- On July 12, 2016, Zomedica announced the filing of a U.S. provisional application for patent with the U.S. Patent and Trademark Office and opened an INAD with the FDA-CVM for a novel formulation of ZM-006, a pharmaceutical targeting a metabolic disorder in companion animals.
- On August 25, 2016, Zomedica announced the closing of the first tranche of its non-brokered private placement offering, issuing 3,342,480 common shares for gross proceeds of approximately CDN$5,013,720 or $3,875,500.
- On September 19, 2016, Zomedica announced it was approved for graduation to Tier 1 issuer status from Tier 2 issuer status by the TSX Venture Exchange.
- On October 4, 2016, Zomedica announced the appointment of two animal health industry veterans, Jane Eagleson and Tom Robitaille, to its Board of Directors.
Professional fees for the three months ended September 30, 2016 were $212,684 compared to $457,182 for the three months ended September 30, 2015. The decrease was primarily due to the current period transitioning of the business away from utilizing various consultants and hiring full-time employees, as Zomedica executes the business plan.Liquidity and Outstanding Share CapitalZomedica had cash of $3,863,900 as at September 30, 2016 compared to $3,243,710 as at December 31, 2015. The increase in cash during the three and nine months ended September 30, 2016 is mainly a result of the cash flows provided by financing activities, partially offset by cash flows used in operating activities as discussed below. For the three and nine months ended September 30, 2016, cash flows used in operating activities amounted to $1,621,927 and $3,080,122, respectively. The largest use of cash within the operating activities in the current periods was for a deposit of $801,973 related to the full payment of a 62 month lease for an additional leased office space in Ann Arbor. Other major expenses include employees' wages and benefits, and various consultants related to the Qualifying Transaction completed on April 21, 2016 and due to its listing as a Life Sciences Issuer on the TSX Venture Exchange. There were no employees during the prior periods. Zomedica did not have an approved product and therefore did not have revenues. As at September 30, 2016, Zomedica had an unlimited number of authorized common shares with 83,173,196 common shares issued and outstanding. As at November 22, 2016, Zomedica had 83,173,196 common shares issued and outstanding. For complete financial results, please see our filings at www.sedar.com and our website at www.ZOMEDICA.com. About ZomedicaWith U.S. operations based in Ann Arbor, Michigan, Zomedica is a veterinary pharmaceutical company targeting health and wellness solutions for companion animals (canine, feline and equine) through a ground-breaking approach that focuses on the unmet needs of clinical veterinarians. Zomedica is building a diversified portfolio of products comprised of the discovery, development and commercialization of innovative drugs alongside novel drug delivery systems, devices and diagnostics. With multiple clinical veterinarians in executive management, it is Zomedica's mission to give veterinarians the opportunity to lower costs, increase productivity, and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com. Follow Zomedica
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to future clinical trials, regulatory approvals, safety and efficacy of our products, the use of our product, intellectual property protection and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Investor Relations ContactShameze Rampertab, CPA, CAsrampertab@zomedica.com+1 647.283.3630Barry Mire, Renmark Financial Communications Inc.email@example.com+1 416.644.2020 or +1 514.939.3989Media ContactAndrea Eberleaeberle@zomedica.com+1 734.369.2555