EVANSTON, Ill., Jan. 11 /PRNewswire/ -- Northfield Laboratories Inc.
(Nasdaq: NFLD), a leading developer of an oxygen-carrying blood substitute for
trauma and elective surgery situations, reported a loss, as anticipated, for
its fiscal 2002 second quarter ended November 30, 2001. As a development-
stage company, Northfield has no revenues.
For the second quarter, Northfield reported a loss of $2.2 million, or
$.15 cents per basic share compared with a loss of $2.2 million, or $.16 cents
per basic share, in the year-earlier period.
For the latest six months, the net loss was $5.4 million, or $.38 cents
per basic share compared with a loss of $4.8 million, or $.33 cents per basic
share, in the first six months of fiscal 2001.
At the close of the quarter, the company reported shareholders' equity of
$24.8 million, with $23.0 million in cash and marketable securities.
Northfield Laboratories, founded in 1985, is a leading developer of an
oxygen-carrying blood substitute. Its product, PolyHeme, is the only blood
substitute undergoing clinical trials that has been tested at large enough
dosages to be considered a substitute for acute blood loss in trauma and
surgical settings. As a result of the process used to manufacture the blood
substitute, essentially a solution of polymerized hemoglobin, PolyHeme has a
longer shelf life than blood, requires no cross matching and does not transmit
disease. The company is headquartered in Evanston, Illinois, and its stock is
traded on the Nasdaq National Market System under the symbol NFLD.
Statements in this release that are not strictly historical are "forward-
looking" statements that are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks, which may cause the company's
actual results in the future to differ materially from expected results.
Northfield cautions that the FDA approval process for PolyHeme continues to be
subject to significant risks and uncertainties. The FDA could refuse to
accept Northfield's BLA in its current form. If Northfield's BLA is accepted,
the FDA could deny its approval for the commercial sale of PolyHeme or could
require additional clinical tests as a condition to its approval. If FDA
approval for the commercial sale of PolyHeme is granted, the indication uses
for which PolyHeme may be marketed could be significantly limited by the FDA.
Other risks may include: competition from other blood substitute products;
the company's ability to obtain regulatory approval to market PolyHeme
commercially; the company's and/or its representative's ability to
successfully market and sell PolyHeme; the company's ability to manufacture
PolyHeme in sufficient quantities; the company's ability to obtain an adequate
supply of raw materials; the company's ability to maintain intellectual
property protection for its proprietary product and to defend its existing
intellectual property rights from challenges by third parties; the
availability of capital to finance planned growth; and the extent to which the
hospitals and physicians using PolyHeme are able to obtain third-party
reimbursement, as described in the company's filing with the Securities and
Exchange Commission.
Visit the Northfield website at: http://www.northfieldlabs.com
NORTHFIELD LABORATORIES INC.
(a company in the development stage)
Statements of Operations
Three and six months ended November 30, 2001 and November 30, 2000
(In thousands except per share data)
Three months ended Six months ended
Nov 30, Nov 30, Nov 30, Nov 30,
2001 2000 2001 2000
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues - license
income $ - $ - $ - $ -
Costs and expenses:
Research and
development 1,911 2,237 4,559 4,475
General and
administrative 525 558 1,368 1,427
2,436 2,795 5,927 5,902
Other income and
expense:
Interest income 270 551 571 1,141
Interest expense - - - -
270 551 571 1,141
Net loss $(2,166) $(2,244) $(5,356) $(4,761)
Net loss per basic
share $(0.15) $(0.16) $(0.38) $(0.33)
Shares used in
calculation of
per share data 14,266 14,242 14,266 14,242
NORTHFIELD LABORATORIES INC.
(a company in the development stage)
Balance Sheets
November 30, 2001 and May 31, 2001
(In thousands)
Nov 30, May 31,
2001 2001
(unaudited)
Assets
Current assets:
Cash $6,402 $6,436
Short-term marketable
securities 16,583 22,263
Prepaid expenses 331 378
Other current assets 268 455
Total current assets 23,584 29,532
Plant and equipment, net 2,531 2,847
Other assets 73 123
Total assets $26,188 $32,502
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $802 $1,773
Accrued expenses 102 154
Accrued compensation and
benefits 320 261
Total current liabilities 1,224 2,188
Other liabilities 173 166
Total liabilities 1,397 2,354
Shareholders' equity:
Capital Stock 143 143
Additional paid-in capital 117,503 117,503
Deficit accumulated during the (92,855) (87,498)
development stage
Total shareholders' equity 24,791 30,148
Total liabilities and
shareholders' equity $26,188 $32,502
SOURCE Northfield Laboratories Inc.
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Related links:
http://www.northfieldlabs.com
CONTACT:
Richard DeWoskin, Chief Executive Officer of
Northfield Laboratories Inc., +1-847-864-3500, or Investors, Bill
Schmidle, +1-312-640-6753, or Media, Cindy Martin,
+1-312-640-6741, both of FRB Weber Shandwick
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