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Neurochem reports results for fourth quarter and fiscal year 2006
Neurochem reports results for fourth quarter and fiscal year 2006.
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nNeurochem will host a conference call Thursday, February 22, 2007,\n\n\nat 8:30 A.M. ET.\n\n\nLAVAL, QC, Feb. 21 /CNW Telbec/ - Neurochem Inc. (NASDAQ: NRMX; TSX: NRM)\nreported results for the fourth quarter and fiscal year ended December 31,\n2006. The Company reported a net loss of $19,359,000 ($0.50 per share), for\nthe quarter, compared to the net loss of $15,628,000 ($0.42 per share)\nrecorded in the fourth quarter of 2005. For the year ended December 31, 2006,\nthe net loss amounted to $75,387,000 ($1.95 per share), compared to\n$72,366,000 ($2.06 per share) for the same period in the previous year.\nResearch and development (R&D) expenses increased during the fourth quarter of\n2006 to $16,095,000 ($58,624,000 for the year), compared to $11,688,000 for\nthe same period the previous year ($50,495,000 for the year). The increase in\nR&D expenses is due to expenses incurred in relation to the development of\ntramiprosate (ALZHEMED(TM)), primarily for the ongoing Phase III clinical\ntrial in Europe, as well as for the open-label extension of the North American\nPhase III study. Tramiprosate (ALZHEMED(TM)) is the Company's investigational\nproduct candidate for the treatment of Alzheimer's disease (AD). For the\nquarter and the year ended December 31, 2006, (R&D) expenses also included\ncosts incurred to support the North American Phase III clinical trial for\ntramiprosate (ALZHEMED(TM)), the ongoing open-label extension of the\neprodisate (KIACTA(TM)) Phase II/III study for amyloid A (AA) amyloidosis, as\nwell as ongoing drug discovery programs. The increase in the net loss for 2006\ncompared to 2005 is mainly due to higher net R&D expenses, after deducting\nresearch tax credits and grants, and is partially offset by a decrease in\ngeneral and administrative expenses.\n\n\nAs at December 31, 2006, the Company had available cash, cash equivalents\nand marketable securities of $56,821,000, compared to $71,091,000 at December\n31, 2005. The decrease is primarily due to funds used in operations and is\npartially offset by proceeds of $47,557,000 from the issue of convertible\nnotes in November 2006, and proceeds of $9,372,000 from the exercise of a\nwarrant by Picchio Pharma in February 2006. Neurochem also has entered into an\nequity line of credit facility that provides the Company up to US$60,000,000\n...