HLS Therapeutics posted $1.9 million net loss in the third quarter 2019, compared to the same period last year, when it was compared to net loss of $19.7 million, boosted by Canadian-based clozaril sales in the last day of Q2.
Greg Gubitz, CEO of HLS Therapeutics, said that August and September, were marked with certain institutional clients draw-down on their inventory, which impacted overall sales volumes. Howeverm he said that the outlook for Clozaril remains strong. “The number of Clozaril patients in Canada continues to trend higher, up approximately 2% year-over-year, and subsequent to quarter-end Health Canada granted us a medical device license for the CSAN Pronto device. These two factors give us strong confidence in the growth potential of the product in Canada.”
He said that Q4 is expected to be an exciting period for HLS, as Health Canada’s priority review of Vascepa remains underway and it is expected to receive their response around the end of December.
“As we’ve said previously, we believe Vascepa has the potential to transform our business and have conservatively estimated its potential peak revenue range at C$150-250 million per year, should it achieve regulatory approval. Other potential milestones in 2019 include the filing with Health Canada of two more products from our portfolio. We expect to submit filings for both Trinomia (indicated for the secondary prevention of cardiovascular events) and PERSERIS (a once-monthly risperidone long-acting injectable, which is a commercially complementary product to Clozaril). We look forward to reporting updates on these important developments in the coming months.”