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Neurochem reports results for third quarter of fiscal 2006
Neurochem reports results for third quarter of fiscal 2006.
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\n\nNeurochem will host a conference call on Thursday, November 9, 2006,\nat 8:30 A.M. ET.\n-------------------------------------------------------------------------\n\nLAVAL, QC, Nov. 8 /CNW/ - Neurochem Inc. (NASDAQ: NRMX; TSX: NRM)\nreported results for the third quarter ended September 30, 2006. The Company\nreported a net loss of $18,520,000 ($0.48 per share), compared to $21,074,000\n($0.58 per share) for the corresponding period last year. The decrease is\nmainly due to a reduction in general & administrative expenses. For the\nnine-month period ended September 30, 2006, the net loss amounted to\n$56,028,000 ($1.45 per share), compared to $56,738,000 ($1.65 per share) for\nthe same period last year. Research and development (R&D) expenses amounted to\n$14,461,000 this quarter compared to $13,945,000 for the same period last\nyear. For the nine-month period, R&D expenses were $42,529,000 compared to\n$38,807,000 for the corresponding period of the previous year. The increase in\nR&D expenses in the nine-month period is primarily due to expenses incurred in\nrelation to the development of tramiprosate (ALZHEMED(TM)) for the ongoing\nPhase III clinical trials in North America and Europe. Tramiprosate\n(ALZHEMED(TM)) is the Company's investigational product candidate for the\ntreatment of Alzheimer's disease (AD).\nAs at September 30, 2006, the Company had available cash, cash\nequivalents and marketable securities of $26,769,000, compared to $71,091,000\nat December 31, 2005. The decrease is primarily due to funds used in\noperations and is partially offset by proceeds received from the exercise of a\nwarrant in February of 2006 by a subsidiary of Picchio Pharma Inc. (Picchio\nPharma).\n\"Neurochem is going through a very important stage in its development as\nit approaches the potential commercialization of its first product candidate,\"\nsaid Dr. Francesco Bellini, Neurochem's Chairman, President and CEO. \"The\ncompany has filed a complete response to the FDA for the approvable letter for\nACTA(TM) and now awaits a response from the FDA. Coinciding with the last\npatient's visit, we expect to complete our North American Phase III clinical\ntrial in January 2007 for ALZHEMED(TM), a potential breakthrough treatment\nthat could stop or slow the progression of Alzheimer's disease. The important\nprogress...