11:02 AM EDT, 05/09/2024 (MT Newswires) -- Knight Therapeutics Inc. ( KHTRF ) entered Thursday into an exclusive supply and distribution agreement whereby Ironshore Pharmaceuticals & Development, has granted the company the rights to seek regulatory approval and commercialize Jornay PM in Canada and Latin America. Jornay PM is a stimulant medication for the treatment of Attention-Deficit Hyperactivity Disorder (ADHD). Financial terms of the agreement were not disclosed.

Jornay PM, the only evening-dosed methylphenidate product commercially available in the U.S. to treat ADHD in patients six years and older, was submitted for approval in Canada last November.

"With this transaction, Knight is bringing a highly innovative and differentiated ADHD stimulant medication and are continuing to build a very promising pipeline in ADHD in Canada and LATAM," said Samira Sakhia, President and CEO.

Meanwhile, the company earlier Thursday reported that first quarter net loss increased 15% to $4.5 million, from a loss of $3.94 million, the year before. Capital IQ had forecast earnings of near $1 million.

Revenue rose 5% to $86.6 million, which Knight said was driven by the growth of key promoted products, offset by its mature branded generic products. Capital IQ had forecast $79.50 million.

The company reconfirmed its guidance targets for fiscal 2024, and expects to generate between $335 million to $350 million in revenue and adjusted EBITDA to be 17% of revenue. The Capital IQ forecast on revenues for 2024 is near 344 million.

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