Medicure Inc V.MPH

First Quarter results

[newcomer21]

Medicure Announces First Quarter Financial Results WINNIPEG, Manitoba - (October 29, 2002) - Medicure Inc. (TSE:MPH), a cardiovascular drug discovery and development company, today reported financial results for the first quarter ended August 31, 2002. Unless otherwise stated, the dollar values quoted herein represent Canadian dollars. Research and development expenditures during the quarter ended August 31, 2002 were $1,002,000 as compared to $852,000 for the same quarter in 2001. This increase is primarily due to the costs incurred as a result of the clinical advancement of MC-1 and the higher costs associated with the Company's growing intellectual patent portfolio. The Company expects that the majority of the remaining costs related to the MEND-1 trial will be incurred in the upcoming quarter. "The first quarter has seen Medicure make significant progress with our lead product, MC-1," stated Albert D. Friesen, PhD, President and CEO. "We completed patient enrollment in the multi-centre Phase II clinical trial called MEND-1. The successful completion of patient enrollment is an exciting step in the development of our lead product, MC-1, as this study will gather important efficacy and safety data. We look forward to analyzing the data and reporting the results near the end of the year." The study is evaluating the cardioprotective effect of MC-1 against potential damage caused by ischemia and ischemic reperfusion frequently experienced by high-risk heart disease patients undergoing angioplasty. The Phase II trial, a placebo controlled single blind feasibility study called MEND-1, is being carried out under the direction of Dr. James E. Tcheng MD, F.A.C.C. of the Duke University Medical Center. The trial enrolled 60 high-risk patients scheduled for elective percutaneous coronary intervention by angioplasty at sites in the U.S. and Canada General and administrative expenditures for the current quarter were $263,000 compared to $234,000 for the same quarter in 2001. The increase is attributable to the internal growth that is required to support the Company's expanding Drug Discovery program and the increasing business development activities required to support the ongoing clinical development of MC-1. Specifically, these increases relate to higher employee requirement necessary to support these activities. Interest and other income for the first quarter ended August 31, 2002 was $66,000 compared to $21,000 for the first quarter ended August 31, 2001. The primary reason for the increase in interest revenue in the first quarter is due to the higher cash and short-term investment balances of the Company. As a result of the above noted items the financial results for the first quarter ended August 31, 2002 include a consolidated net loss from operations of $1,206,000 or $0.03 per share compared to a net loss of $1,063,000 or $0.05 per share for the three month period ended August 31, 2001. The increased loss is attributable mainly to the expansion in research and development activities associated with the clinical development of MC-1. The Company continues to maintain a solid cash position with cash and cash equivalents totaling $7.0 million as of August 31, 2002 as compared to $8.3 million as of May 31, 2002. During the quarter the Company received $25,000 from the exercise of options which increased the total number of common shares at the end of the quarter to 38,494,000 from 38,368,000 at year-end. An expanded version of the Management Discussion and Analysis and the financial statements for the quarter is accessible on Medicure's website at www.medicureinc.com. About Medicure Inc. Medicure Inc. is a cardiovascular drug discovery and development Company focused on developing effective therapeutics for unmet needs in the field of cardiovascular medicine including the prevention and treatment of ischemia, ischemic reperfusion injury, and stroke. This press release contains forward-looking statements that involve risks, which may cause actual results to differ materially from the statements made, and accordingly may be deemed to be forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are made as of the date hereof, and the Company disclaims any intention and has no obligation or responsibility to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more information, please contact: Derek Reimer Chief Financial Officer Medicure Inc. 888-435-2220 204-488-9823 fax [e-mail] www.medicureinc.com