Andean Precious Metals Corp. (TSXV: APM) ("Andean" or the "Company"), a Latin-American focused, precious metals production and exploration company, today reported its operational and financial results for the second quarter ended June 30, 2021. All amounts are expressed in U.S. dollars unless indicated otherwise.
Q2 2021 Highlights
"Our strong financial results continue to enhance Andean's treasury position whilst maintaining a clean capital structure. During such time as we review sector diversification opportunities, we shall build on our strong cash position, which is rather unique among junior producers. For the second half of 2021, we will continue to advance our exploration program and the evaluation of the tailings reprocessing opportunity at the San Bartolomé plant." - Luis da Silva, President and CEO of Andean Precious Metals.
Andean Precious Metals Q2 2021 Earnings Call - August 25, 2021
Revenue for the second quarter of 2021 was $38.0 million compared to $12.6 million in the second quarter of 2020. Revenue growth was driven by a year-over-year increase in silver equivalent sales volumes of 92% to 1.4 million silver equivalent ounces and higher realized prices of $26.71 per ounce of silver in the second quarter of 2021 compared with $17.00 per ounce of silver for the second quarter of 2020. Cost of sales, including direct costs and mining royalty taxes, were $24.4 million compared to $7.6 million in the second quarter of 2020, corresponding to the increase in sales. As a result, income from mine operations increased to $11.3 million from $2.9 million in the first quarter of 2020.
General and administrative costs increased to $2.2 million compared to $1.2 million in the second quarter of 2020. The significant components of these expenses include the costs of salaries and office administration, management fees, and community relations expenses. Deferred income taxes of $7.1 million were recorded during the second quarter of fiscal 2021, relative to none during the second quarter of fiscal 2020. Overall, the net income for the second quarter of 2021 totaled $3.9 million.
2021 Outlook Update and Guidance
The Company produced 2.9 million silver equivalent ounces from its operations during the first half of 2021 from its mineral reserves and its third-party ore sourcing business. During the remainder of 2021, the Company will focus mining production at the Santa Rita Pallacos area. Mining will also continue at the Company's high-grade mine waste stockpile areas. In July 2021, production commenced at the Monserrat mine waste stockpile area, which contains higher grade material than the Company's Pallacos areas.
The Company has commenced sonic drilling of the tailings facility which will inform a mineral resource estimate followed by a technical study on the economic viability of reprocessing approximately 10 million tonnes contained in its tailings facilities. Manquiri's production records suggest potentially economic quantities of recoverable silver and tin exists in the tailings.
The Company continues to expand its third-party ore sourcing business from locations outside Cerro Rico. As the San Bartolomé operation contains the only large-scale commercial oxide plant in the country, the Company is leveraging this advantage with its strong working capital position and actively reviewing additional purchasing opportunities throughout Bolivia. The Company currently purchases ore from 32 out of approximately 1,700 mining cooperatives within Bolivia.
In addition to Andean's production profile and ore sourcing business, the Company also has an active exploration program for two highly prospective properties that Andean owns: Rio Blanco and San Pablo.
At Rio Blanco, Andean began a diamond drilling campaign comprising 22 holes over 5,500 metres with three drill rigs in July 2021. The Company also advanced reconnaissance geological work including trenching totaling 1,500 metres replicating the historic work performed in 1998. This work programme is intended to supplement the drilling campaign.
At San Pablo, Andean completed the first phase of a 10,000 metre diamond drilling campaign, drilling 12 holes totaling 3,580 metres at varying depths in May 2021 with multiple gold bearing zones encountered. The Company also seeks to complete ground-based geophysical surveys in its second phase. The Company expects to release results on the first phase in due course.
About Andean Precious Metals Corp.
Andean Precious Metals (TSXV: APM) is a Canadian, growth-focused silver producer operating in Bolivia. The Company produced 5.9M silver equivalent ounces in 2020 at an all-in sustaining cost of $14.75 USD per ounce from its own mineral claims, contracts with the state mining company of Bolivia (COMIBOL), and from a high margin third-party ore sourcing business. All processing takes place at the Company's 1.65M tonne per year San Bartolomé plant which has the capacity to produce silver doré bars. Andean Precious Metals is committed to fostering safe, sustainable and responsible operations. For more information, please visit www.andeanpm.com.
Source: Andean Precious Metals Corp.
NeuPath and Cynergi Collaborate to Advance Virtual Reality and Remote Pain Management Technology in Treatment of Chronic Pain
NeuPath Health Inc. (TSXV:NPTH), (“NeuPath” or the “Company”), owner and operator of a network of clinics delivering category-leading chronic pain treatment announced today a Memorandum of Understanding (“MoU”) with Texas-based Cynergi Health Partners (“Cynergi”), a leading multidisciplinary company recognized for clinical excellence and for cutting edge treatment technologies for addiction and psychiatry, to evaluate the effectiveness of Cynergi’s virtual reality (“VR”) program targeting chronic pain management. Rilaxta VRx, Cynergi’s category leading software, will be used in combination with other treatments offered at NeuPath. The companies will work on developing and co-marketing a combined offering – consisting of Rilaxta VRx and NeuPath’s remote pain management and virtual care platform – across Canada and the US.
“Numerous studies show the benefits of pairing VR based software with more conventional interventions. Working with a leading group like Cynergi allows us to bring innovative, behavioral pain treatments to our patients. In addition, collaborating with Cynergi and co-marketing Rilaxta VRx with NeuPath’s virtual care platform creates a compelling offering that will open new markets in Canada and the US.” - Grant Connelly, CEO of Neupath.
NeuPath is a vertically integrated health care provider utilizing research, data-driven insights, technology, and interdisciplinary care to help restore function for patients impacted by chronic pain, spinal injuries, sport-related injuries, and concussions. With equity ownership in fifteen clinics in Ontario and Alberta, NeuPath is building out a large-scale network to better serve patients across Canada and the United States. NeuPath is focused on transforming the hope of a better life into the reality of a life more fully lived.
Cynergi Health Partners, a pioneer in addiction medicine and psychiatry, offers best-in-class patient care as well as access to a network of award-winning physicians, medical detox services, innovative technology, and cutting-edge detox protocols. Cynergi’s unique, proprietary virtual reality software is used to painlessly minimize and alleviate withdrawal symptoms of anxiety or panic associated with, but not limited to, alcohol, opiate, and benzodiazepine addiction. Improved patient outcomes are accomplished using soothing imagery and sounds along with proven psychological techniques that make the detox process easier and smoother.
Source: NeuPath Health Inc.
Appili Therapeutics Inc. (TSX: APLI), a biopharmaceutical company focused on drug development for infectious diseases, has closed a $3.5 million convertible security funding agreement.
As part of the deal, Appili received net proceeds of $3.4 million from Lind Global Fund II, LP, an investment entity managed by New York institutional fund manager The Lind Partners.
Appili Therapeutics intends to use the funding to support the operations of the Company as it prepares for top-line data from its PRESECO Phase 3 trial evaluating Avigan®/Reeqonus™ (favipiravir) as a potential oral therapy for patients with mild-to-moderate COVID-19. The funding will also be used to advance the broader Appili pipeline, including ATI-2307, a novel clinical stage antifungal expected to enter Phase 2 study in 2022.
Source: Appili Therapeutics Inc.
Medical Facilities Corporation ("Medical Facilities," "MFC," or the "Corporation") (TSX: DR), reported its financial results today for the three-month and six-month periods ended June 30, 2021. All amounts are expressed in U.S. dollars unless indicated otherwise.
Q2 2021 Summary
(For continuing operations1 compared to Q2 2020)
"The volume recovery continued in the second quarter as we neared pre-pandemic levels. We continue to be cautiously optimistic in our outlook for the remainder of 2021. While vaccines continue to roll out across the country, there is still a lot of uncertainty due to the Delta variant. Our balance sheet remains strong and we are well-positioned to evaluate the right growth opportunities in the back half of 2021." - Robert O. Horrar, President and CEO of Medical Facilities.
Medical Facilities Corporation Q2 2021 Earnings Call - August 12, 2021
During the quarter, MFC paid a quarterly cash dividend of C$0.07 per common share (or C$0.28 per share on an annualized basis), which represented an annualized yield of 3.99% on the June 30, 2021 closing price of $7.01 per common share.
As at June 30, 2021, MFC had consolidated net working capital of $48.1 million, compared to $45.0 million on December 31, 2020.
MFC's financial statements and management's discussion and analysis, for the three-month and six-month periods ended June 30, 2021, will be filed on SEDAR at www.sedar.com on Thursday, August 12, 2021, and will also be available on Medical Facilities' website at www.medicalfacilitiescorp.ca.
Source: Medical Facilities Corporation
IMV Inc. (the “Company” or “IMV”) (TSX: IMV; NASDAQ: IMV), a clinical-stage biopharmaceutical company pioneering a novel class of immunotherapies, today announced its financial and operational results and provided an update for the second quarter ended June 30, 2021.
"IMV is undergoing a critical transformation and focusing on delivering tangible clinical and scientific data to support further development and commercialization of our unique programs and DPX platform technology. The recent results obtained with the translational analyses in ovarian cancer further validate our lead compound and DPX technology. We are also very excited by the overall expansion of our clinical pipeline across a range of tumor antigens and indications. Our recent financing has strengthened our balance sheet and provided us with the runway to deliver additional confirmatory data to investors and the scientific community." - Andrew Hall, Interim CEO of IMV Inc.
Clinical Programs with Maveropepimut-S (MVP-S, Formerly Named DPX-Survivac)
Phase 2B Study in Relapsed/Refractory DLBCL ("r/r DLBCL")
In the previous Phase 2 clinical study (SPiReL), MVP-S in combination with Merck’s KEYTRUDA and intermittent low dose cyclophosphamide (CPA) showed promising data with 50% Overall Response Rate (ORR) and 78.6% Disease Control Rate (DCR) in evaluable patients. Also, PD-L1 expression has been identified as a potential predictive biomarker of response, as PD-L1+ patients demonstrated 85.7% ORR and 85.7% DCR. Most commonly reported events are Grade 1 and 2 injection site reactions, 20.8% subjects reported Grade 3 or above adverse events.
The Company announced in April that it entered into an agreement with Merck (NYSE: MRK) to initiate a Phase 2B clinical trial to evaluate its lead compound, MVP-S, in combination with KEYTRUDA® (pembrolizumab), Merck’s anti-PD-1 therapy, in a Phase 2B study r/r DLBCL.
The trial was initiated in June 2021, and the first sites have since been activated. PD-L1 will be assessed for every potential patient considered for enrollment.
Phase 2 DeCidE1 Study in Advanced, Recurrent Ovarian Cancer
IMV has recently completed the DeCidE1 clinical trial evaluating MVP-S in association with CPA in patients with advanced recurrent ovarian cancer. The final patient completed the study after more than 2 years of clinical benefit with MVP-S. In this study, many subjects have been through several lines of prior treatment and 57.9% patients were platinum resistant. Overall, the treatment was well tolerated with most adverse events being injection site reactions. At the 2-year cut-off, the overall survival rate in this cohort was 44.9% with a median overall survival of 19.9 months, results that support further clinical evaluation of this treatment.
Translational analyses from this trial confirm generation of tumor-antigen directed T cells by MVP-S. The details of these translational analyses have been submitted for presentation at upcoming scientific meetings. These data will also inform the discussion and design of a Phase 2B clinical study to be submitted to the FDA.
Recent Financing Strengthens IMV’s Financial Position
All dollar amounts noted herein are denominated in United States dollars (unless otherwise noted herein).
On July 20, 2021, IMV announced the closing of a public offering of 14,285,714 units at a price to the public of $1.75 per Unit, for aggregate gross proceeds to the Corporation of approximately $25 million (Estimated net proceeds are $23 million). Each unit is comprised of one common share and three-quarters of one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share at a price of $2.10 per common share, subject to adjustment in certain events, for five years until July 20, 2026. If the warrants are fully exercised, they can represent approximately $22.5M of additional gross proceeds.
Overview of Second Quarter 2021 Financial Results
On June 30, 2021, the Company had cash and cash equivalents of $22.8 million and working capital of $24.6 million, compared with $36.3 million and $35.6 million, respectively at December 31, 2020. Subsequent to June 30, 2021, the Company completed the above-mentioned public offering of 14,285,714 units at $1.75 per unit for gross process of $25 million (estimated net proceeds of $23 million) resulting in pro-forma cash and cash equivalents of $45.8 million as of June 30, 2021. Based on its current plan, IMV expects its current cash position will be sufficient to fund operations for more than 12 months.
Research and development expenses were $5.2 million for the three months ended June 30, 2021, compared with $3.8 million for the three months ended June 30, 2020. This increase of $1.4 million was mainly due to startup costs for the Phase 2B trial in DLBCL, the timing of manufacturing activities for MVP-S and DPX-SurMAGE, and an increase in headcount. These increases were partly offset by a decrease in costs for the pre-clinical development of DPX-COVID-19 and costs for the ongoing basket trial of MVP-S in several cancer indications.
General and administrative expenses were $3.4 million for the three months ended June 30, 2021, compared with $2.2 million for the three months ended June 30, 2020. This increase of $1.2 million was mainly attributable an increase in the Company’s Directors and Officers insurance premium as a result of rate increases in mid-2020, an increase in headcount and an increase in recruiting fees for new executives and board members.
Government assistance totaled $1.2 million for the three months ended June 30, 2021, compared with $1 million in Q2 2020. This increase in mainly driven by the revaluation of the Nova Scotia loan upon receipt of the 2-year deferral of repayments partly offset by a decrease in various government grants for the development of DPX-COVID-19, consistent with the decrease in development expenses described above.
The net loss and comprehensive loss of $7.4 million ($0.11 per share) for the three months ended June 30, 2021, was $2.6 million higher than the net loss and comprehensive loss of $4.8 million ($0.08 per share) for the three months ended June 30, 2020.
For the six-month period ended June 30, 2021, the net loss and comprehensive loss of $14.3 million ($0.21 per share) was $2.3 million higher than the net loss and comprehensive loss of $12.0 million ($0.24 per share) for the six-month period ended June 30, 2020. The higher net loss is primarily the result of a $1.1 million increase in R&D expenses and a $2 million increase in general and administrative expenses partly compensated by a $1 million increase in government assistance mainly towards COVID-19 vaccine development as well as the revaluation of the loan with the province of Nova Scotia upon receipt of the above-mentioned amendment.
As of August 10, 2021, the number of issued and outstanding common shares was 82,142,629 and a total of 15,705,452 stock options, warrants and deferred share units were outstanding.
The Corporation's audited annual consolidated results of operations, financial condition and cash flows for the year ended December 31, 2020 and the related management's discussion and analysis (MD&A) are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar as well as the Company’s website at https://www.imv-inc.com/investors/financial-information/financial-results.
Selected Upcoming Milestones
Source: IMV Inc.