EVANSTON, Ill., April 17 /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 third fiscal quarter ended February 28, 2001. As a development-stage
company, Northfield has no revenues.
Patent Position Strengthened
Late in 2000, Northfield was issued U.S. patent number 6,133,425,
"Acellular Red Blood Cell Substitute," from the U.S. patent office. "This
patent added to our already substantial portfolio of patents and serves to
protect both our product and our technology until 2017 in the U.S. Efforts of
this sort are underway in Europe and the rest of the world as well," said
Richard DeWoskin, CEO.
Published Data Endorses PolyHeme in Urgent Settings
In the March 2001 issue of the Journal of Trauma, Johnson et. al describe
positive results of the use of PolyHeme? in trauma patients in a paper titled,
"Resuscitation with a Blood Substitute Abrogates Pathologic Postinjury
Neutrophil Cytotoxic Function." Prior work has demonstrated the
life-sustaining capability of PolyHeme in the setting of life-threatening
blood loss when blood may be unavailable. This current study extends the
already large body of published data suggesting that PolyHeme may have
subtantial patient benefit compared to blood in urgent situations.
According to Dr. Steven A. Gould, president of Northfield, "This is a
noteworthy study since it suggests that the use of PolyHeme may provide an
approach to decreasing the incidence or severity of postinjury organ failure,
which accounts for much of the morbidity and mortality following trauma.
Although the potential for PolyHeme to save lives by providing oxygen-carrying
capacity has always been clear, this possible additional benefit of improving
the immunologic status of trauma patients is exciting."
Financial Performance
For the third quarter, Northfield reported a loss of $2.6 million, or
$0.18 cents per basic share compared with a loss of $2.5 million, or
$0.17 cents per basic share, in the year-earlier period.
For the latest nine months, net loss was $7.4 million, or $0.52 cents per
basic share compared with a loss of $6.8 million, or $0.48 cents per basic
share, in the first nine months of fiscal 2000.
At the close of the quarter, the company reported shareholders' equity of
$33.0 million, with $31.1 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.
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 nine months ended February 28, 2001 and February 29, 2000
(In thousands except per share data)
Three months ended Nine months ended
February February February February
28, 29, 28, 29,
2001 2000 2001 2000
(unaudited)(unaudited)(unaudited)(unaudited)
$ $ $ $
Revenues - license income -- -- -- --
Costs and expenses:
Research and development 2,489 2,365 6,964 6,852
General and administrative 620 658 2,047 1,666
3,109 3,023 9,011 8,518
Other income and expense:
Interest income 505 559 1,646 1,708
Interest expense -- -- -- --
505 559 1,646 1,708
Net loss $(2,604) $(2,464) $(7,365) $(6,810)
Net loss per basic share $(0.18) $(0.17) $(0.52) $(0.48)
Shares used in calculation
of per share data 14,263 14,241 14,253 14,240
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
February 28, 2001 (unaudited) and May 31, 2000
(In thousands)
February 28, May 31,
Assets 2001 2000
Current assets:
Cash $7,299 $15,154
Short-term marketable securities 23,800 23,129
Prepaid expenses 224 409
Other current assets 632 506
Total current assets 31,955 39,198
Plant and equipment, net 2,811 2,456
Other assets 123 74
Total assets $34,889 $41,728
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $1,347 $1,061
Accrued expenses 150 174
Accrued compensation and benefits 268 251
Total current liabilities 1,765 1,486
Other liabilities 167 148
Total liabilities 1,932 1,634
Shareholders' equity:
Capital stock 143 142
Additional paid-in capital 117,503 117,276
Deficit accumulated during the (84,689) (77,324)
development stage
Total shareholders' equity 32,957 40,094
Total liabilities and
shareholders' equity $34,889 $41,728
SOURCE Northfield Laboratories Inc.
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Related links:
http://www.northfieldlabs.com
CONTACT:
Richard DeWoskin, Chief Executive Officer of
Northfield Laboratories, 8470-864-3500; or General Information,
Leslie Hunziker of The Financial Relations Board, 312-640-6760
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