EVANSTON, Ill., Jan. 14 /PRNewswire/ -- Northfield Laboratories Inc.
(Nasdaq: NFLD), a leading developer of an oxygen-carrying blood substitute for
trauma and elective surgery situations, today reported a loss, as anticipated,
for its second fiscal quarter and six months ended November 30, 1999.
The development stage company, which is conducting elective surgery and
trauma trials of its blood substitute, PolyHeme(R), reported a loss of
$2.4 million, or 16 cents per basic share, for the second quarter, compared
with a loss of $1.8 million, or 13 cents per basic share, in the year-earlier
period.
For the six months, the net loss was $4.3 million, or 31 cents per basic
share, versus $3.4 million, or 24 cents per basic share, last year.
Northfield has no revenues. Continued increases in research and development
expenses result from increases associated with conducting clinical trials and
producing PolyHeme for use in the company's clinical trials.
Earlier this year, Northfield announced plans to implement an expansion of
its manufacturing capacity. This involved upgrading equipment at its existing
Mount Prospect, Ill., facility to increase production of PolyHeme from 4,000
units to 10,000 units. That initiative was completed in mid-December.
At the close of the quarter, the company reported shareholders' equity of
$44.9 million, with $44.0 million in cash and marketable securities.
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.
Northfield Laboratories was founded in 1985. The company is headquartered
in Evanston, Ill., 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. These risks include, among others: 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.
For more information on Northfield Laboratories Inc. via facsimile at no
cost, simply dial 1-800-PRO-INFO and enter the company code NFLD.
Visit the Northfield website at: http://www.northfieldlabs.com.
Northfield Laboratories Inc.
(a company in the development stage)
Statements of Operations
Three months and six months ended November 30, 1999 and November 30, 1998
(In thousands except per share data)
Three months ended Six months ended
November 30, November 30, November 30,November 30,
1999 1998 1999 1998
(unaudited) (unaudited) (unaudited)
(unaudited)
Revenues - license income $-- $-- $-- $--
Costs and expenses:
Research and development 2,362 1,876 4,487 3,683
General and
administrative 524 561 1,008 1,151
2,886 2,437 5,495 4,834
Other income and expense:
Interest income 579 672 1,149 1,388
Interest expense -- -- -- --
579 672 1,149 1,388
Net loss $(2,307) $(1,765) $(4,346) $(3,446)
Net loss per
basic share $(0.16) $(0.13) $(0.31) $(0.24)
Shares used in
calculation of
per share data 14,240 14,107 14,240 14,102
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
November 30, 1999 (unaudited) and May 31, 1999
(In thousands)
November 30, May 31,
Assets 1999 1999
Current assets:
Cash $20,850 $25,856
Short-term marketable
securities 23,111 21,706
Prepaid expenses 186 302
Other current assets 454 268
Total current assets 44,601 48,132
Property, plant and
equipment, net 2,276 2,756
Other assets 75 75
Total assets $46,952 $50,963
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $1,609 $1,325
Accrued expenses 84 121
Accrued compensation and
benefits 255 221
Total current liabilities 1,948 1,667
Other liabilities 135 125
Total liabilities 2,083 1,792
Shareholders' equity:
Capital stock 142 142
Additional paid-in capital 117,229 117,186
Deficit accumulated during
the development stage (72,502) (68,157)
Total shareholders' equity 44,869 49,171
Total liabilities and
shareholders' equity $46,952 $50,963
SOURCE Northfield Laboratories Inc.
 back to top
Related links:
http://www.northfieldlabs.com
CONTACT:
Richard DeWoskin, Chief Executive Officer of
Northfield Laboratories Inc., 847-864-3500; General Information,
Leslie Hunziker, Media, Darcy Bretz, or Analysts-Brokers, Kathy
Brunson, all of The Financial Relations Board, 312-266-7800, for
Northfield Laboratories Inc.
|
