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Neurochem reports results for third quarter of fiscal 2007
Neurochem will host a live web conference Thursday November 8, 2007, at 8:30 AM ET. LAVAL, QC, No...
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nNeurochem will host a live web conference Thursday November 8, 2007,\n\n\nat 8:30 AM ET.\n\n\nLAVAL, QC, Nov. 7 /CNW Telbec/ - Neurochem Inc. (NASDAQ: NRMX; TSX: NRM)\nreported results for the third quarter ended September 30, 2007. Effective\nJuly 1, 2007, the Company adopted the US dollar as its functional and\nreporting currency, thus all figures reported are reported in US dollars,\nunless otherwise specified. The Company reported a net loss of $13,889,000\n($0.29 per share), compared to $16,509,000 ($0.43 per share) for the\ncorresponding period in the previous year. For the nine-month period ended\nSeptember 30, 2007, the net loss amounted to $65,389,000 ($1.54 per share),\ncompared to $49,458,000 ($1.28 per share) for the same period last year.\n\n\nThe net loss for the nine-month period ended September 30, 2007, includes\na non-recurring charge in the second quarter of fiscal 2007 under Canadian\nGAAP of $10,431,000 relating to the $40 million 5% senior subordinated\nconvertible notes, which were fully converted into common shares during the\nsecond quarter of 2007.\n\n\nResearch and development (R&D) expenses amounted to $11,964,000 this\nquarter compared to $12,890,000 for the same period last year. For the\nnine-month period, R&D expenses were $43,533,000 compared to $37,546,000 for\nthe corresponding period of the previous year. The increase in the nine-month\nperiod compared to the same period the previous year is due to expenses\nincurred in relation to the development of tramiprosate (ALZHEMED(TM))\nprimarily in respect of the ongoing Phase III clinical trial in Europe and the\nNorth American open-label extension of the Phase III study, as well as the\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).\n\n\nAs at September 30, 2007, the Company had available cash, cash\nequivalents and marketable securities of $70,637,000, compared to $48,758,000\nat December 31, 2006. The increase is primarily due to proceeds received from\nthe issue of convertible notes in May 2007 and is partially offset by funds\nused in operating activities.\n\n\nLive Web Cast and Teleconference\n\n\nNeurochem will host a teleconference and web cast at 8:30 A.M., E.T.,\nThursday, November 8, 2007. The live...