Medexus Pharmaceuticals Inc.

Greetings. Welcome to the Medexus Pharmaceuticals third quarter 2023 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Victoria Rutherford, Investor Relations with Medexus. You may begin.

Thank you and good morning everyone. Welcome to the Medexus Pharmaceuticals third fiscal quarter 2023 earnings call. On the call this morning are Ken D'Entremont, Chief Executive Officer, and Marcel Conrad, Chief Financial Officer. If you have any questions after the conference call or would like further information about the company, please contact Adelaide Capital at 480-625-5772. I would like to remind everyone that this discussion will include forward-looking information as defined in securities laws. Actual results may differ materially from historical results or results anticipated by the forward-looking information. In addition, the discussion will also include non-GAAP measures such as adjusted net loss and adjusted EBITDA, which do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. For more information about forward-looking information and non-GAAP measures, including a reconciliation of each of adjusted net loss and adjusted EBITDA to net loss, please refer to the company's management discussion and analysis, which, along with the financial statements, is available on the company's website at www.medexas.com and on CDAR at www.cdar.com. As a reminder, Medexis reports on March 31st fiscal year basis, so the quarter ended December 31st, 2022, was the company's fiscal Q3, 2023. Medexis reports financial results in US dollars. I would now like to turn the call over to Ken D'Entremont.

Thank you, Victoria. Good morning, everyone. Thanks for joining us on the call today. We are proud to announce another record quarter for Medexis. As one key indicator, we achieved revenue of $28.7 million for fiscal 2023. We saw growth across all of our leading prescription products this quarter, which was further complemented by the addition of Glioland net sales in the U.S. Our third quarter revenue of $28.7 million compares favorably to $21.3 million for the same period last year. or 35% growth year over year. The $7.4 million increase is mainly due to an increase in net sales across our portfolio and the contribution from Gleeoland in the U.S. Third quarter adjusted EBITDA increased to $5.2 million compared to $1.9 million for the same period last year. The $3.3 million year-over-year increase is mainly due to the increase in debt sales I mentioned and the reduction in research and development costs. I would like to highlight this is our fifth consecutive quarter of positive adjusted EBITDA, demonstrating strength and stability in our product portfolio as we close out fiscal 23 and look ahead to fiscal 24. We produced a net loss of $1.5 million for Q3 compared to a net loss of $1.2 million for the same period last year. Our adjusted net loss, which adjusts for unrealized losses or gains related to our convertible debentures that are included in that loss, was $0.9 million compared to $3.4 million for the same period last year. As at December 31st, 22, we had $9.3 million in cash and cash equivalents with $10.1 million in total available liquidity. We are actively evaluating options regarding our capital structure, including as it relates to our debt financing arrangements with a view to preparing for planned future growth. I will let Marcel comment on this project later in this call. Turning to our specific product lines, our core business is still growing, and we continue to work on potential additions to our product portfolio to generate additional growth momentum. Xfinity saw strong unit demand in the U.S. during the trailing 12 months ended December 31st, 22. This reflects new patient conversions on top of stable existing base of patients following the resumption of in-person selling earlier in the year. We continue to improve the Xcinity manufacturing process, which has had a positive impact on Xcinity manufacturing costs. Rupal continued to see strong unit demand, achieving 25% growth for the trailing 12 months at the December 31st, 22. This continues Rupal's trend as one of the fastest growing antihistamines in the Canadian prescription market. This strong performance reflects successful execution of our sales and marketing initiatives over the five years since launch. Turning to Resuvo, unit demand remained strong for the trailing 12 months ending December 31st, 22, maintaining the product's leading position in the moderately growing U.S.-branded methotrexate market with a limited sales force allocation. However, increasing competition in the U.S.-branded methotrexate market continues to negatively affect Resuvo product level revenue. On MetalJect, MetalJect saw unit demand increase in the trailing 12 months ended December 31, 2022. This was despite the ongoing impacts from a generic entry into the Canadian methotrexate market in calendar 2020, although product revenue was negatively impacted due to a decrease in effective unit level prices. The trial for the Patent litigation we launched against the generic competitor in 2020 completed in January 23. We anticipate that the federal court, which is the court overseeing this trial, will issue its decision later in calendar year 23. In March of 2022, we acquired the exclusive right to commercialize Glioland in the U.S. As I mentioned, September 22 was the first full month And December 31st, 22, was the first full fiscal quarter where we recognized 100% of GLEOLAND net sales. Sales have continued to be in line with expectations. This reflects our successful execution of a seamless transition to full U.S. commercial responsibility and puts us in a position to continue executing on our commercial plan. We also actively pursue opportunities to build our product portfolio by licensing and acquiring new products and by exploring additional indications within our current product portfolio. The advancement of any one of these pipeline opportunities would provide significant step up in our growth profile. We are also pleased to welcome Harmony Gargis, Chief Medical Officer for Veve Healthcare and Manasi Tedesse. previously a senior executive at Pfizer and Vietris, to the Medex's board of directors. Harmony's significant experience leading medical affairs and medical regulatory matters and Manassi's strong management experience and expertise in corporate finance will undoubtedly be assets as we grow our business. In particular, I would like to highlight Harmony's medical leadership for over a dozen new drug applications and new product launches. and Manassi's 26 years of experience leading large commercial and cross-functional organizations. I will now turn the call over to Marcel, who will discuss our financial results in more detail. Marcel?