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August 16 , 2021 MEDEXUS PHARMA Medexus Pharmaceuticals Reports Financial and Operational Results for First Quarter Fiscal 2022 Continued strength in unit demand across key product lines Rupall unit demand growth of 44 % for the 12 months ending June 30 , 2021 Completion of enrollment for IXINITY® Phase 4 clinical pediatric trials Management to host conference call at 8:00 AM Eastern Time on August 17th , 2021 TORONTO and CHICAGO , Aug. 16 , 2021 ( GLOBE NEWSWIRE ) Medexus Pharmaceuticals Inc. ( " Medexus " or the " Company " ) ( TSX : MDP ) ( OTCQX : MEDXF ) today announced its financial results and provided a business update for the three - month period ended June 30 , 2021. All dollar amounts below are in United States dollars unless specified otherwise . First Quarter Fiscal 2022 Financial Highlights * : • Revenue of $ 17.3 million compared to $ 20 million for Q1 of fiscal 2021. The decrease in net sales was due to a temporary decline in ex - factory sales of IXINITY® , as pharmacy and wholesale customers continued to work through inventory on hand . Despite the decreased sales , patient unit demand for IXINITY® increased 25.3 % compared to the corresponding period in the prior year , to 7.6 million IUs , which reflects the Company's successful commercial efforts . These efforts are expected to be realized in strong ex - factory sales and improved gross margin , once the inventory on hand is reduced to normal levels , in the coming quarters . • Adjusted EBITDA * decreased to $ ( 4.9 ) million compared to $ 3.6 million for the same period last year , due primarily to the decrease in Net Sales , the impact of a manufacturing expense related to IXINITY® , an increase in Research & Development Costs over the comparative period due to the ramp up of the IXINITY® pediatric trial , and the investments the Company made related to plans for the commercialization of treosulfan . • Cash used by operating activities was $ 6.8 million , compared to cash provided by operating activities of $ 3.0 million for the same period last year . $ 5 million of the cash used was a milestone payment to medac for the treosulfan license . There are no additional milestone payments for that license until approval . • Net loss was $ 6.6 million compared to $ 3.4 million for the same period last year . • Adjusted Net Loss * ( which adjusts for such unrealized losses ( or gains ) on the fair value of derivatives ) was $ 9.8 million compared to $ 0.8 million for the same period last year .