Tribute Pharmaceuticals Announces Second Quarter 2015 Results

Revenue Up 59%, Gross Profit Up 101% over Comparative Period

August 17, 2015 8:30 AM EDT

MILTON, ONTARIO -- (Marketwired) -- 08/17/15 -- Tribute Pharmaceuticals Canada Inc. (TSX VENTURE: TRX)(OTCQX: 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 its operational and financial results for the second quarter ended June 30, 2015. Unless otherwise indicated, all dollar amounts included herein are stated in Canadian dollars.

The Company's financial statements and management report are available at www.sedar.com, www.sec.gov and at www.tributepharma.com.

Financial Results Highlights


(in C$)                          Three Months Ended       Six Months Ended
                                      June 30, 2015          June 30, 2015
                                         (% Change)             (% Change)
----------------------------------------------------------------------------
Total Revenues                    $6,429,500 (+59.1%)   $12,021,800 (+59.6%)
----------------------------------------------------------------------------
Gross profit                     $4,104,000 (+101.1%)   $7,668,900 (+103.2%)
----------------------------------------------------------------------------
EBITDA(1):                          -$32,300 (+91.3%)     $206,800 (+111.1%)


( 1)See below note regarding Non-GAAP financial measures.

"During the second quarter, we continued to report strong growth with a 59.1% increase in total revenues and 101% in gross profit as compared to the same period in 2014. The second quarter was also very active from a business development perspective. In May we announced the acquisition of the US rights to Fibricor® (fenofibric acid) and related authorized generic and the launch of our US business. Subsequent to the Fibricor acquisition Tribute entered into a transformative merger agreement with Pozen, Inc. ("Pozen"), which upon satisfaction of certain conditions, is expected to be completed in the fourth quarter of 2015, will lead to the creation of Aralez Pharmaceuticals plc ("Aralez"), a premier specialty pharma company to be listed on the TSX in Canada and NASDAQ in the US," said Rob Harris, President and Chief Executive Officer of Tribute. "Rounding out the second quarter, Tribute completed the acquisition of Medical Futures Inc., a private Canadian specialty pharmaceutical company for CAD$25 million dollars or approximately 2.5 times sales multiple said Mr. Harris." "We continue to focus on increasing shareholder value through strong organic growth and business development initiatives and are pleased with our performance so far this year," added Mr. Harris.

Highlights of the Second Quarter 2015 and Subsequent to Quarter End:


--  On April 15, 2015, Tribute announced, that it was added to the S&P/TSX
    Venture Select Index. The S&P/TSX Venture Select Index measures the
    combined performance of constituents in the S&P/TSX Venture Composite
    Index that meet specific market capitalization and liquidity criteria.
    Tribute was one of eight TSX Venture Exchange companies added to the
    S&P/TSX Venture Select Index.

    On May 21, 2015 Tribute announced that its wholly-owned subsidiary,
    Tribute Pharmaceuticals International Inc., a Barbados corporation,
    acquired the U.S. rights to Fibricor® (fenofibric acid) and its
    related authorized generic from a wholly owned step- down subsidiary of
    Sun Pharmaceutical Industries Ltd. Financial terms of the deal include
    the payment of US$10 million as follows: US$5 million on closing; US$2
    million payable 180 days from closing; and, US$3 million payable 365
    days from closing. Sales of the product during the twelve month period
    ended April 30, 2015 were approximately US$4.7 million. In connection
    with the acquisition, Tribute completed a private placement pursuant to
    which it issued 13,043,695 common shares at a price of $0.92 per share
    for aggregate gross proceeds of $12,000,199.

--  On June 8, 2015, Tribute entered in an agreement and plan of merger and
    arrangement (the "merger agreement") with Pozen, among others. Upon
    completion of the transaction, which is expected to occur in the fourth
    quarter of 2015, subject to the satisfaction of certain conditions, the
    combined company will be named Aralez Pharmaceuticals plc ("Aralez") and
    domiciled in Ireland. At closing each common share of Tribute will be
    converted into the right to receive 0.1455 ordinary shares of Aralez.
    Upon closing, Aralez is expected to trade on NASDAQ and TSX and will be
    led by Chief Executive Officer, Adrian Adams and President and Chief
    Business Officer, Andrew Koven. In connection with the transaction, a
    syndicate of leading healthcare investors, led by Deerfield Management
    Company, has committed up to US$350 million in growth capital for the
    combined company, intended to support the anticipated commercial launch
    of Yosprala® and for future acquisitions. Such financing is expected
    to close simultaneously with the closing of the transaction with Pozen.
    The proposed investment in Aralez includes:
    --  US $75 million of equity at a purchase price of US$7.20 per ordinary
        share;
    --  US $75 million in 2.5% convertible senior secured notes due six
        years from issuance with a conversion price of US$9.54 per ordinary
        share; and
    --  Up to US $200 million committed senior secured debt facility to fund
        future acquisitions.
--  On June 17, Tribute announced that it acquired Medical Futures Inc.
    ("MFI") in a transaction valued at $25 million. Financial terms of the
    deal include the payment of: $8.4 million in cash on closing; $5 million
    through the issuance of 3,723,008 common shares in the capital of
    Tribute; and, $5 million in the form of a one year term promissory note
    bearing interest at 8% annually convertible at the holder's option at
    any time during the term into 2,813,778 common shares of Tribute; and
    future contingent cash milestone payments totaling $5.7 million based on
    attainment of certain consents. In addition, on the receipt of each
    regulatory approval for MFI's two pipeline products (or upon the
    occurrence of a change of control of Tribute), the vendors will receive
    a payment of $1,250,000 per product. Net sales of MFI in the twelve
    month period ended March 31, 2015 were approximately $10 million. This
    acquisition diversifies Tribute's product portfolio in Canada through
    the addition of 13 marketed, one recently approved product and 2
    pipeline products.

--  On June 26, 2015 Health Canada accepted for review the New Drug
    Submission for bilastine.
--  On June 30, 2015, Health Canada approved ibSium®, a once-daily oral
    capsule approved to help reduce abdominal pain and discomfort associated
    with irritable bowel syndrome. IbSium® was licensed from LeSaffre
    Human Care by MFI.
--  Subsequent to June 30, 2015, the Company issued 930,125 common shares in
    connection with the exercise of 776,700 common share purchase warrants
    and 153,425 compensation options exercised at a weighted average
    exercise price of $0.88 per common share, for aggregate proceeds of
    $806,428. In addition, the Company issued 76,712 common share purchase
    warrants on the exercise of 76,712 compensation options. Each such
    warrant has an exercise price of $0.90 and an expiry date of July 15,
    2016.
--  IMS Health, an audited third party provider of sales data, reported an
    24.6% increase in total prescriptions written for Cambia® during the
    three months ended June 30, 2015 compared to the three months ended
    March 31, 2015, or 101.8% increase when comparing Q2 2015 and Q2 2014.

To view the graph "Cambia Quarterly TRx from Launch": http://media3.marketwire.com/docs/CambiaQuarterly.jpg

SECOND QUARTHER FINANCIAL RESULTS:

Three and Six Month Period Ended June 30, 2015

Total revenues for the three month period ended June 30, 2015 increased by 59.1% to $6,429,500 compared to $4,041,300 in 2014. The increase in revenue was attributable to an increase in other domestic product sales of $2,170,800 or 177.9% and international product sales of $613,600 or 171.5%.

For the six month period ended June 30, 2015 total revenues increased by 59.6% to $12,021,800 compared to $7,534,800 for the same period in 2014. The increase in revenue was attributable to an increase in other domestic product sales of $4,037,600 or 206.5% and an increase in international product sales of $619,200 or 75.3%.

The net loss before taxes for the three month period ended June 30, 2015 was $8,819,600 compared to a loss of $4,400,800 for the same period in the prior year. Contributing factors include:


--  Increased gross profit of $2,063,500 or 101.1%;
--  An increase in selling, general and administrative expenses of
    $1,726,600 related primarily to continued investment to grow existing
    products, pre-launch and regulatory activities related to bilastine,
    operational expenses related to the acquisition of Fibricorrand MFI and
    legal, accounting and due diligence expenses related to the proposed
    merger with Pozen;
--  An increase in amortization of $592,000;
--  An increase in the warrant liability (non-cash) of $2,975,900;
--  Gain of unrealized foreign exchange on debt of $337,300;
--  Restructuring costs of $1,132,400;
--  Transaction costs $254,000;
--  An increase in accretion expense of $39,000; and
--  An increase in interest expense net of interest income of $296,400.

Excluding non-operating expenses of $7,898,700 for the three month period ended June 30, 2015 (2014 - $3,735,000 loss), the loss from operations was $920,900 compared to the prior period of $665,800. Loss from operations excluding amortization for the three month period ended June 30, 2015 was $32,300 compared to a loss in the same period in the prior year of $369,200, which represents a decrease of $336,900 or 91.3%.

The net loss before taxes for the six month period ended June 30, 2015 was $14,001,100 compared to a loss of $7,689,000 for the same period in the prior year. Contributing factors include:


--  Increased gross profit of $3,893,900 or 103.2%;
--  Increase in selling, general and administrative expenses of $1,829,800
    related primarily to continued investment to grow existing products,
    pre-launch and regulatory activities related to bilastine, operational
    expenses related to the acquisition of Fibricorrand MFI and legal,
    accounting and due diligence expenses related to the proposed merger
    with Pozen.;
--  An increase in amortization of $923,300;
--  An increase in the warrant liability (non-cash) of $4,259,700;
--  Restructuring costs of $1,132,400;
--  Transaction costs $254,000;
--  An increase in accretion expense of $81,900;
--  Loss on unrealized foreign exchange on debt of $1,096,200; and
--  An increase in interest expense net of interest income of $625,300.

Excluding non-operating expenses of $12,697,600 for the six month period ended June 30, 2015 (2014 - $5,244,800 loss), the loss from operations was $1,303,500 compared to the prior period of $2,444,200. Income from operations excluding amortization for the six month period ended June 30, 2015 was $206,800 compared to a loss in the same period in the prior year of $1,857,300, which represents an improvement of $2,064,000 or 111.1%.

The Company's cash and cash equivalents position amounted to $17,600,421 at June 30, 2015 compared to $3,505,791 at December 31, 2014.

As at August 12, 2015, there were 125,991,203 common shares issued and outstanding, as well as 8,436,791 stock options outstanding, 24,426,065 common share purchase warrants and 1,154,281 compensation options outstanding.

About Tribute Pharmaceuticals Canada Inc.

Tribute is a specialty pharmaceutical company with a primary focus on the acquisition, licensing, development and promotion of healthcare products in Canada and the U.S. markets.

Tribute markets Cambia® (diclofenac potassium for oral solution), Bezalip® SR (bezafibrate), Soriatane® (acitretin), NeoVisc® (1.0% sodium hyaluronate solution) Uracyst® (sodium chondroitin sulfate solution 2%), Fiorinal®, Fiorinal® C, Visken®, Viskazide® and Collatamp® G in the Canadian market. Additionally, NeoVisc® and Uracyst® are commercially available and are sold globally through various international partnerships Tribute also markets Fibricor® (fenofibric acid) in the U.S., Tribute also has the exclusive U.S. rights to develop and commercialize Bezalip® SR in the U.S. and has the exclusive right to sell bilastine, a product licensed from Faes Farma 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 pediatric presentations in Canada. This product is subject to receiving Canadian regulatory approval. Under the MFI acquisition, the Company also markets Proferrin®, Durela®, Resultz®, Iberogast®, Balanse®, Balanse® Kids, Balanse® Diaflor", Mutaflor®, Movi-prep®, Normacol®, Pegalax®, Purfem® Onypen® in Canada and has recently obtained Health Canada approval for ibSium® and also has the Canadian rights to market Octasa® and BedBugz® upon regulatory approval in Canada.

Non-GAAP Financial Measures

In this news release, Tribute has used the term earnings before interest, taxes, depreciation and amortization ("EBITDA"), which is a non-GAAP financial measure. For the purposes of calculating EBITDA, the Company has excluded the effect of foreign currency on the Company's debt. Management believes that EBITDA provides useful information to investors as it is an important indicator of the issuer's ability to generate liquidity through cash flow from operating activities, and is also used by investors and analysts for assessing financial performance and for the purpose of valuing an issuer, including calculating financial and leverage ratios. EBITDA does not have any standardized meaning under United States generally accepted accounting principles ("GAAP") and should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with GAAP. Other issuers may calculate this non-GAAP measure differently. Investors should be cautioned that this measure should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Tribute's performance. The measure calculated in accordance with GAAP that is most directly comparable to EBITDA is Income from Operations less Amortization. For the 12 months ended December 31, 2014 the Income from Operations was ($2,531,800) and the Amortization was $1,511,021 with Income from Operations less Amortization amounting to ($1,020,779).

Additional Information and Where to Find It

In connection with the proposed transaction set forth in the merger agreement, Aralez, Pozen and Tribute has filed and will be filing additional documents with the SEC, including a Registration Statement on Form S-4 filed by Aralez that includes the proxy statement/prospectus relating to the proposed transaction. After the registration statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to Pozen stockholders in connection with the proposed transaction. It is expected that shares of Aralez to be issued by Aralez to Tribute shareholders will be issued in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended, provided by Section 3(a) (10) thereof. Upon receipt of an interim court order in respect of the plan of arrangement, Tribute will be mailing an Information Circular to its shareholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE RELATED PRELIMINARY AND DEFINITIVE PROXY/PROSPECTUS AS WELL AS THE INFORMATION CIRCULAR WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ARALEZ, POZEN, TRIBUTE AND THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of these documents (when they are available) and other related documents filed with the SEC at the SEC's website at www.sec.gov. Investors and security holders will be able to obtain free copies of the Information Circular and other documents filed by Tribute on the System for Electronic Document Analysis Retrieval ("SEDAR") website maintained by the Canadian Securities Administrators atwww.sedar.com. Investors and security holders may obtain free copies of the documents filed by Pozen with the SEC on Pozen's website at www.pozen.com under the heading "Investors" and then under the heading "SEC Filings" and free copies of the documents filed by Tribute with the SEC on Tribute's website at www.tributepharma.com under the heading "Investors" and then under the heading "SEC Filings."

Participants in the Solicitation

Pozen and Tribute and their respective directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of Pozen and shareholders of Tribute in connection with the proposed transaction. Information regarding the special interests, if any, of these directors and executive officers in the proposed transaction will be included in the proxy statement/prospectus and Information Circular described above. Additional information regarding the directors and executive officers of Pozen and Tribute is contained in their respective Annual Reports on Form 10-K for the year ended December 31, 2014 filed with the SEC.

No Offer or Solicitation

This communication does not constitute an offer to sell, or the solicitation of an offer to sell, or the solicitation of an offer to subscribe for or buy, any securities nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

This press release contains certain forward-looking statements about Tribute as defined under applicable securities law, which statements can be identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "anticipate", "estimate", "predict", "plan" or "continue" or the negative thereof or other variations thereon or comparable terminology referring to future events or results. Such statements include, but are not limited to, the anticipated closing of the transaction with Pozen, the expected strong organic growth from existing products and the expected continued improved results for Tribute's business development efforts . Forward- looking statements, by their nature, are subject to risks and uncertainties. Tribute's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, any of which could cause actual results to vary materially from current results or anticipated future results, including but not limited to, those risks and uncertainties disclosed under the heading "Risk Factors" of the Company's annual report on Form 10-K for the fiscal year ended December 31, 2014 and its other filings filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities which are available online at www.sec.gov and at www.sedar.com, respectively. Accordingly, readers should not place undue reliance on forward-looking statements Tribute assumes no obligation to update any forward- looking statements.

Bezalip® SR and Soriatane® are registered trademarks and under license from Actavis Group PTC ehf. Cambia® is a registered trademark and under license from Depomed, Inc. Collatamp® G is a registered trademark and under license EUSA Pharma (Europe) Limited. Visken® and Viskazide® are registered trademarks under license with Novartis AG.

For further information on Tribute visit the Company's website: http://www.tributepharma.com


                     TRIBUTE PHARMACEUTICALS CANADA INC.
                CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
                       (Expressed in Canadian dollars)
                                (Unaudited)
                                                     As at             As at
                                             June 30, 2015 December 31, 2014
                                          ----------------------------------
ASSETS
Current
Cash and cash equivalents                  $    17,600,421 $       3,505,791
Accounts receivable, net of allowance            5,599,905         2,145,319
Inventories                                      2,921,625         1,037,387
Taxes recoverable                                  214,566           130,623
Loan receivable                                     15,814            15,814
Prepaid expenses and other receivables             748,125           187,279
Current portion of debt issuance costs,
 net                                             1,213,435           128,134
  Total current assets                          28,313,891         7,150,347
Property, plant and equipment, net               1,296,316         1,012,285
Intangible assets, net                          80,525,023        40,958,870
Goodwill                                         7,532,265         3,599,077
Debt issuance costs, net                           325,808           359,161
                                          ----------------------------------
  Total assets                             $   117,993,303 $      53,079,740
                                          ----------------------------------
    LIABILITIES
Current
Accounts payable and accrued liabilities   $     8,793,456 $       4,344,606
Amounts payable and contingent
 consideration                                  12,439,132                 -
Current portion of long term debt                1,653,802         1,319,030
Promissory convertible note                      5,000,000                 -
Debentures                                      12,500,000                 -
Warrant liability                                9,575,408         3,107,880
Other current liability                             24,850                 -
  Total current liabilities                     49,986,648         8,771,516
Deferred tax liability                           7,594,370                 -
Long term debt                                  14,507,306        13,967,493
                                          ----------------------------------
Total liabilities                               72,088,324        22,739,009
                                          ----------------------------------
Contingencies and commitments
    SHAREHOLDERS' EQUITY
Capital Stock
AUTHORIZED
  Unlimited Non-voting, convertible
   redeemable and retractable preferred
   shares with no par value
Unlimited Common shares with no par value
 ISSUED
Common shares 125,050,578 (December 31,
 2014 - 94,476,238)                             71,098,839        41,182,630
Additional paid-in capital options               3,737,453         2,713,605
Warrants                                         5,002,711         6,347,349
Accumulated other comprehensive loss              (24,850)                 -
Deficit                                       (33,909,174)      (19,902,853)
Total shareholders' equity                      45,904,979        30,340,731
                                          ----------------------------------
Total liabilities and shareholders' equity $   117,993,303 $      53,079,740
                                          ----------------------------------

See accompanying notes to the condensed interim consolidated financial statements.




                    TRIBUTE PHARMACEUTICALS CANADA INC.
          CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS,
                       COMPREHENSIVE LOSS AND DEFICIT
                      (Expressed in Canadian dollars)
                                (Unaudited)
                          For the Three Month
                                      Periods     For the Six Month Periods
                                Ended June 30                 Ended June 30
                 -----------------------------------------------------------
                          2015           2014           2015           2014
                 -----------------------------------------------------------
Revenues
Licensed domestic
 product net
 sales            $  2,067,152      2,463,309      4,588,232      4,739,693
Other domestic
 product sales       3,390,865      1,220,104      5,992,487      1,954,882
International
 product sales         971,467        357,872      1,441,062        821,849
Royalty and
 licensing
 revenues                    -              -              -         18,414
Total revenues       6,429,484      4,041,285     12,021,781      7,534,838
                 -----------------------------------------------------------
Cost of Sales
Licensor sales
 and distribution
 fees                1,542,811      1,636,895      2,994,875      3,049,938
Cost of products
 sold                  779,846        350,600      1,355,092        696,464
Expired products         2,873         13,356          2,873         13,356
Total Cost of
 Sales               2,325,530      2,000,851      4,352,840      3,759,758
                 -----------------------------------------------------------
Gross Profit         4,103,954      2,040,434      7,668,941      3,775,080
                 -----------------------------------------------------------
Expenses

Selling, general
 and
 administrative      4,136,253      2,409,678      7,462,175      5,632,339
Amortization of
 assets                888,612        296,574      1,510,235        586,926
Total operating
 expenses            5,024,865      2,706,252      8,972,410      6,219,265
                 -----------------------------------------------------------
Loss from
 operations           (920,911)      (665,818)    (1,303,469)    (2,444,185)
Non-operating
 income
 (expenses)
  (Loss) gain on
   derivative
   instrument                -       (196,800)             -          3,200
  Change in
   warrant
   liability        (6,181,889)    (3,205,975)    (8,877,489)    (4,617,749)
  Unrealized
   foreign
   currency
   exchange gain
   (loss) on debt      337,273                    (1,096,183)
  Accretion
   expense             (73,463)       (34,409)      (147,462)       (65,526)
  Restructuring
   costs            (1,132,398)             -     (1,132,398)             -
  Transaction
   costs              (254,044)             -       (254,044)             -
  Interest income          802            166            927            538
  Interest
   expense            (595,000)      (298,006)    (1,190,975)      (565,298)
Loss before tax     (8,819,630)    (4,400,842)   (14,001,093)    (7,689,020)
Deferred income
 tax recovery           (5,228)             -         (5,228)             -
Net loss for the
 period           $ (8,824,858) $  (4,400,842) $ (14,006,321) $  (7,689,020)
Unrealized (loss)
 gain on
 derivative
 instrument, net
 of tax                (24,850)       (85,942)        18,550       (189,430)
                 -----------------------------------------------------------
Net loss and
 comprehensive
 loss for the
 period             (8,849,708)    (4,486,784)   (13,987,771)    (7,878,450)
                 -----------------------------------------------------------
Deficit,
 beginning of
 period            (25,084,316)   (17,584,089)   (19,902,853)   (14,295,911)
Deficit, end of
 period           $(33,909,174) $ (21,984,931) $ (33,909,174) $ (21,984,931)
                 -----------------------------------------------------------
Loss per share-
 Basic and
 diluted          $      (0.08) $       (0.09) $       (0.14) $       (0.15)
                 -----------------------------------------------------------
Weighted Average
 Number of Common
 Shares - Basic    108,800,996     51,581,238    102,776,669     51,501,128
                 -----------------------------------------------------------
Weighted Average
 Number of Common
 Shares - Diluted  108,800,996     51,581,238    102,776,669     51,501,128
                 -----------------------------------------------------------

See accompanying notes to the condensed interim consolidated financial statements.




                    TRIBUTE PHARMACEUTICALS CANADA INC.
          CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
                      (Expressed in Canadian dollars)
                                (Unaudited)
                       For the Periods Ended June 30,
                                                For Six Month Periods Ended
                                                     2015              2014
                                        ------------------  ----------------
Cash flows from (used in) operating
 activities
Net loss                                 $    (14,006,321) $     (7,689,020)
Items not affecting cash:
  Amortization                                  1,540,453           598,789
  Changes in warrant liability                  8,877,489         4,617,749
  Share-based compensation                      1,030,689           217,076
  Accretion expense                               147,462            65,526
  Paid-in common shares for services                    -           211,812
  Change in non-cash operating assets
   and liabilities                             (2,247,418)         (337,439)
Cash flows (used in) operating
 activities                                    (4,657,646)       (2,315,507)
                                          ----------------  ----------------
Cash flows from (used in) investing
 activities
  Acquisition, net of cash acquired            (8,411,645)                -
  Additions to property, plant and
   equipment                                      (16,063)           (6,525)
  Increase in intangible assets                (6,185,960)         (222,727)
Cash flows (used in) investing
 activities                                   (14,613,668)         (229,252)
                                          ----------------  ----------------

Cash flows from (used in) financing
 activities
  Debt issuance costs                          (1,125,756)         (128,181)
  Options exercised                                 8,204                 -
  Debentures                                   12,500,000                 -
  (Repayment) advances of long term debt         (410,942)        2,211,000
  Common shares issued                         12,000,199
  Share issuance costs                         (1,092,846)                -
  Warrants exercised                           10,239,215                 -
Cash flows from financing activities           32,118,074         2,082,819
                                          ----------------  ----------------

Changes in cash and cash equivalents           12,846,760          (461,940)
Change in cash and cash equivalents due
 to changes in foreign exchange                 1,247,870           (49,499)
Cash and cash equivalents, beginning of
 period                                         3,505,791         2,813,472
                                          ----------------  ----------------
Cash and cash equivalents, end of period $     17,600,421  $      2,302,033
                                        ------------------------------------

See accompanying notes to the condensed interim consolidated financial statements.

Contacts:
Tribute Pharmaceuticals Canada Inc.
Scott Langille
CFO
905-876-3166
[email protected]

Source: Tribute Pharmaceuticals Canada Inc.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

Deerfield Management, Earnings, Definitive Agreement