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Tribute Announces Third Quarter 2015 Results

11/09/15
   

Revenue Up 133%, EBITDA Up 281% Over    Comparative Period

   

MILTON, ONTARIO -- (Marketwired) -- 11/09/15 -- Tribute Pharmaceuticals Canada    Inc. (TSX VENTURE:TRX)(OTCQX:TBUFF) ("Tribute" or the "Company"), a diversified    healthcare 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 third quarter ended September 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
          September 30, 2015
          (% Change)
          Nine Months Ended
          September 30,
2015
          (% Change)
          Total Revenues          $9,007,850 (+132.8%)          $21,029,631 (+84.4%)
          Gross profit          $5,654,303 (+200.7%)          $13,323,244 (+135.6%)
          EBITDA1          $1,174,981 (+281.0%)          $1,381,748 (+155.1%)
                                             
1 See below note regarding Non-GAAP financial measures.
   

Highlights of the Third Quarter 2015:

   
         
  • Total revenues for the three month period ended September 30, 2015 increased by      132.8% compared to the same period in 2014.
  •      
  • Other domestic product sales increased 441.2% and international sales increased      by 154.9% in the three month period ended September 30, 2015 compared to the same      period in 2014.
  •      
  • Gross profit for the three month period ended September 30, 2015 increased by      200.7% compared to the same period in 2014.
  •      
  • Gross profit as a percentage of total revenues for the three month period ended      September 30, 2015 was 62.8% compared to 48.6% for the same period in the prior      year.
  •      
  • EBITDA for the three month period ended September 30, 2015 increased by      $1,175,000 or 281.0% compared to the same period in 2014.
  •      
  • IMS Health, an audited third party provider of sales data, reported an 89.2%      increase in total prescriptions written for Cambia® during the three      months ended September 30, 2015 compared to the three months ended September 30,      2014.
  •    
   

"During the third quarter, we continued to report strong growth with a 132.8%    increase in revenues and a 200.7% increase in gross profit for the quarter. We    accomplished this by successfully executing our business plan which included    increased sales of our promoted products, increased sales of our international    business and our ability to add new higher margin products through our business    development efforts. Cambia® continues to respond well to our sales    force promotion and total prescriptions during the third quarter 2015 increased by    89.2% compared to the same period in 2014. We should also note that Tribute did not    take any price increases on any of our products during the quarter" said Rob Harris,    President and CEO of Tribute. "In addition to our strong financial results, we    performed well operationally having completed the transition of the Medical Futures    Inc. ("MFI") acquisition that included the integration of twelve new products. We    also strengthened our sales force by adding five MFI sales representatives as part of    our plan to increase promotion on key brands, but overall we expect to benefit from    lower combined operational expenses resulting from existing synergies between the    Tribute and the MFI businesses. We also made excellent progress during the quarter by    advancing the transition of the Fibricor® business in the U.S. market    and the Fiorinal®, Fiorinal® C, Visken®    and Viskazide® business in Canada. Both of these transitions are    expected to be completed in the fourth quarter of 2015. We are also working closely    with the Canadian regulatory agency to advance the submission to obtain approval to    market bilastine in Canada. Additionally, we intend to launch ibSium™    sometime during the first half of 2016. ibSium™ is licensed from    Lesaffre and was approved in Canada in June 2015." Mr. Harris concluded by saying,    "we continue to focus on increasing shareholder value through strong organic growth    and business development initiatives, and are very pleased with our performance so    far this year."

   

Proposed Merger Transaction:

   

On June 8, 2015, Tribute entered into an Agreement and Plan of Merger and    Arrangement (the "Transaction Agreement") with Pozen, Inc. ("Pozen"). Upon the    completion of the transaction contemplated thereby, which is expected to occur in the    fourth quarter of 2015, subject to satisfaction of various conditions, the combined    company will be named Aralez Pharmaceuticals plc ("Aralez"). At closing, each common    share of Tribute will be exchanged for 0.1455 Aralez ordinary shares. This    transaction is subject to shareholder approval, as well as various regulatory    approvals.

   

In a joint press release issued on Friday, November 6, 2015, Pozen and Tribute    also announced that they have each scheduled stockholder and shareholder meetings,    respectively, in connection with Pozen's pending merger with Tribute and the    combination under Aralez. Pozen's special meeting of its stockholders will be held on    December 10, 2015 at 8:30 a.m. EST, at the offices of Pozen, 1414 Raleigh Rd, Suite    400, Chapel Hill, North Carolina. Tribute's special meeting of its shareholders will    be held on December 9, 2015 at 10:00 a.m. EST at the offices of Fogler, Rubinoff LLP,    Tribute's legal counsel, at 77 King Street West, Suite 3000, Toronto, Ontario. Such    Pozen and Tribute meetings are being held to seek stockholder and shareholder    approval, respectively, of the transaction agreement and the merger related    matters.

   

Tribute is expected to mail its management information circular (the "Information    Circular") in the coming days, a copy of which will be available on the System for    Electronic Document Analysis Retrieval (SEDAR) website maintained by the Canadian    Securities Administrators at www.sedar.com and on the SEC's website at www.sec.gov. Tribute's shareholders of    record as of the close of business on November 9, 2015 are entitled to vote at the    Tribute shareholder meeting.

   

The Board of Directors of Pozen has unanimously recommended that Pozen    stockholders vote to approve the transaction to be considered at Pozen's special    meeting of its stockholders and the other proposals set forth in the proxy    statement/prospectus on Form S-4. The Board of Directors of Tribute has unanimously    recommended that Tribute shareholders vote to approve the transaction to be    considered at Tribute's special meeting of its shareholders and the other proposals    set forth in the Information Circular.

   

The Third Quarter Financial Results:

   

Three and    Nine Month Period Ended September 30, 2015

   

Total revenues for the three month period ended September 30, 2015, increased by    132.8% to $9,007,900, compared to $3,868,900 in 2014. The increase in revenue was    attributable to an increase in other domestic product sales of $4,372,400 or 441.2%,    and international product sales of $768,300 or 154.9%. Gross profit for the three    month period ended September 30, 2015 was $5,654,300, an increase of 200.7%, or    $3,773,800 compared to the same period in the prior year. Gross profit as a    percentage of total revenues for the three month period ended September 30, 2015 was    62.8% compared to 48.6% for the same period in the prior year. Selling, general and    administrative expenses for the three month period ended September 30, 2015, were    $4,479,300 compared to $2,529,500 for the same period in 2014, an increase of    $1,949,800 or 77.1%. The increase for the quarter is primarily due to the operational    expenses related to the acquisition of Fibricor® and MFI. The net    income before taxes for the three month period ended September 30, 2015 was    $1,336,700 compared to a loss of $3,041,900 for the same period in the prior year.    Excluding non-operating income of $2,093,300 for the three month period ended    September 30, 2015 (2014 - $3,987,700 income), the loss from operations was $756,600    compared to the same period in the prior year of $945,800. Income from operations    excluding amortization for the three month period ended September 30, 2015 was    $1,175,000 compared to a loss in the same period in the prior year of $649,100, which    represents an improvement of $1,824,000 or 281.0%.

   

For the nine month period ended September 30, 2015, total revenues increased by    84.4% to $21,029,600, compared to $11,403,800 in 2014. The increase in revenue was    attributable to an increase in other domestic product sales of $8,410,000 or 285.5%    and an increase in international product sales of $1,387,500 or 105.3%. Gross profit    for the nine month period ended September 30, 2015 was $13,323,200, an increase of    135.6%, or $7,667,700 compared to the same period in the prior year. Gross profit as    a percentage of total revenues for the nine month period ended September 30, 2015 was    63.4% compared to 49.6% for the same period in the prior year. Selling, general and    administrative expenses for the nine month period ended September 30, 2015 were    $11,941,500, compared to $8,161,900 for the same period in 2014, an increase of    $3,779,600 or 46.3%. The increase on a year-to-date basis is primarily due to the    operational expenses related to the acquisition of Fibricor® and MFI.    The net loss before taxes for the nine month period ended September 30, 2015 was    $12,664,400 compared to a loss of $4,647,100 for the same period in the prior year.    Excluding non-operating expenses of $10,604,300 for the nine month period ended    September 30, 2015 (2014 - $1,257,200 loss), the loss from operations was $2,060,100,    compared to the same period in the prior year of $3,390,000. Income from operations    excluding amortization for the nine month period ended September 30, 2015 was    $1,381,700 compared to a loss in the same period in the prior year of $2,506,300,    which represents an improvement of $3,888,100 or 155.1%.

   

The Company's cash and cash equivalents position amounted to $13,228,700 at    September 30, 2015 compared to $3,505,791 at December 31, 2014.

   

As at November 9, 2015, there were 126,240,542 common shares issued and    outstanding, as well as 28,489,711 stock options outstanding. As at November 9, 2015,    there were 8,429,325 common share purchase warrants outstanding.

   

About Tribute Pharmaceuticals Canada    Inc.

   

Tribute is a diversified healthcare 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 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®, MoviPrep®,    Normacol®, Pegalax® and Purfem® 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 account    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 9 months ended September 30,    2015 the Loss from Operations was $2,060,100 and the Amortization was $3,441,900 with    Income from Operations less Amortization amounting to $1,381,700.

   

Additional Information and Where to Find    It

   

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ ARALEZ'S REGISTRATION STATEMENT    ON FORM S-4 AND POZEN'S RELATED PRELIMINARY AND DEFINITIVE PROXY/PROSPECTUS AS WELL    AS TRIBUTE'S INFORMATION CIRCULAR BECAUSE THEY 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 at www.sedar.com and on the SEC's website at www.sec.gov. 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".

   

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.

   

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 in the applicable securities laws, 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 outlook in 2015 and    beyond for Tribute, the transitions of certain business in the U.S. market and Canada    expected to be completed in the fourth quarter of 2015, and the introduction of    ibSium™ during the first half of 2016. 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. Durela® is a registered trademark and under    license from Cipher Pharmaceuticals Inc. Proferrin® is a registered    trademark and under license from Colorado Biolabs, Inc. MoviPrep® and    Normacol® are registered trademarks and under license from the Norgine    group of companies. Iberogast® is a registered trademark and under    license from Bayer Consumer Care AG.

   

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
          TRIBUTE PHARMACEUTICALS CANADA INC.
          CONDENSED INTERIM CONSOLIDATED BALANCE          SHEETS
          (Expressed in Canadian dollars)
          (Unaudited)
          As at
          September 30,
          2015
          As at
          December 31,
          2014
         
ASSETS
Current
Cash and cash          equivalents$          13,228,708$          3,505,791
Accounts          receivable, net of allowance of $nil (December 31, 2014 - $nil)          7,028,390          2,145,319
Inventories          3,235,531          1,037,387
Taxes          recoverable331,143130,623
Loan          receivable15,81415,814
Prepaid expenses          and other receivables316,483187,279
Other current          asset19,400-
Current portion of          debt issuance costs, net                    957,963                              128,134         
Total current assets          25,133,432          7,150,347
Property, plant and          equipment, net          1,275,410          1,012,285
Intangible assets,          net          79,108,376          40,958,870
Goodwill          6,802,603          3,599,077
Debt issuance          costs, net                    313,633                              359,161         
Total assets          $          112,632,454                    $          53,079,740         
LIABILITIES
Current
Accounts payable          and accrued liabilities$          8,290,982$          4,344,606
Amounts payable and          contingent consideration          9,528,525-
Current portion of          long term debt          1,853,179          1,319,030
Promissory          convertible note          5,000,000-
Debentures          12,500,000-
Warrant          liability                    4,644,532                              3,107,880         
Total current liabilities          41,817,218          8,771,516
Deferred tax          liability          6,931,475-
Long term debt                    15,067,972                              13,967,493         
Total liabilities                    63,816,665                              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          126,240,542 (December 31, 2014 - 94,476,238)          72,442,707          41,182,630
Additional paid-in          capital options          3,941,669          2,713,605
Warrants          4,741,815          6,347,349
Accumulated other          comprehensive income19,400-
Deficit                    (32,329,802          )                    (19,902,853          )
Total shareholders' equity                    48,815,789                              30,340,731         
Total liabilities and shareholders' equity          $          112,632,454                    $          53,079,740         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
TRIBUTE PHARMACEUTICALS CANADA INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF          OPERATIONS,
COMPREHENSIVE LOSS AND DEFICIT
(Expressed in          Canadian dollars)
(Unaudited)
          For the Three Month
          Periods Ended
          September 30
For the Nine Month
          Periods Ended
          September 30
          2015          2014          2015          2014         
          Revenues
          Licensed domestic product net sales$          2,379,932          2,381,710          6,968,164          7,121,403
          Other domestic product sales          5,363,437991,053          11,355,924          2,945,936
          International product sales          1,264,481496,153          2,705,543          1,318,002
          Royalty and licensing revenues                    -                              -                              -                              18,414         
          Total revenues                    9,007,850                              3,868,916                              21,029,631                              11,403,755         
         
          Cost of Sales
          Licensor sales and distribution fees          1,705,353          1,525,103          4,700,228          4,457,240
          Cost of products sold          1,643,274438,104          2,998,366          1,252,370
          Expired products                    4,920                              25,228                              7,793                              38,584         
          Total Cost of Sales                    3,353,547                              1,988,435                              7,706,387                              5,748,194         
          Gross Profit                    5,654,303                              1,880,481                              13,323,244                              5,655,561         
          Expenses
          Selling, general and administrative
          4,479,322

          2,529,534

          11,941,496

          8,161,873
          Amortization of assets                    1,931,603                              296,723                              3,441,839                              883,649         
          Total operating expenses                    6,410,925                              2,826,257                              15,383,335                              9,045,522         
          Loss from operations          (756,622)          (945,776)          (2,060,091)          (3,389,961)
         
          Non-operating income (expenses)
(Loss) gain          on derivative instrument136,150          (184,113)136,150          (180,913)
Change in          warrant liability          4,882,781          4,454,565          (3,994,708)          (163,184)
Unrealized          foreign currency exchange (loss) on debt
          (1,084,417
)
          -

          (2,180,600
)
          -
Accretion          expense(75,521)(36,738)          (222,983)          (102,264)
Restructuring          costs(23,711)-          (1,156,109)-
Transaction          costs          (952,855)-          (1,206,899)-
Interest          income9,26857,55010,19558,088
Interest          expense                    (798,417          )                    (303,613          )                    (1,989,392          )                    (868,911          )
          Income (loss) before tax          1,336,656          3,041,875          (12,664,437)          (4,647,145)
          Deferred income tax (recovery)                    (242,716          )                    -                              (237,488          )                    -         
          Net income (loss) for the period          $          1,579,372                    $          3,041,875                    $          (12,426,949          )          $          (4,647,145          )
          Unrealized gain on derivative instrument, net of tax                   
          19,400
                             
          13,158
                             
          37,950
                             
          13,158
         
          Net income (loss) and comprehensive income          (loss) for the period                   
          1,598,772
                             
          3,055,033
                             
          (12,388,999
          )                   
          (4,633,987
          )
          Deficit, beginning of period                   
          (33,909,174
          )                   
          (21,984,931
          )                   
          (19,902,853
          )                   
          (14,295,911
          )
          Deficit, end of period          $          (32,329,802          )          $          (18,943,056          )          $          (32,329,802          )          $          (18,943,056          )
          Earnings (loss) per share- Basic and          diluted                   
          $0.01
                             
          $0.03
                             
          $(0.11
          )          $         
          (0.07
          )
          Weighted Average Number of Common Shares -          Basic                    109,576,434                              87,948,738                              108,713,903                              64,283,839         
          Weighted Average Number of Common Shares -          Diluted                    109,576,434                              88,392,327                              108,713,903                              64,283,839         
         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
          TRIBUTE PHARMACEUTICALS CANADA INC.
          CONDENSED INTERIM CONSOLIDATED STATEMENTS OF          CASH FLOWS
          (Expressed in Canadian dollars)
          (Unaudited)
          For the Periods Ended September 30,
For Nine Month Periods Ended
                    2015                              2014         
Cash flows from (used in) operating activities
Net loss$          (12,426,949)$          (4,647,145)
Items not affecting          cash:
Amortization          3,477,369909,311
Changes in warrant          liability          3,994,708163,183
Share-based compensation          1,244,987359,992
Unrealized foreign currency          exchange loss          2,751,492-
Accretion expense222,983102,264
Transaction costs112,820-
Paid-in common shares for          services-211,812
Deferred tax recovery          (242,716)-
Change in non-cash operating          assets and liabilities                    (3,867,230          )                    (736,585          )
Cash flows (used in) operating activities                    (4,732,536          )                    (3,637,168          )
Cash flows from (used in) investing activities
Acquisition, net of cash          acquired          (11,757,149)-
Additions to property, plant          and equipment(16,063)(6,525)
Increase in intangible          assets                    (6,495,802          )                    (231,620          )
Cash flows (used in) investing activities                    (18,269,014          )                    (238,145          )
Cash flows from (used in) financing activities
Debt issuance costs          (1,125,756)          (128,181)
Options exercised23,940-
Debentures          12,500,000-
(Repayment) advances of long          term debt          (912,899)          2,211,000
Common shares issued          12,000,199          30,026,500
Share issuance costs          (1,092,847)          (2,648,813)
Warrants exercised                    11,248,272                              -         
Cash flows from financing activities                    32,640,909                              29,460,506         
Changes in cash and cash equivalents          9,639,359          25,585,193
Change in cash and cash equivalents due to changes in          foreign exchange83,558327,184
Cash and cash equivalents, beginning of period                    3,505,791                              2,813,472         
Cash and cash equivalents, end of period          $          13,228,708                    $          28,725,849         
   

Tribute Pharmaceuticals Canada Inc.
    Scott Langille
    CFO
    905-876-3166
    scott.langille@tributepharma.com
   

   

Source: Tribute Pharmaceuticals Canada Inc.

   

Released November 9, 2015

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