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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
Knight Reports Second Quarter 2017 Results

MONTREAL, QUEBEC -- (Marketwired) -- 08/10/17 -- Knight Therapeutics Inc. (TSX: GUD) ("Knight"), a leading Canadian specialty pharmaceutical company, today reported financial results for its second quarter ended June 30, 2017. All dollar amounts are in thousands except for per share amounts. All currencies are Canadian unless otherwise specified.

Q2-2017 Highlights

--  Revenues reached $2,840, an increase of $1,345 or 119% over the same
    period in prior year
--  Cash flows from operations were $3,371, an increase of $289 or 9% over
    the same period in prior year
--  Submitted Probuphine™ for approval by Health Canada
--  Issued additional secured loan tranches of US$1,807 to 60 Degree
    Pharmaceuticals ("60P")
--  Contributed capital of $6,190 and received distributions of $1,222 from
    strategic fund investments

Subsequent Events

--  Realized gain of $1,457 on disposal of common shares of Merus upon the
    close of its acquisition by Norgine B.V.
--  Medison Biotech (1995) Ltd.'s ("Medison") board of directors declared
    and approved dividends of $2,466 (ILS7,068)
--  Issued an additional secured loan of US$10,000 to Synergy CHC Corp.

"This past quarter was highlighted by continued revenue growth, as well as the submission of Probuphine™ for approval by Health Canada, bringing a novel product one step closer to improving the health of Canadians," said Jonathan Ross Goodman, CEO of Knight. "In the quarters ahead, we will continue to be focused on advancing our pipeline and capitalizing on GUD opportunities for growth."

Financial Results

Revenue for Q2 2017 was $2,840, an increase of $1,345 or 119% versus Q2 2016. Revenue for the first half of 2017 was $4,230, an increase of $2,027 or 92% versus the first half of 2016. The increase is due to the addition of Movantik® as well as to an increase of Impavido® sales.

Operating expenses for Q2 2017 were $4,246, an increase of $1,513 or 55% versus Q2 2016. The increase is explained by commercial activities including sales force promotion of Movantik®, an increase in the number of employees as Knight expands commercialization and prepares to launch new products in Canada, and the fees related to the submission of Probuphine™ for regulatory approval by Health Canada.

Interest income for Q2 2017 was $5,698, a decrease of $426 or 7% versus Q2 2016. The decrease is driven by a lower average loan balance outstanding, offset by an increase in the average cash, cash equivalents and marketable securities balances due to proceeds from equity raises in June and December 2016.

Share of income of associate for Q2 2017 was $96, a decrease of $709 or 88% versus Q2 2016. The decrease is due to Medison's lower net income mainly attributable to increases in marketing and selling expenses linked to new product launches as well as to an increase in the amortization of fair value adjustments recorded by Knight.

Net income for Q2 2017 was $459, a decrease of $3,987 or 90% versus Q2 2016. Net income for the first half of 2017 was $6,506, an increase of $1,583 or 32% versus the first half of 2016.

As at June 30, 2017, Knight had $761,161 in cash, cash equivalents and marketable securities and 142,765,432 common shares outstanding. From this strong cash position, Knight will continue to pursue business and corporate development opportunities.

Product Updates

During the quarter, Knight submitted a new drug submission for Probuphine™ for approval by Health Canada. Probuphine™, indicated for the treatment of opioid drug dependence, is a subdermal implant designed to deliver buprenorphine continuously for six months following a single treatment, promoting patient compliance and retention. Knight entered into an exclusive licensing agreement with Braeburn to commercialize Probuphine™ in Canada in February 2016.

According to IMS data, Movantik® sales in Canada were $213 and $381 for the three and six-month periods ended June 30, 2017. In December 2016, Knight entered into an agreement with AstraZeneca for the rights to Movantik® in Canada and Israel under which Knight is responsible for all commercial, regulatory and certain supply chain activities. Movantik® is the first once-daily oral peripherally-acting mu-opioid receptor antagonist for the treatment of opioid-induced constipation in adult patients with non-cancer pain who have had an inadequate response to laxative(s).

Strategic Lending Updates

During the three-month period ended June 30, 2017, Knight issued an additional US$1,356 to 60P. As at June 30, 2017, Knight had issued a total of US$4,197 to 60P as part of a secured loan agreement. The loan bears interest at 15% per annum and matures on December 31, 2020.

Subsequent to quarter end, Knight issued an additional secured loan of US$10,000 to Synergy which bears interest at 10.5% per annum and matures on August 9, 2020. As part of the transaction, Knight will receive a success fee paid at maturity, plus other consideration. In 2015, Knight issued two loans to Synergy totaling US$11,500 which have a current remaining balance of US$3,100 and are scheduled to be fully repaid by January 20, 2018.

Conference Call Notice

Knight will host a conference call and audio webcast to discuss its second quarter results today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.

Date:       Thursday, August 10, 2017

Time:       8:30 a.m. EST

Telephone:  1-877-223-4471 or 647-788-4922

Webcast: or

This is a listen-only audio webcast. Media Player is required to listen to
the broadcast.

Replay:     An archived replay will be available for 30 days at

About Knight Therapeutics Inc.

Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at or

Forward-Looking Statement

This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2016. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.


                     (In thousands of Canadian dollars)


As at                                        June 30, 2017 December 31, 2016

Cash and cash equivalents                          527,879           514,942
Marketable securities                              233,282           221,108
Trade and other receivables                          7,598             6,440
Inventories                                            839               790
Other current financial assets                      35,779            51,789
Income taxes receivable                              5,456             4,683
Total current assets                               810,833           799,752

Property and equipment                                  68                32
Intangible assets                                   13,482            14,153
Other financial assets                              84,073            90,643
Investment in associate                             78,003            80,113
Deferred income tax assets                           5,521             6,077
Total assets                                       991,980           990,770

Accounts payable and accrued liabilities             3,123             3,207
Income taxes payable                                 6,617             5,659
Other balances payable                                 610               537
Deferred other income                                  250               355
Total current liabilities                           10,600             9,758
Deferred other income                                  292               417
Other balances payable                                 908               877
Total liabilities                                   11,800            11,052

Shareholders' equity
Share capital                                      761,063           760,447
Warrants                                               785               785
Contributed surplus                                 11,138             9,469
Accumulated other comprehensive income              22,102            30,431
Retained earnings                                  185,092           178,586
Total shareholders' equity                         980,180           979,718
Total liabilities and shareholders' equity         991,980           990,770


 (In thousands of Canadian dollars, except for share and per share amounts)


                                             Three months  Six months ended
                                            ended June 30           June 30
                                            2017     2016     2017     2016

Revenues                                   2,480    1,135    4,230    2,203
Cost of goods sold                           472      535      760      781
Gross margin                               2,008      600    3,470    1,422

Selling and marketing                      1,050      154    1,413      168
General and administrative                 2,329    2,055    4,797    4,234
Research and development                     867      524    1,283      807
                                          (2,238)  (2,133)  (4,023)  (3,787)

Depreciation of property and equipment         -       10        -       18
Amortization of intangible assets            320      122      646      163
Interest income                           (5,698)  (6,124) (11,558) (10,940)
Other income                                (334)    (354)    (642)  (1,453)
Net loss (gain) on financial assets        1,056     (783)  (2,319)  (2,512)
Share of net income of associate             (96)    (805)    (415)  (1,659)
Foreign exchange loss                      1,306      357    1,549    4,127
Income before income taxes                 1,208    5,444    8,716    8,469

Income tax expense
Current                                      628      578    1,108    3,119
Deferred                                     121      420    1,102      427
Net income for the period                    459    4,446    6,506    4,923

Attributable to shareholders of the Company
Basic earnings per share                   0.003    0.039    0.046    0.046
Diluted earnings per share                 0.003    0.039    0.045    0.045


                     (In thousands of Canadian dollars)


                                             Three months  Six months ended
                                            ended June 30           June 30
                                            2017     2016     2017     2016
Net income for the period                    459    4,446    6,506    4,923
Adjustments reconciling net income to
 operating cash flows:
  Deferred tax                               121      420    1,102      427
  Share-based compensation expense         1,018      810    1,864    1,883
  Depreciation and amortization              320      132      646      181
  Accretion of interest                   (1,106)  (1,741)  (2,184)  (2,846)
  Realized (gain) loss on financial
   assets                                   (665)     514   (1,641)    (142)
  Unrealized (gain) loss on financial
   assets                                  1,721   (1,297)    (678)  (2,370)
  Foreign exchange loss                    1,344      367    1,549    4,127
  Share of net income from associate         (96)    (805)    (415)  (1,659)
  Other adjustments                           71     (151)    (231)    (293)
                                           3,187    2,695    6,518    4,231
Changes in non-cash working capital
 related to operations                    (2,341)     387   (1,436)     963
Dividends from associate                   2,525        -    2,525    2,423
Cash inflow from operating activities      3,371    3,082    7,607    7,617

Purchase of marketable securities        (98,182)(135,726)(142,473)(283,125)
Purchase of intangibles                        -        -        -   (2,924)
Issuance of loans receivables             (1,807)  (2,598)  (1,807) (37,449)
Purchase of equities                        (120)  (3,999)  (2,939)  (7,460)
Investment in funds                       (6,190)  (3,392) (10,331)  (9,225)
Proceeds from sale of marketable
 securities                              106,073   81,878  126,559  234,104
Proceeds from repayments of loans
 receivable                                2,266    1,005   30,324    2,023
Proceeds from disposal of equities         2,806      616    3,515    6,235
Proceeds from distribution of funds        1,222        -    3,376        -
Cash inflow (outflow) from investing
 activities                                6,068  (62,216)   6,224  (97,821)

Issuance of shares upon bought deal            -  218,552        -  218,552
Proceeds from share option plan                -        -      345        -
Proceeds from share purchase plan             50       22       93       50
Issuance of share purchase loans               -     (200)       -     (200)
Cash inflow from financing activities         50  218,374      438  218,402
Increase in cash during the period         9,489  159,240   14,269  128,198
Cash and cash equivalents, beginning of
 the period                              519,522  204,785  514,942  237,481
Net foreign exchange difference           (1,132)    (312)  (1,332)  (1,966)
Cash and cash equivalents, end of the
 period                                  527,879  363,713  527,879  363,713
Marketable securities, end of the period 233,282  274,710  233,282  274,710
Cash, cash equivalents and marketable
 securities, end of the period           761,161  638,423  761,161  638,423

Knight Therapeutics Inc.
Jeffrey Kadanoff, P.Eng., MBA
Chief Financial Officer
514-484-GUD1 (4831)
514-481-4116 (FAX)

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