Liminal BioSciences Inc. - LMNL STOCK NEWS

Liminal BioSciences (NASDAQ: LMNL) announced its fourth-quarter and year-end 2021 results on March 17, 2022, reporting cash of $108.5 million and working capital of $96.1 million as of December 31, 2021. The company completed its Phase 1 Multi-Ascending Dose trial for fezagepras and plans a Phase 1a trial in Q2 2022. It repaid a $39.1 million secured loan, eliminating debt. Revenues decreased to $643K from $724K year-over-year, while net loss reduced to $45.1 million, down from $49.0 million. The company aims to streamline further and focus on its drug development pipeline.

Liminal BioSciences has announced the completion of a Phase 1 Multi-Ascending Dose (MAD) trial for fezagepras, revealing no significant safety issues. The results indicate the drug's nitrogen scavenging capabilities, leading to plans for a Phase 1a Single Ascending Dose (SAD) trial in Q2 2022, compared to sodium phenylbutyrate. Despite earlier intentions to explore fezagepras for fibrosis and hypertriglyceridemia, the company concluded these are not viable indications. The upcoming SAD trial aims to gather further data on the drug's potential in treating conditions linked to high plasma ammonia levels.

Liminal BioSciences (LMNL) received a notice from Nasdaq on March 4, 2022, indicating non-compliance with the minimum bid price requirement of US$1.00 per share. The company's stock price fell short during the 30-day observation period from January 20 to March 3, 2022. The notice allows the company until August 31, 2022, to regain compliance by maintaining the required stock price for at least ten consecutive business days. Liminal plans to monitor its stock price and explore options for compliance improvement.

Liminal BioSciences has fully repaid its $39.1 million debt to Structured Alpha LP using available cash. This early repayment eliminates associated interest expenses, totaling approximately CA$9.1 million, and terminates various agreements, including the Loan Agreement and Royalty Stream Agreement. The move allows Liminal to regain control over its assets, enhancing operational flexibility for future opportunities. This significant financial maneuver occurred well ahead of the April 2024 repayment deadline, reflecting the company's commitment to prudent financial management.

Liminal BioSciences (Nasdaq: LMNL) announced key R&D priorities for 2022 following significant achievements in 2021. The company completed its Phase 1 Multi-Ascending Dose clinical trial for fezagepras and closed the sale of its plasma-derived therapeutics business. In 2022, it aims to focus on potential new indications for fezagepras, develop GPR84 and OXER-1 antagonists, and streamline operations to reduce costs with CAD 116.7 million cash as of September 30, 2021.

Liminal BioSciences Inc. (Nasdaq: LMNL) reported significant developments in its Q3 2021 financial results. The company closed a USD 105 million sale of a Priority Review Voucher and divested its plasma-derived therapeutics business to Kedrion S.p.A. Cash totaled CAD 116.7 million as of September 30, 2021. R&D expenses increased to CAD 5 million, while admin expenses rose to CAD 9.4 million. The company reported a net income of CAD 82.3 million compared to a loss of CAD 23.3 million in 2020, driven by a CAD 129.8 million gain from the sale of subsidiaries.

Liminal BioSciences Inc. (Nasdaq: LMNL) announced the completion of the sale of its plasma-derived therapeutics business for USD 5.5 million to Kedrion S.p.A. This transaction is part of a larger agreement that has generated approximately USD 100.2 million from the divestiture, including proceeds from a priority review voucher and related operations. The company continues its focus on developing small molecule drug candidates, including fezagepras, currently in a Phase 1 clinical trial in the UK.

Liminal BioSciences Inc. (NASDAQ: LMNL) has completed the sale of its Priority Review Voucher (PRV) for USD 105 million through its subsidiary, Prometic Biotherapeutics Inc. (PBT). Liminal will receive 70% of the net proceeds from this transaction. The company plans to utilize these funds to advance its small molecule pipeline, with an update on R&D strategy expected following the ongoing fezagepras Phase 1 clinical trial. Liminal continues to focus on developing treatments for fibrotic diseases, with ongoing trials in the UK.

Liminal BioSciences (Nasdaq: LMNL) announced significant developments in its operations, including FDA approval for Ryplazim and a Rare Pediatric Disease Priority Review Voucher. The company finalized the sale of its plasma-derived therapeutics business, generating proceeds of US$105 million. For Q2 2021, Liminal reported a net loss of US$32.1 million, slightly higher than the previous year, while cash and cash equivalents stood at US$29.6 million. The company plans to update its R&D strategy as it moves forward with its clinical trials.