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Neurochem reports results for first quarter of fiscal 2007
Neurochem reports results for first quarter of fiscal 2007.
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, May 8 /CNW Telbec/ - Neurochem Inc. (NASDAQ: NRMX; TSX: NRM)\nreported results for the first quarter ended March 31, 2007. The Company\nreported a net loss of $24,618,000 ($0.63 per share) for the quarter, compared\nto $17,134,000 ($0.45 per share) for the same period the previous year. The\nincrease is primarily due to research and development (R&D) expenses which\namounted to $19,712,000 this quarter, compared to $13,726,000 for the same\nperiod the previous year, relating to the development of tramiprosate\n(ALZHEMED(TM)) for the ongoing Phase III clinical trial in Europe and the\nNorth American open-label extension of the Phase III study, as well as a\nconduct of a QT cardiac status Phase I study. Tramiprosate (ALZHEMED(TM)) is\nthe Company's investigational product candidate for the treatment of\nAlzheimer's disease (AD). For the quarter and year ended March 31, 2007, R&D\nexpenses also included costs incurred to support the North American Phase III\nclinical trial for tramiprosate (ALZHEMED(TM)), the ongoing open-label\nextension of the eprodisate (KIACTA(TM)) Phase II/III study, as well as\nongoing drug discovery programs.\n\n\nAs at March 31, 2007, the Company had available cash, cash equivalents\nand marketable securities of $35,470,000, compared to $56,821,000 on\nDecember 31, 2006. The decrease is primarily due to funds used in operating\nactivities.\n\n\nOn May 2, 2007, Neurochem entered into a private placement of \nU.S.$80,000,000 aggregate principal amount of convertible notes, consisting of\nU.S.$40,000,000 of 6% senior convertible notes due in 2027 and U.S.$40,000,000\nof 5% senior subordinated convertible notes due in 2012. The latter shall be\nsubject to mandatory conversion into common shares of Neurochem within 5 days\nof the effectiveness of a registration statement registering the underlying\nsecurities. In connection with this transaction, Neurochem issued warrants to\npurchase an aggregate of 2,250,645 common shares of Neurochem until May 2,\n2012.\n\n\nConsolidated Financial Results Highlights\n\n\nThe following discussion and analysis should be read in conjunction with\nthe Company's unaudited consolidated financial statements for the quarter\nended March 31, 2007, as well as the Company's audited consolidated financial\nstatements for the year ended December 31, 2006, which ...