Middlefield Income Plus II Corp T.MIP

News - Q2 results out

[mrneutral]

Mistral Pharma loses $788,392 in Q2 2007-11-23 11:48 ET - News Release Mr. Bertrand Bolduc reports MISTRAL PHARMA ANNOUNCES ITS FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED SEPTEMBER 30, 2007 Mistral Pharma Inc. has released its financial results and a review of operating highlights for the second quarter and for the six-month period ended Sept. 30, 2007. "The highlights of Mistral's second quarter were the successful pilot clinical trial of our MIST-B03 product, the signing of a method-use license for our MIST-B02 product and of course, the preparation for the launch of the recently approved Instillagel by Health Canada," said Bertrand Bolduc, the corporation's president and chief executive officer. "As planned, we had a successful product launch at the beginning of November, 2007," he added. Highlights of the second quarter During the second quarter, Mistral continued development work on its branded products MIST-B02 and MIST-B03, pursued formulation work on new branded products and prepared the launch of the corporation's first commercial product, Instillagel. Mistral also released the results of a pilot study showing that MIST-B03, which is designed using the Chronop technology, presents the expected pulse release profile for both active ingredients included in the formulation. Finally, Mistral licensed a method of use patent application from La Societe Theraprouve Inc., in relation to a new gastroenterology therapeutic indication for the drug included in Mistral's MIST-B02. Results for the quarter ended Sept. 30, 2007 The loss for the quarter was $788,392 ($0 per share) compared with $552,657 for the same period in the previous year ($0 per share). Research and development costs, net of tax credits, were $242,782 for the quarter, compared with $122,686 for the quarter ended Sept. 30, 2006. The increase is the result of an increase in wages and staffing, as well as higher spending for subcontractors, material and rent. For the quarter ended Sept. 30, 2007, administration expenses totalled $217,211 compared with $222,136 in 2006. The timing of certain legal, audit and consulting expenses explain the decrease for the quarter, despite higher wages and higher rental and office expenses resulting from the move to the new location. Sales and business development expenses were $104,470, compared with $22,058 a year earlier. The acquisition of CuraMedica and higher expenses incurred to bring the product, Instillagel, to market explain the increase. Stock-based compensation was $70,382 for the quarter ended Sept. 30, 2007, compared with $151,205 for the same period in the previous year. These amounts represent the expense portion of the grant of options made in the previous periods over the award's vesting period. Interest expense totalled $65,462 for the quarter ended Sept. 30, 2007, compared with net interest revenue of $16,740 for the same quarter a year earlier. The higher amount of long-term debt explains this increase. Also, Mistral generated higher interest revenues during the same quarter in the previous year because of higher liquidities. The gain on exchange was $50,489 for the quarter ended Sept. 30, 2007, compared with a loss of $1,553 a year earlier, because Mistral had more U.S. denominated long-term debt and because of the important appreciation of the Canadian dollar compared with the U.S. dollar during the quarter ended Sept. 30, 2007. As at Sept. 30, 2007, the corporation had cash and cash equivalents of $1,679,341 compared with $3,400,576 as at Sept. 30, 2006. The cash balance was higher last year because Mistral had just completed the last tranche of its $5-million private placement realized in May, 2006. During the quarter ended Sept. 30, 2007, the funds were used for operating activities, including the preparation for the launch of Instillagel, for the purchase of research and development equipment and for the normal repayment of long-term debt. Results for the six-month period ended Sept. 30, 2007 The loss for the six-month period ended Sept. 30, 2007, was $1,584,493 ($0.01 per share), compared with $1,157,369 for the same period in the previous year ($0.01 per share). Research and development costs, net of tax credits, were $502,615 for the six-month period, compared with $297,936 for the six-month period ended Sept. 30, 2006. The increase is the result of an increase in wages and staffing, as well as higher spending for subcontractors, material and rent. For the six-month period ended Sept. 30, 2007, administration expenses totalled $472,822 compared with $455,929 in 2006. The increase is the result of higher wages and higher rental and office expenses resulting from the move to the new location. Sales and business development expenses were $167,042, compared with $62,946 a year earlier. The acquisition of CuraMedica and higher expenses incurred to bring Instillagel to market explain the increase. Stock-based compensation was $159,767 for the six-month period ended Sept. 30, 2007, compared with $291,265 for the same period in the previous year. These amounts represent the expense portion of the grant of options made in the previous periods over the award's vesting period. Stock-based compensation was higher in the previous year because new options had been granted in the period. Interest expense totalled $129,551 for the six-month period ended Sept. 30, 2007, compared with net interest revenue of $22,869 for the same period a year earlier. As explained previously, the higher amount of long-term debt explains this increase. Also, Mistral generated higher interest revenues in the previous year because of higher liquidities. The gain on exchange was $109,700 for the six-month period ended Sept. 30, 2007, compared with a gain of $25,517 a year earlier because Mistral had more U.S. denominated long-term debt and because of the important appreciation of the Canadian dollar compared with the U.S. dollar during the six-month period ended Sept. 30, 2007. SELECTED FINANCIAL INFORMATION (UNAUDITED) Three months ended Three months ended Six months ended Six months ended Sept. 30, 2007 Sept. 30, 2006 Sept. 30, 2007 Sept. 30, 2006 Expenses Research and development costs $ 242,782 $ 122,686 $ 502,615 $ 297,936 Administration 217,211 222,136 472,822 455,929 Sales and business development 104,470 22,058 167,042 62,946 Stock-based compensation 70,382 151,205 159,767 291,265 Interest 65,462 (16,740) 129,551 (22,869) Exchange loss (gain) (50,489) 1,553 (109,700) (25,517) Amortization and other 138,574 49,759 262,396 97,679 ------------- ------------- ------------- ------------- Net loss 788,392 552,657 1,584,493 1,157,369 Deficit, beginning 13,998,175 11,252,468 13,185,539 9,459,019 Accounting change - - 12,800 - Share issue costs - (24,956) 3,735 1,163,781 ------------- ------------- ------------- ------------- Deficit, end $ 14,786,567 $ 11,780,169 $ 14,786,567 $ 11,780,169 ============= ============= ============= ============= Net loss per share basic and diluted $ 0.00 $ 0.00 $ 0.01 $ 0.01

[inforcash]

I'm not an accounting but the numbers don't look bad to me. Recent investments in sales channeles and staff fro sales of product. Next Q should have similar expenses and hopefully some nice revenue. Love to buy some more a 0.03, but mkt doesn't seem to want to sell. Long and waiting for sales...IFC

[roadguy]

looks good to me to and the news even made it in the business section of the TORONTO STAR news paper .