ATHLONE, Ireland, March 16, 2017 (GLOBE NEWSWIRE)
-- Innocoll Holdings plc (Nasdaq:INNL), a global, commercial stage,
specialty pharmaceutical company with late stage development
programs targeting areas of significant unmet medical need
announced financial and operating results for the three months and
full year ended December 31, 2016. Innocoll manufactures and
supplies a range of pharmaceutical products and medical devices
using its proprietary collagen-based biodegradable and fully
bioresorbable technology platform.
"In 2016, Innocoll successfully
achieved milestones, but also faced challenges. On the one
hand, XARACOLL achieved positive pivotal results in Phase 3 trials
and we were able to substantially finalize the expansion of our
manufacturing facility in Saal, Germany. On the other hand,
COGENZIA did not achieve statistical significance in improving
clinical cure in diabetic foot infections (DFI) and XARACOLL
received the Refusal-to-File letter from the U.S. Food and Drug
Administration (FDA)," said Tony Zook, Chief Executive Officer of
Innocoll. "In February 2017, we attended a Type-A meeting with
representatives of the FDA to review pathways forward following our
receipt of the Refusal-To-File letter. During the meeting, we
proposed a plan to conduct an additional short-term Pharmacokinetic
study and several short-term non-clinical studies, which we believe
will allow us to submit a revised NDA to the FDA by the end of
2017. If the formal minutes from the Type-A meeting, which we
expect to receive at the end of this month, confirm that the FDA
agrees with our plan, we would submit a revised NDA to the FDA soon
after the completion of the additional studies, assuming adequate
financing to commence the proposed studies, and further assuming
positive results."
Innocoll plans to update investors
with additional information about the outcome of its Type A meeting
shortly after receiving formal written FDA minutes. In the interim,
Innocoll intends to continue to explore strategic options to
maximize value to its shareholders.
Fourth
Quarter 2016 and Recent Updates
- Substantially finalized expansion of its Saal,
Germany manufacturing facility.
- Following receipt of the XARACOLL Refusal to File
Letter in December, 2016, in January 2017, Innocoll requested a
Type A meeting with the FDA, which was held in late February 2017.
At the meeting, management presented a plan for a path forward,
including an additional short-term Pharmacokinetic study and
several short-term non-clinical studies, which assuming FDA
concurrence, adequate financing and further positive trial results,
could enable Innocoll to submit a revised NDA for XARACOLL in the
latter part of 2017.
Fourth
Quarter 2016 Financial Results
Net Loss
Attributable to Ordinary Shareholders: Innocoll reported a net
loss attributable to ordinary shares of $3.8 million, or $0.13 per
share, for the fourth quarter of 2016, compared to a loss of $7.7
million, or $0.33 per share for the fourth quarter of 2015.
Non-GAAP diluted loss excluding
nonrecurring items was $7.6 million or $0.26 per share, for the
fourth quarter of 2016, compared to a loss of $16.9 million or
$0.72 per share, for the fourth quarter of 2015.
The weighted average number of
ordinary shares outstanding increased from 23.5 million in the
fourth quarter of 2015 to 29.7 million in the fourth quarter of
2016, primarily as a result of the follow-on public offering in the
second quarter of 2016.
Revenues:
Revenues were $0.6 million for the fourth quarter of 2016 as
compared to $0.9 million for the fourth quarter of 2015. This
decrease was primarily due to lower sales to EUSA Pharma of
CollatampG®.
Research and
Development (R&D) Expenses: R&D expenses were $4.7
million for the fourth quarter of 2016 as compared to $11.7 million
for the fourth quarter of 2015. R&D expenses in the fourth
quarter of 2016 included $3.7 million in external clinical research
expenses, which was primarily driven by the finalization of our
Phase 3 Cogenzia efficacy trials.
General and
Administrative (G&A) Expenses: G&A expenses were $4.9
million for the fourth quarter of 2016 as compared to $6.1 million
for the fourth quarter of 2015. Excluding stock-based compensation
charges, G&A expenses for the fourth quarter of 2016 were $2.6
million as compared to $5.7 million for the fourth quarter of 2015.
The decrease in G&A excluding stock-based compensation was
primarily due to reduction in discretionary expenses and prior year
expenses relating to the company's re-domiciliation to Ireland.
Other Operating Income:
Other operating income was $7.1 million for the fourth quarter of
2016 as compared to $10.9 million for the fourth quarter of 2015.
Other income in the fourth quarter of 2016 consisted primarily of
fair value income of warrants outstanding and foreign exchange
gains, partially offset by accrued interest on the company's
existing loan with the European Investment Bank (EIB). Other income
in the fourth quarter of 2015 consisted primarily of $9.7 million
fair value income of warrants outstanding.
Full Year
2016 Financial Results
Net Loss
Attributable to Ordinary Shareholders: Innocoll reported a net
loss attributable to ordinary shareholders of $57.0 million, or
$2.12 per share, for the year ended December 31, 2016, compared to
a loss of $50.9 million, or $2.28 per share for the year ended
December 31, 2015.
Non-GAAP diluted loss excluding
nonrecurring items was $59.1 million or $2.20 per share, for the
year ended December 31, 2016, compared to a loss of $42.8 million,
or $1.92 per share, for the year ended December 31, 2015.
The weighted average number of
ordinary shares outstanding increased from 22.3 million during the
year ended December 31, 2015, to 26.9 million during the year ended
December 31, 2016, primarily as a result of the follow-on public
offering in the second quarter of 2016.
Revenues: Revenues were $4.4 million for the
year ended December 31, 2016 as compared to $2.9 million for year
ended December 31, 2015. This increase was primarily due to
an increase in sales to EUSA Pharma of Collatamp G, our gentamicin
implant for the treatment and prevention of post-surgical
infection.
Research and
Development (R&D) Expenses: R&D expenses were
$38.7 million for the year ended December, 31 2016 as compared to
$29.8 million for the year ended December 31, 2015. R&D
expenses in the year ended December 31, 2016 included $34.8 million
in external clinical research expenses, which was primarily due to
the completion of our pivotal Phase 3 studies of XARACOLL and
Cogenzia. R&D expenses are expected to significantly decrease
going forward.
General and
Administrative (G&A) Expenses: G&A expenses were
$25.4 million for the year ended December 31, 2016 as compared to
$19.7 million for the year ended December 31, 2015.
Excluding stock-based compensation charges, G&A expenses for
the year ended December 31 2016 were $16.9 million as compared to
$15.7 million for the year ended December 31, 2015. The increase in
G&A, excluding stock-based compensation, was primarily due to
our continued infrastructure build out to support clinical programs
and expenses related to the company's re-domiciliation to
Ireland.
Other Operating
Income: Other operating income was $10.0 million for the year
ended December 31, 2016 as compared to $1.6 million for the year
ended December 31, 2015. Other income for the year ended December
31, 2016 consisted primarily of non-cash items due to the fair
value income of warrants outstanding and foreign exchange gains,
partially offset by accrued interest on the company's existing loan
with the EIB. Other expense for the year ended December 31, 2015
consisted primarily of foreign exchange gains of $5.6 million,
partially offset by fair value expense of warrants outstanding of
$4.0 million.
Cash
Position
As of December 31, 2016, cash and
cash equivalents totalled $15.8 million compared to $30.4 million
as of September 30, 2016. For further financial information for the
period ending December 31, 2016, please refer to the financial
statements appearing at the end of this release.
In management's opinion,
Innocoll's anticipated expenditures during the next 12 months to
advance its current operations, including plans to conduct further
studies to enable it to submit a revised NDA for XARACOLL and
to develop CollaGUARD will be greater than the amount of its
current cash and cash equivalents. The Company may not be
able to generate revenues from the sale of XARACOLL until the
end of 2018, if at all.
Innocoll's need for additional
capital will vary depending on a variety of circumstances,
including, for example, if it is required to conduct additional
tests not currently contemplated, the level and timing of
regulatory approval, as well as the extent to which it chooses to
establish collaboration, co-promotion, distribution or other
similar agreements for its products and product candidates.
Moreover, changing circumstances may cause it to spend cash
significantly faster than it currently anticipates, and it may need
to spend more cash than currently expected because of circumstances
beyond its control.
To the extent that Innocoll's
capital resources are insufficient to meet its future operating and
capital requirements, it will need to finance its cash needs
through public or private equity offerings, debt financings,
corporate collaboration and licensing arrangements, or strategic
alternatives.
About
Innocoll Holdings plc
Innocoll is a global, specialty pharmaceutical company with late
stage development programs that is dedicated to engineering better
medicines to help patients get better. Its proprietary,
biocompatible, and biodegradable collagen products are
precision-engineered for targeted use. Applied locally to surgery
sites, they are designed to provide a range of benefits. Its late
stage product pipeline is focused on addressing a number of large
unmet medical needs, including: XARACOLL for the treatment of
postoperative pain and CollaGUARD (INL-003), a barrier for the
prevention of post-surgical adhesions.
Innocoll's currently approved
products include: CollaGUARD® (ex-US), COLLATAMP® G, SEPTOCOLL® E,
REGENEPRO®, COLLACARE®, COLLEXA®, and ZORPREVA®, some of which are
sold globally through strategic partnerships, including those with
Takeda, EUSA Pharma, Biomet 3i and Biomet. All of its native
collagen products - from extraction/purification of type-1 collagen
through final delivery form - are manufactured at its certified,
integrated plant in Saal, Germany.
For more information, please visit
www.innocoll.com.
CollaRx®, Collatamp®, CollaGUARD®,
Collieva®, CollaCare®, Collexa®, COGENZIA® LidoColl®, LiquiColl®,
and XARACOLL® are registered trademarks, and CollaPress(TM),
DermaSil(TM), Durieva(TM), and Zorpreva(TM) are trademarks of the
company.
Use of
Non-GAAP Financial Measures
This press release includes
certain numerical measures that are or may be considered "non-GAAP
financial measures" under the SEC's Regulation G. "GAAP" refers to
generally accepted accounting principles in the United States. The
reconciliations of such measures to the most comparable GAAP
figures, in accordance with Regulation G, are included herein.
To supplement our unaudited
consolidated financial statements prepared in accordance with U.S.
GAAP, we disclose certain non-GAAP, financial measures. We define
adjusted non-GAAP earnings per share as basic and diluted earnings
per share excluding share-based payments and fair value expense or
income on warrants outstanding. We believe adjusted non-GAAP
earnings per share is meaningful to our investors to enhance their
understanding of our financial condition and results. The items
excluded from non-GAAP earnings per share represent significant
non-cash expense or income that may be settled through issuance of
shares included in our authorized or contingent capital. We believe
that non-GAAP earnings per share excluding these non-cash items may
provide securities analysts, investors and other interested parties
with a useful measure of our operating performance and cash
requirements. Disclosure in this press release of non-GAAP earnings
per share is intended as a supplemental measure of our performance.
Non-GAAP earnings per share should not be considered as an
alternative to earnings per share, profit (loss) or any other
performance measure derived in accordance with U.S. GAAP. Our
presentation of adjusted earnings per share should not be construed
to imply that our future results will be unaffected by unusual
non-cash or non-recurring items.
Forward-looking Statements
Any statements
in this press release about our ongoing development of XARACOLL;
the results of our Type-A meeting with the FDA regarding a proposed
path forward for XARACOLL; our ability to successfully implement a
path forward for XARACOLL and submit a revised NDA in connection
therewith; our ability to finance any additional studies required
by the FDA prior to our ability to submit a revised NDA for
XARACOLL; our ability to successfully complete and receive positive
results from any studies required by the FDA in connection with a
proposed revised NDA for XARACOLL; our plans to develop and
commercialize XARACOLL and its market potential; the potential
therapeutic and other benefits of XARACOLL and our other product
candidates; our cash position and ability to continue as a going
concern; our anticipated expenditures during the next 12 months to
advance our current operations, including plans to conduct further
studies towards the submission of a revised NDA for
XARACOLL and to develop CollaGUARD; our ability to maximize
value to our shareholders through strategic options; our current
expectations regarding future events, including statements
regarding the therapeutic benefit, safety profile and commercial
value of XARACOLL, plans and objectives for present and future
clinical and non-clinical trials and studies and results of such
trials and studies, the risk that the FDA may not accept our
proposal to conduct additional studies towards the submission of a
revised NDA for XARACOLL and other statements containing the words
"anticipate," "believe," "estimate," "expect," "intend," "goal,"
"may", "might," "plan," "predict," "project," "target,"
"potential," "will," "would," "could," "should," "continue," and
similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors. Such forward-looking statements involve substantial risks
and uncertainties including, but not limited to, the risk that the
FDA and foreign regulatory authorities may not agree with our
interpretation of needed additional clinical and non-clinical
studies towards our submission of a revised NDA for XARACOLL and
may require us to conduct additional clinical trials; XARACOLL may
not receive regulatory approval or be successfully commercialized,
including as a result of the FDA's or other regulatory authorities'
decisions regarding labeling and other matters that could affect
its availability or commercial potential; our plans to develop and
manufacture XARACOLL; our manufacturing and marketing capabilities;
or other actions and factors discussed in the "Risk Factors"
section of our Annual Report on Form 10-K for the year ended
December 31, 2016, which we expect to file with the Securities and
Exchange Commission on March 16, 2017. We may not actually achieve
the plans, intentions or expectations disclosed in our
forward-looking statements, and you should not place undue reliance
on our forward-looking statements. In addition, the forward-looking
statements included in this press release represent our views as of
the date of this release. We anticipate that subsequent events and
developments will cause our views to change. We do not assume any
obligation to update any forward- looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
The scientific
information discussed in this news release related to Innocoll's
product candidates is preliminary and investigative. Such product
candidates are not approved by the U.S. Food and Drug
Administration, and no conclusions can or should be drawn regarding
the safety or effectiveness of the product candidates.
INNOCOLL HOLDINGS PLC |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three |
|
Three |
|
Twelve |
|
Twelve |
|
|
|
|
|
|
|
months |
|
months |
|
months |
|
months |
|
|
|
|
|
|
|
ended |
|
ended |
|
ended |
|
ended |
|
|
|
|
|
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thousands of US$ (except share and
share data) |
|
|
($'000) |
|
($'000) |
|
($'000) |
|
($'000) |
|
Revenue |
|
$ |
590 |
|
$ |
885 |
|
$ |
4,372 |
|
$ |
2,870 |
|
Cost of sales |
|
|
(1,563 |
) |
|
(1,255 |
) |
|
(6,986 |
) |
|
(5,328 |
) |
Gross loss |
|
|
(973 |
) |
|
(370 |
) |
|
(2,614 |
) |
|
(2,458 |
) |
Research and development
expenses |
|
|
(4,695 |
) |
|
(11,743 |
) |
|
(38,715 |
) |
|
(29,821 |
) |
General and administrative
expenses |
|
|
(4,894 |
) |
|
(6,093 |
) |
|
(25,446 |
) |
|
(19,743 |
) |
Loss on disposals of property,
plant & equipment |
|
|
(9 |
) |
|
- |
|
|
(8 |
) |
|
- |
|
Loss from operating activities
- continuing operations |
|
(10,571 |
) |
|
(18,206 |
) |
|
(66,783 |
) |
|
(52,022 |
) |
Other income |
|
|
7,075 |
|
|
10,850 |
|
|
10,000 |
|
|
1,573 |
|
Loss
before income tax |
|
|
(3,496 |
) |
|
(7,356 |
) |
|
(56,783 |
) |
|
(50,449 |
) |
Income tax expense |
|
|
(351 |
) |
|
(307 |
) |
|
(171 |
) |
|
(407 |
) |
Loss for
the period - all attributable to equity holders |
|
|
|
|
|
|
|
|
of the
company |
|
|
(3,847 |
) |
|
(7,663 |
) |
|
(56,954 |
) |
|
(50,856 |
) |
Other
comprehensive loss: |
|
|
|
|
|
|
|
|
|
Currency translation
adjustment |
|
|
(189 |
) |
|
(137 |
) |
|
(108 |
) |
|
(4,460 |
) |
Total
comprehensive loss for the period |
|
$ |
(4,036 |
) |
$ |
(7,800 |
) |
$ |
(57,062 |
) |
$ |
(55,316 |
) |
Basic and diluted loss per
share |
|
$ |
(0.13 |
) |
$ |
(0.33 |
) |
$ |
(2.12 |
) |
$ |
(2.28 |
) |
INNOCOLL HOLDINGS PLC |
NON-GAAP NET EARNINGS (UNAUDITED) |
|
|
Three |
|
Three |
|
Twelve |
|
Twelve |
|
|
months |
|
months |
|
months |
|
months |
|
|
ended |
|
ended |
|
ended |
|
ended |
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
Numerator for non-GAAP loss per share -Thousands
of |
|
US$ (except share and share
data) |
|
|
|
($'000) |
|
($'000) |
|
($'000) |
|
($'000) |
|
Net loss - basic |
|
$ |
(3,847 |
) |
$ |
(7,663 |
) |
$ |
(56,954 |
) |
$ |
(50,856 |
) |
Share based payments |
|
2,315 |
|
|
417 |
|
|
8,547 |
|
|
3,982 |
|
Fair value (gain)/expense on
warrants |
|
(6,051 |
) |
|
(9,703 |
) |
|
(10,644 |
) |
|
4,067 |
|
Non-GAAP net loss - basic and
diluted |
|
(7,583 |
) |
|
(16,949 |
) |
|
(59,051 |
) |
|
(42,807 |
) |
Denominator - number of shares: |
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding - basic and diluted |
|
29,716,973 |
|
|
23,453,482 |
|
|
26,867,343 |
|
|
22,328,908 |
|
Loss per
share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.26 |
) |
$ |
(0.72 |
) |
$ |
(2.20 |
) |
$ |
(1.92 |
) |
|
|
|
|
|
|
|
|
INNOCOLL HOLDINGS PLC |
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
|
at December 31, 2016 and
December 31,2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Thousands of
US$ |
|
|
|
|
|
12/31/16 |
|
12/31/15 |
|
|
|
|
|
($'000) |
|
($'000) |
|
Assets |
|
$ |
|
$ |
|
|
Current
assets |
|
|
|
|
|
Cash and cash equivalents |
|
15,765 |
|
|
42,186 |
|
|
Trade and other
receivables |
|
6,836 |
|
|
4,567 |
|
|
Inventories |
|
2,403 |
|
|
1,808 |
|
|
Total current assets |
|
25,004 |
|
|
48,561 |
|
|
Property, plant and
equipment |
|
16,698 |
|
|
4,199 |
|
|
Deferred tax asset |
|
125 |
|
|
- |
|
|
Other assets |
|
175 |
|
|
- |
|
|
Total non-current assets |
|
16,998 |
|
|
4,199 |
|
|
Total
assets |
|
$ |
42,002 |
|
$ |
52,760 |
|
|
Liabilities |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Trade and other payables |
|
$ |
13,505 |
|
$ |
14,411 |
|
|
Deferred income |
|
1,827 |
|
|
2,219 |
|
|
Current taxes payable |
|
36 |
|
|
20 |
|
|
Total
current liabilities |
|
15,368 |
|
|
16,650 |
|
|
Interest bearing loans and
borrowings |
|
28,948 |
|
|
16,400 |
|
|
Warrant liability |
|
854 |
|
|
11,498 |
|
|
Deferred tax liability |
|
- |
|
|
263 |
|
|
Defined benefit pension
liability |
|
28 |
|
|
49 |
|
|
Total
non-current liabilities |
|
29,830 |
|
|
28,210 |
|
|
Total
liabilities |
|
45,198 |
|
|
44,860 |
|
|
Equity |
|
|
|
|
|
Share capital |
|
324 |
|
|
1,943 |
|
|
Additional paid -in
capital |
|
220,965 |
|
|
173,353 |
|
|
Currency translation
reserve |
|
(1,352 |
) |
|
(1,244 |
) |
|
Treasury shares |
|
(27 |
) |
|
- |
|
|
Accumulated deficit |
|
(223,106 |
) |
|
(166,152 |
) |
|
Total equity attributable to
equity holders of the company |
|
(3,196 |
) |
|
7,900 |
|
|
Total
liabilities and equity |
|
$ |
42,002 |
|
$ |
52,760 |
|
|
|
|
|
|
|
INNOCOLL HOLDINGS PLC |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three |
|
Three |
|
Twelve |
|
Twelve |
|
|
|
|
|
|
|
|
months |
|
months |
|
months |
|
months |
|
|
|
|
|
|
|
|
ended |
|
ended |
|
ended |
|
ended |
|
Thousands of
US$ |
|
|
|
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
|
|
($'000) |
|
($'000) |
|
($'000) |
|
($'000) |
|
Operating activities loss for the period |
|
$ |
(3,847 |
) |
$ |
(7,663 |
) |
$ |
(56,954 |
) |
$ |
(50,856 |
) |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
Other income |
|
(7,075 |
) |
|
(10,850 |
) |
|
(10,000 |
) |
|
(1,573 |
) |
|
Income tax expense |
|
351 |
|
|
307 |
|
|
171 |
|
|
407 |
|
|
Loss on disposals of property,
plant & equipment |
|
9 |
|
|
- |
|
|
8 |
|
|
- |
|
|
Non-cash
items |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property,
plant & equipment |
|
105 |
|
|
86 |
|
|
414 |
|
|
348 |
|
|
Share based payment |
|
2,315 |
|
|
417 |
|
|
8,547 |
|
|
3,982 |
|
|
Foreign exchange
gains/(losses) |
|
121 |
|
|
48 |
|
|
37 |
|
|
53 |
|
|
Operating cash outflows before movements in working
capital |
|
(8,021 |
) |
|
(17,655 |
) |
|
(57,777 |
) |
|
(47,639 |
) |
|
Increase in inventories |
|
(223 |
) |
|
(451 |
) |
|
(595 |
) |
|
(602 |
) |
|
Increase in trade and other
receivables |
|
(1,492 |
) |
|
(3,644 |
) |
|
(2,269 |
) |
|
(3,807 |
) |
|
(Decrease)/increase in trade
and other payables |
|
(1,617 |
) |
|
8,274 |
|
|
(906 |
) |
|
9,078 |
|
|
(Decrease)/increase in
deferred income and defined benefit pension liability |
|
(12 |
) |
|
(35 |
) |
|
(413 |
) |
|
207 |
|
|
Income taxes paid |
|
(163 |
) |
|
(31 |
) |
|
(543 |
) |
|
(129 |
) |
|
Net cash
used in operating activities |
|
(11,528 |
) |
|
(13,542 |
) |
|
(62,503 |
) |
|
(42,892 |
) |
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property, plant
and equipment |
|
(2,745 |
) |
|
(1,322 |
) |
|
(12,445 |
) |
|
(3,262 |
) |
|
Proceeds from disposals of
property, plant and equipment |
|
13 |
|
|
- |
|
|
14 |
|
|
2 |
|
|
Interest received |
|
19 |
|
|
14 |
|
|
32 |
|
|
81 |
|
|
Restricted cash |
|
- |
|
|
- |
|
|
(187 |
) |
|
- |
|
|
Net cash
used in investing activities: |
|
(2,713 |
) |
|
(1,308 |
) |
|
(12,586 |
) |
|
(3,179 |
) |
|
Cash
inflows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from issue of
shares |
|
3 |
|
|
814 |
|
|
37,419 |
|
|
16,728 |
|
|
Proceeds from interest bearing
loans & borrowings |
|
- |
|
|
16,331 |
|
|
11,240 |
|
|
16,331 |
|
|
Net cash
inflows from financing activities |
|
3 |
|
|
17,145 |
|
|
48,659 |
|
|
33,059 |
|
|
Net decrease in cash and cash
equivalents |
|
(14,238 |
) |
|
2,295 |
|
|
(26,430 |
) |
|
(13,012 |
) |
|
Cash and cash equivalents at
the beginning of the period |
|
30,402 |
|
|
42,213 |
|
|
42,186 |
|
|
55,382 |
|
|
Effect of foreign exchange
rate changes |
|
(399 |
) |
|
(2,322 |
) |
|
9 |
|
|
(184 |
) |
|
Cash and
cash equivalents at the end of the period |
|
$ |
15,765 |
|
$ |
42,186 |
|
$ |
15,765 |
|
$ |
42,186 |
|
|
|
|
|
|
|
|
|
|
|
INNOCOLL HOLDINGS PLC |
|
RECONCILIATION OF NON-GAAP NET LOSS TO NEAREST COMPARABLE
GAAP MEASURE (UNAUDITED) |
|
|
|
Three |
|
Three |
|
Twelve |
|
Twelve |
|
|
|
months |
|
months |
|
months |
|
months |
|
|
|
ended |
|
ended |
|
ended |
|
ended |
|
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
|
|
Thousands of
US$ |
|
|
|
|
|
($'000) |
|
($'000) |
|
($'000) |
|
($'000) |
|
|
Net loss attributable to
equity holders of the company |
$ |
(3,847 |
) |
$ |
(7,663 |
) |
$ |
(56,954 |
) |
$ |
(50,856 |
) |
|
Share based payments |
|
2,315 |
|
|
417 |
|
|
8,547 |
|
|
3,982 |
|
|
Fair value (gain)/expense on
warrants |
|
(6,051 |
) |
|
(9,703 |
) |
|
(10,644 |
) |
|
4,067 |
|
|
Non-GAAP net loss |
|
(7,583 |
) |
|
(16,949 |
) |
|
(59,051 |
) |
|
(42,807 |
) |
|
|
|
|
|
|
|
|
|
|
|
Corporate:
Pepe Carmona
Chief Financial Officer
(215) 983-3362
pcarmona@innocoll.com