in non-cash operating assets and liabilities
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1,690,533 | (113,611 | ) | |||||
Cash flows (used in) operating activities
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(1,557,727 | ) | (1,011,448 | ) | ||||
Cash flows (used in) investing activities
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Additions to property, plant and equipment
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(49,272 | ) | (9,990 | ) | ||||
Payment of contingent liabilities
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(40,000 | ) | - | |||||
Increase in patents and licensing agreements
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(792,902 | ) | (42,521 | ) | ||||
Cash cost of acquisitions
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(425,000 | ) | (1,036,110 | ) | ||||
Cash flows (used in) investing activities
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(1,307,174 | ) | (1,088,621 | ) | ||||
Cash flows from (used in) financing activities
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Financing costs deferred
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(341,489 | ) | - | |||||
Long term debt repayment | (217,569 | ) | - | |||||
Long term debt issued
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3,500,000 | - | ||||||
Share issuance costs
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- | (24,243 | ) | |||||
Cash flows from (used in) financing activities
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2,940,942 | (24,243 | ) | |||||
Changes in cash and cash equivalents
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76,041 | (2,124,312 | ) | |||||
Change in cash due to changes in foreign exchanges
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(20,146 | ) | - | |||||
Cash and cash equivalents, beginning of year
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2,227,973 | 4,352,285 | ||||||
Cash and cash equivalents, end of year
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$ | 2,283,868 | $ | 2,227,973 |