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Neurochem reports results for second quarter of fiscal 2007
Neurochem reports results for second quarter of fiscal 2007.
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nNeurochem will host a conference call, August 9, 2007, at 5:00 PM EDT.\n\n\n----------------------------------------------------------------------\n\n\nLAVAL, QC, Aug. 9 /CNW Telbec/ - Neurochem Inc. (NASDAQ: NRMX; TSX: NRM)\nreported results for the second quarter ended June 30, 2007. The Company\nreported a net loss of $33,830,000 ($0.83 per share), compared to $20,374,000\n($0.53 per share) for the corresponding period last year. The net loss for the\nperiods ended June 30, 2007, includes a non-cash charge under Canadian GAAP of\n$11,651,000 relating to the US$40 million 5% senior subordinated convertible\nnotes which were converted into common shares during the current quarter at\nUS$9 per share. For the six-month period ended June 30, 2007, the net loss\namounted to $58,448,000 ($1.47 per share), compared to $37,508,000 ($0.97 per\nshare) for the same period last year. Research and development (R&D) expenses\namounted to $16,115,000 this quarter compared to $14,342,000 for the same\nperiod last year. For the six-month period, R&D expenses were $35,827,000\ncompared to $28,068,000 for the corresponding period of the previous year. The\nincrease is due to expenses incurred in relation to the development of\ntramiprosate (ALZHEMED(TM)) primarily in respect of the ongoing Phase III\nclinical trial in Europe and the North American open-label extension of the\nPhase III study, as well as the conduct of a QT cardiac status Phase I study.\nTramiprosate (ALZHEMED(TM)) is the Company's investigational product candidate\nfor the treatment of Alzheimer's disease (AD).\n\n\nAs at June 30, 2007 the Company reported cash, cash equivalents and\nmarketable securities of $90,873,000, compared to $56,821,000 on December 31,\n2006. The increase is primarily due to proceeds received from the issue of\nconvertible notes in May 2007 and is partially offset by funds used in\noperating activities.\n\n\nConference Call\n\n\nNeurochem will host a conference call on August 9, 2007, at 5:00 PM EDT.\nThe telephone numbers to access the conference call are 1-416-915-5784 or\n1-800-796-7558. A replay of the call will be available until Thursday, August\n16, 2007. The telephone numbers to access the replay of the call are\n1-416-640-1917 or 1-877-289-8525. The access code for the replay is 21243266(number sign).\n\n\nConsolidated Financial ...