MILTON, ONTARIO--(Marketwired - May 15, 2014) - Tribute Pharmaceuticals Canada Inc. (OTCQB:TBUFF)(OTCBB:TBUFF)(PINKSHEETS:TBUFF) ("Tribute" or the "Company"), a specialty pharmaceutical company with a primary focus on the acquisition, licensing, development and promotion of healthcare products in Canada and the U.S., today announced financial results for its first quarter ending March 31, 2014. In this press release, all dollar amounts are expressed in Canadian currency - unless otherwise noted - and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).
Recent Highlights:
As announced by the Company in a press release issued on May 13, 2014, Tribute entered into an exclusive license and supply agreement with Faes Farma, S.A. ("Faes"), a Spanish pharmaceutical company, for the exclusive right to sell Bilastine, a product for the treatment of Allergic Rhinitis and Chronic Idiopathic Urticaria (hives) in Canada. The exclusive license is inclusive of prescription and non‐prescription rights for Bilastine, as well as adult and paediatric presentations in Canada. Sales of Bilastine are subject to receiving regulatory approval from Health Canada.
First Quarter 2014 Highlights:
Revenues increased 2.1% for the quarter ended March 31, 2014 compared to the same period in 2013;
Gross profit was up 3.5% for the quarter ended March 31, 2014 compared to the same period in 2013;
Licensed domestic product net sales, which includes the Company's promoted products Soriatane® and Bezalip® SR, increased 20.2% for the quarter ended March 31, 2014 compared to the same period in 2013;
Excluding the initial Cambia® wholesaler and pharmacy pipeline stocking program implemented during the first quarter of 2013, as part of the initial launch of Cambia® to general practitioners, other domestic product sales increased 30.2% for the quarter ended March 31, 2014 compared to the same period in 2013;
IMS Health, an audited third party provider of sales data, reported a 182.3% increase in total prescriptions written for Cambia® during the quarter ended March 31, 2014 compared to the same period in 2013, and a 27.5% increase compared to the fourth quarter;
International product sales increased by $132,600 or 40.0% for the quarter ended March 31, 2014 compared to the same period in 2013; and
Tribute to compete in the $120 million dollar Canadian antihistamine market upon the approval by Health Canada of Bilastine, recently licenses from Faes Farma of Spain.
"We are pleased with our performance in the first quarter of 2014," said Rob Harris, President and CEO of Tribute. "Domestic sales trends for Cambia®, Soriatane® and Bezalip® SR all improved, and international product sales further progressed as well. With Tribute's recently expanded sales force now established, our objectives for upcoming quarters are to continue boosting sales of all our promoted products in Canada while also introducing new products in this market. For our internally developed proprietary products NeoVisc and Uracyst, we will continue to look for new international distribution agreements as we also strive to secure additional European patents for Uracyst."
Mr. Harris added, "With the IND for Bezalip® SR recently cleared by the FDA, we will also continue to make a concerted effort alongside JSB-Partners to find an optimal transaction partner in the U.S. In view of these near term goals, our primary mission remains the same: increase revenues through organic growth and business development efforts, as well as significantly reduce losses."
Read more: http://www.digitaljournal.com/pr/1919717#ixzz32G7oyzAI
Sign Up
Milton.com helps you connect and share with the people in your community.