December 20, 2014 3:12 PM ET

Biotechnology

Company Overview of Cangene Corp.

Company Overview

Cangene Corporation, a biopharmaceutical company, develops, manufactures, and commercializes immune therapeutics in North America and internationally. The company operates in two segments, Biopharmaceutical Operations and Contract Services. It develops plasma-derived products, including hyperimmunes, which are concentrated specialty antibody preparations made from specialty plasma; and recombinant biopharmaceuticals that are therapeutic proteins made by introducing a particular gene into a host organism. The company’s product portfolio consists of purified, concentrated antibody preparations (hyperimmunes) with target applications in infectious disease, hematology, transplantation, and biode...

155 Innovation Drive

Winnipeg, MB R3T 5Y3

Canada

Founded in 1984

472 Employees

Phone:

204-275-4200

Fax:

204-269-7003

Key Executives for Cangene Corp.

Chief Executive Officer
Age: 69
Chief Financial Officer
Chief Operating Officer
Vice President of Human Resources
Compensation as of Fiscal Year 2014.

Cangene Corp. Key Developments

Cangene Corp. Reports Unaudited Earnings Results for the First Quarter Ended October 31, 2013

Cangene Corp. reported unaudited earnings results for the first quarter ended October 31, 2013. For the quarter, the company reported revenues of $24,615,000 compared to $36,482,000 reported a year ago. Loss before the others was $4,082,000 compared to income before the others of $9,074,000 reported a year ago. Loss before taxes was $4,885,000 compared to income before taxes of $8,429,000 reported a year ago. Net loss and comprehensive loss was $5,214,000 or $0.08 per basic and diluted share compared to net income and comprehensive income of $5,940,000 or $0.09 per basic and diluted share reported a year ago. Cash used in operating activities was $7,078,000 compared to $1,780,000 reported a year ago. Purchase of property, plant and equipment, net was $685,000 compared to $507,000 reported a year ago.

Cangene Corp., Special/Extraordinary Shareholders Meeting, Feb 12, 2014

Cangene Corp., Special/Extraordinary Shareholders Meeting, Feb 12, 2014., at 17:00 US Eastern Standard Time. Location: The Sheraton Toronto Airport Hotel. Agenda: To consider an interim order of the Ontario superior court of justice dated Jan. 8, 2013; and to transact such further or other business as may properly be brought before the meeting or at any adjournment or postponement thereof.

Cangene Corp. Reports Consolidated Financial Results for the Year Ended July 31, 2013

Cangene Corp. reported consolidated financial results for the year ended July 31, 2013. For the quarter, the company’s total revenue was $127.3 million, compared with $111.0 million in the prior year. The increase primarily resulted from an $18.6-million holdback payment received following the U.S. Food and Drug Administration's approval of the Company's Botulism Antitoxin, which was developed under a U.S. government contract. Additionally, commercial contract manufacturing revenue at Cangene bioPharma Inc. increased by $5.4 million compared with the prior year. The Company also benefited from increased sales of VARIZIG(R), following its FDA approval earlier in the year, and the launch of episil(R) in October 2012. The revenue increase was partially offset by a $5.0-million decline in biopharmaceutical product sales; $2.3 million of this was due to a year-over-year decrease in unprofitable non-specialty plasma sales, which Cangene no longer sells following the disposition of its U.S.-based plasma centres in October 2012. The remainder of the decline resulted from lower sales of the company's established biopharmaceutical products because of an increasingly competitive market environment. Net income improved to $1.4 million or $0.02 per basic and diluted share, compared with a net loss of $28.3 million or a loss of $0.42 per basic and diluted share in the prior year. The improvement was driven by the revenue increase, a $6.7-million reduction in inventory writedowns and improved margins, as well as a lower independent R&D expense, a reversal of impairment and the gain on the sale of the plasma centres. These positive factors were partially offset by an $7.3-million tax expense that compares with a $4.5-million tax recovery in the prior year and a $6.3-million increase in selling, general and administrative expenses in the current year that relates largely to the episil(R) launch and IB1001 acquisition transaction costs. Income before taxes was $8.649 million against $32.788 million a year ago. Cash provided by operating activities was $19.891 million against cash used in operating activities of $5.662 million a year ago. Purchase of property, plant and equipment, net was $3.069 million against $1.604 million a year ago. Acquisition of intangible assets was $0.135 million against $2.106 million a year ago.

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