EVANSTON, Ill., April 15 /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 third fiscal quarter and nine months ended
February 28, 1999.
The development stage company, which is conducting Phase III elective
surgery trials and Phase II trauma trials of its blood substitute,
PolyHeme(R), reported a loss of $1,691,000, or 12 cents per basic share, for
the third quarter, compared with a loss of $1,428,000, or 10 cents per basic
share, in the year-earlier period. For the nine months, the net loss was
$5,136,000, or 36 cents per basic share, versus $4,152,000, or 29 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.
At the close of the quarter, the company reported shareholders' equity of
$50.4 million, with $48.2 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, 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. 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.
Northfield Laboratories Inc.
(a company in the development stage)
Statements of Operations
Three months and Nine months ended February 28, 1999 and February 28, 1998
(In thousands except per share data)
Three months ended, Nine months ended
February 28, February 28, February 28, February 28,
1999 1998 1999 1998
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues - license income $--- $--- $--- $---
Costs and expenses:
Research and development 1,699 1,608 5,382 4,759
General and administrative 598 585 1,749 1,790
2,297 2,193 7,131 6,549
Other income and expense:
Interest income 606 765 1,995 2,397
Interest expense -- -- -- --
606 765 1,995 2,397
Net loss ($1,691) ($1,428) ($5,136) ($4,152)
Net loss per share
-- basic $(0.12) $(0.10) $(0.36) $(0.29)
Shares used in
calculation of
per share data -- basic 14,115 14,092 14,106 14,092
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
February 28, 1999 (unaudited) and May 31, 1998
(In thousands)
February 28, May 31,
Assets 1999 1998
Current assets:
Cash $26,178 $26,474
Short-term marketable securities 22,039 27,031
Prepaid expenses 200 373
Other current assets 440 17
Total current assets 48,857 53,895
Property, plant and equipment, net 2,838 2,997
Other assets 27 27
Total assets $51,722 $56,919
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $833 $1,037
Accrued expenses 50 82
Accrued compensation and benefits 302 253
Total current liabilities 1,185 1,372
Other liabilities 100 99
Total liabilities 1,285 1,471
Shareholders' equity:
Capital Stock 141 141
Additional paid-in capital 116,172 116,047
Deficit accumulated during the
development stage (65,876) (60,740)
Deferred compensation
Total shareholders' equity 50,437 55,448
Total liabilities and shareholders'
equity $51,722 $56,919
SOURCE Northfield Laboratories Inc.
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Related links:
http://www.northfieldlabs.com
CONTACT:
Richard DeWoskin, Chief Executive Officer of
Northfield, 847-864-3500; or General, Leslie Hunziker, Media,
Bess Gallanis, or Analysts-Brokers, Kathy Brunson, 312-266-7800,
all of The Financial Relations Board
NOTE TO EDITORS: 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 web site at:
http://www.northfieldlabs.com
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