Liminal BioSciences reports first quarter 2022 financial and business results | News

  • Planned Phase 1 Single Ascending Dose (“SAD”) clinical trial with fezagepras, expected to begin in the second quarter of 2022.
  • Complete the analysis of the safety and pharmacokinetic (“PK”) data from the Phase 1 Fezagepras Multiple Ascending Dose (“MAD”) clinical trial
  • Fully repaid $ 39.1 million of the secured loan and released security on the Company’s assets
  • $ 11.2 million net loss for the quarter ended March 31, 2022 compared to $ 20.8 million for the quarter ended March 31, 2021

LAVAL, QC and CAMBRIDGE, UNITED KINGDOM, May 12, 2022 / PRNewswire / – Liminal BioSciences Inc. (NASDAQ: LMNL) (“Liminal BioSciences” or the “Company”) today announced its financial results for the first quarter ended March 31, 2022.

We have already made significant progress in the first quarter of 2022 by deleveraging the Company and refining our data-driven development plan for our pipeline, ”he said. Bruce Pritchard, CEO of Liminal BioSciences. We look forward to sharing more information on the results of the planned Phase 1a clinical trial of fesagepress, which is expected to be a direct comparison to sodium phenylbutyrate, in the third quarter of 2022. In addition, we have made significant progress in identifying potent small molecule GPR84 antagonists, including potential selective development candidates for structural classes other than the GPR84 antagonists for which data have already been published. We expect to maintain this dynamics until the end of 2022. We will continue to explore options for improving our corporate structure and divesting non-core assets to achieve our goal of creating shareholder value. ”

Financial results for the first quarter of 2022

All the numbers in this section they are in Canadian dollars.

  • this liquid funds was $ 61.2 million as of March 31, 2022, while our working capital or working capital less current liabilities was $ 42.7 million. In the first quarter of 2022, we repaid our secured loans totaling $ 39.1 million by terminating the Consolidated Loan Agreement with Structure Alpha LP (“SALP”), collateral posted to SALP on the Company’s assets, including intellectual property, canceled the warrants issued on the basis of the Restructuring Agreement and terminated the license agreement between us and SALP.
  • this Research and development expenditure n was $ 4.4 million in the first quarter of 2022, compared to $ 4.9 million in the first quarter of 2021. The decrease in research and development costs is mainly due to a decrease in the cost of third-party clinical trials by $ 1.3 million, partially offset by a $ 0.3 million increase in third-party preclinical research costs, no government subsidies in the current period compared to $ 0.4 million in the period, and recognition of an upfront cost of a license agreement of $ 0.4 million.
  • this Administrative costs was $ 4.9 million in the first quarter of 2022 compared to $ 8.1 million in the first quarter of 2021, down 40%. The decrease in administrative expenses is mainly due to a $ 2.5 million decrease in costs as a result of lower insurance premiums for directors and officers resulting from relocation of the company from Quebec down ontario later in 2021 and a $ 0.6 million reduction in stock-based compensation costs.
  • FROM Net loss from continuing operations after tax was $ 11.4 million in the first quarter of 2022 compared to $ 14.0 million in the first quarter of 2021. The decrease in loss is primarily due to a reduction in administrative expenses.
  • FROM total return (loss)from abandoned problems is a gain of $ 0.2 million in the first quarter of 2022 compared to a loss of $ 6.8 million in the first quarter of 2021. The decline is mainly due to an increase in the segment’s plasma-derived drug operations in the quarter ended 31 March 2021 affected the entire quarter. In the quarter ended March 31, 2022, the results on discontinued operations were mainly influenced by changes in the lease liability and provisions for contract and development activities remaining in the plasma derivatives segment, caused by an increase in the inflation rate and fluctuations in the discount rate.
  • FROM net loss was $ 11.2 million in the first quarter of 2022 compared to a loss of $ 20.8 million in the first quarter of 2021.

About Liminal BioSciences Inc.

Liminal BioSciences is a clinical biopharmaceutical company focused on developing novel small molecule drugs for patients suffering from inflammatory, fibrotic and metabolic diseases using our drug discovery platform and data-driven approach. The company’s leading small molecule product candidate, Fezagepras, has completed a Phase 1 clinical trial with MAD, and the Company expects to conduct a Phase 1a clinical trial with SAD in the second quarter of 2022 to obtain comparative data to support its development plan. In addition, the company is currently working on a selective GPR84 antagonist and a selective OXER1 antagonist. Our GPR84 and OXER1 antagonist programs are currently in the preclinical phase.

Liminal BioSciences operates in Canada and the United Kingdom.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act 1933, as amended, and Section 21E of the Stock Exchange Act 1934, as amended. Certain forward-looking statements are identified by a term that is forward-looking. Statements that are not of a historical nature, including the terms anticipate, expect, suggest, plan, believe, intend, estimate, strive, design, should, could, could, “will”, “forecast” and other similar expressions are are designed to identify forward-looking statements. These statements include those which are relevant to Liminal BioSciences’ goals, strategies and operations, and involve risks and uncertainties. The forward-looking information includes, but is not limited to, statements regarding: progress of Liminal Biosciences product candidates, results of expected clinical trials, analysis of our clinical trial data, potential development of Liminal Biosciences R&D programs, characteristics of our drug candidates, start time or Type preclinical and clinical research and potential therapeutic areas, our ability to identify and take advantage of opportunities to improve our corporate structure and divestment of non-core assets, or our ability to create shareholder value and contract costs reduce costs associated with past operations Companies.

These statements are “forward-looking” because they are based on our current expectations about the markets in which we operate and various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements, notwithstanding whether there are known or unknown risks affecting our business or if our estimates or assumptions are incorrect Factors that could cause actual results to differ materially from those described or forecasted herein include, but are not limited to, risks related to: the ability of the Company to develop, manufacture and successfully commercialize a product, candidates if this occurs; the impact of the Covid-19 pandemic on the Company’s employees, operations, clinical development, regulatory activities, and financial and other impacts on the company; availability of funding and resources to conduct research projects developmental, clinical development, operations production or commercialization activities; successful and timely initiation or completion of clinical trials; Liminal BioSciences’ ability to obtain funding or business opportunities in the pharmaceutical industry; the Company’s ability to remedy deficiencies in the Nasdaq listing and to regain compliance with the Nasdaq listing rules; uncertainties in general related to research and development, clinical trials and related regulatory reviews and approvals; and general changes in economic conditions. For a more detailed evaluation of these risks, uncertainties and other risks that could cause actual events or results to differ materially from our current expectations, please refer to the Company’s documents and reports filed by the US Securities and Exchange Commission and Canadian Securities Regulators. , including the Annual Report on Form 20-F for the year ended December 31, 2021 and other submissions and reports Liminal Biosciences may issue from time to time. These threats may be compounded by the ongoing Covid-19 pandemic and its associated impact on Liminal BioSciences and the global economy. Accordingly, we cannot guarantee that any particular forward-looking statement will become reality. Existing and potential investors are cautioned not to rely unduly on these forward-looking statements and estimates which are only effective as of the date of this document. Except as required by applicable securities laws and regulations, we undertake no obligation to update the forward-looking statements in this press release, whether as a result of future events or otherwise, when new information becomes available.

company contact, Inamdar Temple, manager, investor relations and communication, s.inamdar@liminalbiosciences.com, +1 450.781.0115; Media contact, Kaitlin Gallagher, kgallagher@berrypr.com, +1 212.253.8881

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