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Knight Knight Therapeutics Reports First Quarter 2021 Results MONTREAL , May 14 , 2021 ( GLOBE NEWSWIRE ) -- Knight Therapeutics Inc. ( TSX : GUD ) ( " Knight " or " the Company " ) , a leading pan - American ( ex - US ) specialty pharmaceutical company , today reported financial results for its first quarter ended March 31 , 2021. All currency amounts are in thousands except for share and per share amounts . All currencies are Canadian unless otherwise specified . Q1 2021 Highlights Financials • Revenues were $ 46,069 , an increase of $ 230 or 1 % over prior year . • Gross margin generated of $ 20,580 or 45 % compared to $ 19,860 or 43 % in prior year . • Adjusted EBITDA¹ was $ 5,580 , an increase of $ 2,383 or 75 % over prior year . • Interest income generated of $ 1,998 a decrease of $ 2,651 or 57 % over prior year . • Net income was $ 3,558 compared to net loss of $ 9,477 in prior year . • Cash inflow from operations was $ 17,207 compared to cash outflow of $ 21,167 in prior year . Corporate Developments • Promoted Amal Khouri to Chief Business Officer . • Purchased 3,557,340 common shares through a Normal Course Issuer Bid ( " NCIB " ) for an average cost of $ 18,592 . Products • Launched Ibsrela ™ in Canada for the treatment of Irritable Bowel Syndrome with Constipation ( " IBS - C " ) . Strategic Investments • Disposed of 315,600 common shares of Medexus for total proceeds of $ 2,624 . • Received distributions of $ 4,336 from strategic fund investments and realized a gain of $ 3,031 . Key Subsequent Events • Entered into a definitive agreement with Novartis to acquire the exclusive rights to manufacture , market and sell ExelonⓇ in Canada and LATAM for an upfront payment of USD 168,000 ( $ 211,260² ) and a milestone payment of up to USD 12,000 ( $ 15,090² ) . • Shareholders re - elected James C. Gale , Jonathan Ross Goodman , Samira Sakhia , Robert N. Lande , Michael J. Tremblay , Nicolás Sujoy and Janice Murray on the Board of Directors . • Announced leadership change with Samira Sakhia assuming role of CEO and Jonathan Goodman assuming role of Executive Chairman effective September 1 , 2021 . • Purchased 512,271 common shares through its NCIB for an aggregate cost of $ 2,695 . " We are continuing to execute on multiple fronts . I am excited to report that our key launch brands in Latin America , including CresembaⓇ , Halaven® , LenvimaⓇ , TrelstarⓇ and NerlynxⓇ in Canada grew 116 % compared to the prior year quarter . We continue to progress on our integration activities and have commenced implementation of our ERP , CRM and HR and learning management systems . On the business development front , we executed on another transformational transaction with the acquisition of ExelonⓇ from Novartis for Canada and Latin America , said Samira Sakhia , President and Chief Operating Officer of Knight Therapeutics Inc. " I am humbled and honored to be leading talented Knights in Canada and across Latin America as we continue to execute on our strategy of acquiring , in - licensing and developing innovative medicines and high quality treatments for Latin America and Canada . " 1 Adjusted EBITDA is not defined terms under IFRS , refer to the definitions below for additional details . 2 Converted to CAD using the closing foreign exchange rate , actual amount in CAD will vary depending on the exchange rate on the close of the transaction Revenues SELECT FINANCIAL RESULTS & BALANCE SHEET ITEMS [ In thousands of Canadian dollars ] Change Q1-21 Q1-20 $ 1 % 2 46,069 45,839 230 1 %