Liminal BioSciences Inc.
Laval, Qc and Cambridge, England, March 12, 2019 /PRNewswire/
- GPR84 antagonist program and OXER1 antagonist program on track to achieve previously announced milestones in 2023
- Closed March 31, 2023 with just over $26.9 million in cash expected to last through early 2024
- Net loss from continuing operations of $7.4 million for the quarter ended March 31, 2023 compared to $11.1 million for the first quarter of 2022
Liminal BioSciences Inc. (Nasdaq: LMNL) (“Liminal BioSciences” or the “Company”), a development-stage biopharmaceutical company focused on the discovery and development of unique novel small molecule therapeutics for metabolic, inflammatory and fibrotic diseases today its financial results for the first quarter ended March 31, 2023.
“We remain focused on completing the CTA work for our GPR84 antagonist program and advancing LMNL6511 toward initiation of a Phase 1 clinical trial in the second half of 2023, with the goal of completing a clinical trial to identify an early indicator of biological activity,” said Bruce Pritchard, Chief Executive Officer of Liminal BioSciences. “We are also working on analyzing the data necessary to select a lead candidate for our OXER1 antagonist development program in the first half of 2023.”ngsnwlixspqgsnwlixspqgsnwlixspqffhf
Financial results for the first quarter ended March 31, 2023
All figures in this section are in Canadian dollars.
- The liquid funds were $26.9 million as of March 31, 2023, while our working capital, which is current assets less current liabilities, was $25.0 million.
- The Expenditure on research and development were $4.2 million in the first quarter of 2023, compared to $4.4 million in the first quarter of 2022. The decrease in R&D spending of $0.2 million for the quarter ended March 31, 2023 compared to the corresponding period in 2022 is primarily due to a decrease in prepayments of $0.4 million related to a license agreement, a $0.4 million decrease in personnel expenses, a $0.2 million decrease in fees and a $0.2 million decrease in clinical trial expenses, offset by an increase in preclinical trial expenses in $1.0 million related to the advancement of our GPR84 and OXER1 antagonist programs.
- The administrative costs were $3.6 million for the first quarter of 2023 compared to $4.7 million for the first quarter of 2022. A decrease in administrative expenses of $1.1 million for the quarter ended March 31, 2023 compared to the corresponding period in 2022 is primarily due to a $0.7 million decrease in personnel expenses, reflecting a reduction in our workforce, and a $0.5 million reduction in directors’ and officers’ insurance premiums.
- The Net loss from continuing operations after tax was $7.6 million for the first quarter of 2023 compared to $11.2 million for the first quarter of 2022. This $3.6 million decrease is primarily due to a $1.6 million reduction in financial expense, a a $1.1 million decrease in administrative expenses and a further $0.2 million reduction in R&D expenses achieved through continued streamlining of the business and improvements in operational efficiencies.
- Total income from discontinued operations Total income from discontinued operations increased $0.1 million for the quarter ended March 31, 2023 compared to the corresponding period in 2022. This increase is primarily due to a $0.6 million compensation adjustment booked against loss on sale of discontinued operations in Q1 2022 related to a research and development tax credit for a former subsidiary. Partially offsetting this increase was a $0.1 million decrease in net income from discontinued operations due to changes in the underlying assumptions used to measure the provision for a contract development manufacturing organization.
- The net loss was $7.4 million in the first quarter of 2023, compared to a profit of $11.2 million in the first quarter of 2022.
About Liminal BioSciences Inc.
Liminal BioSciences is a development-stage biopharmaceutical company focused on the discovery and development of novel and unique small molecule therapeutics that modulate the G protein-coupled receptor pathways (GPCRs). The Company is developing proprietary novel small molecule therapeutic candidates with the goal of developing best/first therapeutics for the treatment of metabolic, inflammatory and fibrotic diseases for which there is significant unmet medical need. The company leverages its integrated drug discovery platform, medicinal chemistry expertise and deep understanding of GPCR biology. The Company’s pipeline currently consists of three programs. The candidate selected for clinical development, LMNL6511, a selective antagonist for the GPR84 receptor, is expected to enter a Phase 1 clinical trial in the second half of 2023. The company is also developing potential OXER1 antagonists and GPR40 agonists, both of which are in the preclinical stage. In addition to these programs, the Company continues to explore other development opportunities to expand its pipeline.
Liminal BioSciences operates in Canada and the United Kingdom.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements are identified by the use of forward-looking terms. Statements that are not historical in nature and may contain the words “anticipate”, “expect”, “suggest”, “plan”, “believe”, “intend”, “estimate”, “target”, “predict”, “should”. “, “could”, “would”, “may”, “will”, “project” or other such words are intended to identify forward-looking statements. These statements relate to, among other things, Liminal BioSciences’ goals, strategies and businesses, which involve risks and uncertainties Forward-looking information includes, among other things, statements about: the progress of Liminal Biosciences’ candidate or development programs, including the timing and outcome of potential development of the Company’s R&D programs such as the development of LMNL6511 and our discovery programs GPR40 agonists and OXER1 antagonists, the timing of initiation or the nature of preclinical and clinical studies, including the anticipated initiation of a Phase 1 clinical trial of LMNL6511 in the second half of 2023; the potential therapeutic areas under consideration, including eosinophilia-mediated diseases and T2D; the potential of our development programs to address significant unmet medical needs; our ability to add new development opportunities to our pipeline; our ability to continue to comply with Nasdaq Listing Rule 5450(a)(1) to remain listed on the Nasdaq Capital Market; our anticipated liquidity and our ability to actively seek opportunities to monetize or realize non-core assets or commercial opportunities related to our assets. These statements are “forward-looking” because they are based on our current expectations about the markets in which we operate and various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements, if known or unknown risks affect our business or if our estimates or assumptions prove incorrect Factors that could cause actual results to differ materially from those described or projected herein include, among others, risks related to: the the Company’s ability to develop, manufacture and successfully commercialize product candidates, should that ever occur; the impact of the COVID-19 pandemic and other geopolitical tensions on the Company’s workforce, business operations, clinical development, regulatory activities and the financial and other effects on the company; the availability of funding and resources to pursue R&D projects, clinical development, manufacturing operations or commercialization opportunities; the successful and timely initiation or completion of preclinical and clinical studies; the ability to pursue financing or business opportunities in the pharmaceutical industry; uncertainties generally associated with research and development, clinical trials and related regulatory reviews and approvals; our ability to comply with Nasdaq listing rules and remain listed on the Nasdaq Capital Market; and general changes in economic conditions, including the consequences of increased inflation, bank failures and rising interest rates. For a more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to differ materially from our current expectations, please see the Company’s filings and reports with the US Securities and Exchange Commission and the Canadian filings with securities regulators, including the annual report on Form 20-F for the year ended December 31, 2022, as well as other filings and reports that Liminal Biosciences releases from time to time. Consequently, we cannot guarantee that any particular forward-looking statement will become a reality. Existing and potential investors are cautioned not to rely on these forward-looking statements and estimates, which speak only as of the date of this document. We undertake no obligation to update any forward-looking statements contained in this press release, whether as a result of future events or otherwise, new information becoming available, except as required by applicable securities laws and regulations.
Corporate Contact: Shrinal Inamdar, Associate Director, Investor Relations and Communications, [email protected], +1 450.781.0115; Media contact: Kaitlin Gallagher, [email protected], +1 212.253.8881
Original content from: Liminal BioSciences Inc., transmitted by news aktuell
