MEDWELL CAPITAL REPORTS 2013 YEAR-END RESULTS
Edmonton, Alberta, March 28, 2014 – Medwell Capital Corp. (TSX-V: MWC) today announced its financial and operational results for the year ended December 31, 2013.
“We had a good year in 2013, with operational progress and an overall increase in the value of our investments, combined with lower operating costs at Medwell,” said Kevin Giese, President and CEO of Medwell.
For 2014, Medwell is looking forward to its two primary investments completing some long anticipated development milestones. Spectral is currently awaiting completion of its DSMB’s analysis of the second interim results, and Mimetogen’s Phase 3 trial for the treatment dry eye with MIM-D3, a product for which Bausch + Lomb (now Valeant) acquired an option to license in July 2013, is expected to complete in 2014.
For the quarter ended December 31, 2013, the consolidated net income of the Corporation was $2.4 million ($0.33 per share), as compared to a net loss of $1.5 million ($0.19 loss per share) for the same period last year.
For the year ended December 31, 2013, the consolidated net income of the Corporation was $3.6 million ($0.50 per share), as compared to a net loss of $5.4 million ($1.03 loss per share) for the same period last year including a $0.7 loss from discontinued operations.
The improvement in both the quarterly and year end results over the prior periods largely resulted from unrealized gains on investments (primarily from Spectral), and lower operating costs.
The Company continues to manage costs judiciously and ended the year with $5.0 million in cash and cash equivalents.
As at December 31, 2013, there were 7,282,589 common shares issued and outstanding.
For complete financial results, please see the company’s filings at SEDAR or on the company’s website (www.medwellcapital.com).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements, which reflect the Company’s current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation’s ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.