Business
Neurochem reports results for fourth quarter and fiscal year 2007 and important advances on corporate objectives
Neurochem will host a conference call Thursday, February 21, 2008, at 8:30 A.M. ET. LAVAL, QC, Fe...
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nNeurochem will host a conference call Thursday, February 21, 2008,\n\n\nat 8:30 A.M. ET.\n\n\nLAVAL, QC, Feb. 20 /CNW Telbec/ - Neurochem Inc. (NASDAQ: NRMX; TSX: NRM)\nreports results for the fourth quarter and fiscal year ended December 31,\n2007, and announces important advances regarding the Company's pharmaceutical\nand nutraceutical activities. The Company reports, for the fourth quarter, a\nnet loss of $16,097,000 ($0.33 per share), compared to $17,011,000 ($0.44 per\nshare) for the corresponding period in the previous year. For the year ended\nDecember 31, 2007, the net loss amounted to $81,486,000 ($1.85 per share),\ncompared to $66,469,000 ($1.72 per share) for the same period last year. The\nnet loss for the year ended December 31, 2007, includes a non-recurring charge\nin the second quarter of fiscal 2007 under Canadian GAAP of $10,430,000\nrelating to the $40 million 5% senior subordinated convertible notes, which\nwere fully converted into common shares during the second quarter of 2007. In\ntotal, accretion expense amounted to $15,751,000 for the year ended\nDecember 31, 2007. As at December 31, 2007, the Company had available cash,\ncash equivalents and marketable securities of $58,672,000, compared to\n$48,758,000 at December 31, 2006. All figures are in U.S. dollars, unless\notherwise specified.\n\n\nFurthermore, the Company is pleased to announce the following important\ndevelopments:\n\n\n- The regulatory submission for the initiation of the Phase II clinical\n trial with the investigational product candidate NC-503 in patients\n with Type II Diabetes as well as certain features of Metabolic Syndrome\n was accepted by the Therapeutic Products Directorate of Health Canada.\n As a result, the first patient is expected to be enrolled shortly. The\n key objectives of the study are to investigate the safety and proof-\n of-concept efficacy of NC-503 on glycemic measures.\n- In order to more accurately reflect the Company's expanded business\n strategy and core programs that encompass both therapeutics and branded\n nutraceutical products, and following the approval by Neurochem's Board\n of Directors, the name-change from Neurochem to BELLUS HEALTH(TM),\n pending shareholder approval at the next annual meeting.\n- Approval by Neurochem's Board of Directors for the creation of\n subsidiaries for the purpose...