EVANSTON, Ill., Aug. 3 /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 fourth quarter and fiscal year ended May 31, 2001. As a development-stage
company, Northfield has no revenues.
Financial Performance
For fiscal 2001, net loss was $10.2 million, or $0.71 cents per basic
share, compared with a loss of $9.2 million, or $0.64 cents per basic share,
last year.
For the fourth quarter, Northfield reported a loss of $2.8 million, or
$0.20 cents per basic share, compared with a loss of $2.4 million, or $0.17
cents per basic share, in the year-earlier period.
At the close of the fiscal year, the company reported shareholders' equity
of $30.1 million, with $28.7 million in cash and marketable securities.
Annual Meeting Date Set
Northfield Laboratories will host its annual meeting on August 31, 2001.
The company will conduct the business portion of its meeting at 2:00 p.m.
central time at its corporate headquarters in Evanston, Ill. This forum is
strictly for voting on business matters outlined in its proxy statement dated
August 3, 2001. At 4:30 p.m. central time that afternoon, management will
webcast its annual business update, offering access to all interested parties.
Responses to frequently asked questions will follow the presentation. This
presentation will be accessible via the Internet or by conference call only.
The conference call dial in number and website address will be announced prior
to the event.
About the Company
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.
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 and Twelve months ended May 31, 2001 and May 31, 2000
(In thousands except per share data)
Three months ended Twelve months ended
May 31, May 31, May 31, May 31,
2001 2000 2001 2000
Revenues - license income $-- $-- $-- $--
Costs and expenses:
Research and development 2,473 2,342 9,437 9,193
General and administrative 738 594 2,786 2,260
3,211 2,936 12,223 11,453
Other income and expense:
Interest income 401 579 2,048 2,286
Interest expense -- -- -- --
401 579 2,048 2,286
Net loss $(2,810) $(2,357) $(10,175) $(9,167)
Net loss per basic share $(0.20) $(0.17) $(0.71) $(0.64)
Shares used in calculation of
per share data 14,266 14,242 14,253 14,241
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
May 31, 2001 and May 31, 2000
(In thousands)
May 31, May 31,
Assets 2001 2000
Current assets:
Cash $6,436 $15,154
Short-term marketable securities 22,263 23,129
Prepaid expenses 378 409
Other current assets 455 506
Total current assets 29,532 39,198
Plant and equipment, net 2,847 2,456
Other assets 123 74
Total assets $32,502 $41,728
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $1,773 $1,061
Accrued expenses 154 174
Accrued compensation and benefits 261 251
Total current liabilities 2,188 1,486
Other liabilities 167 148
Total liabilities 2,355 1,634
Shareholders' equity:
Capital stock 143 142
Additional paid-in capital 117,503 117,276
Deficit accumulated during the
development stage (87,499) (77,324)
Total shareholders' equity 30,147 40,094
Total liabilities and
shareholders' equity $32,502 $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, +1-847-864-3500; General Information,
Leslie Hunziker, of The Financial Relations Board,
+1-312-640-6760
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