EVANSTON, Ill., Aug. 30 /PRNewswire/ -- Northfield Laboratories Inc.
(Nasdaq: NFLD), the leading developer of an oxygen-carrying blood substitute
for trauma and elective surgery situations, today reported a loss, as
anticipated, for its fourth quarter and fiscal year ended May 31, 1999.
The company, which is conducting elective surgery trials and trauma trials
of its blood substitute, PolyHeme(R), reported a loss of $7.4 million, or
53 cents per share, for fiscal 1999, compared with a loss of $5.9 million, or
42 cents per share, a year ago. As a development stage company, Northfield
has no revenues.
For the fiscal 1999 fourth quarter, the company reported a loss of
$2.3 million, or 16 cents per share, versus $1.7 million, or 12 cents per
share, in the similar period last year.
At the close of the year, the company reported shareholders' equity of
$49.2 million, with $47.6 million in cash and marketable securities.
In commenting on the favorable results of Northfield's clinical trials,
Richard DeWoskin, chairman and chief executive officer, said, "During the past
year, both our elective surgery trial at a 3-liter (6 unit) dose and our
trauma trial at a 10-liter (20 unit) dose have produced very good results.
PolyHeme continues to demonstrate an excellent safety profile at these high
doses and at rapid infusion rates."
PolyHeme is the only blood substitute undergoing clinical trials that has
been tested at large enough dosages to be considered a replacement 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.
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
May 31, 1999 and May 31, 1998
(In thousands)
May 31, May 31,
1999 1998
Assets
Current assets:
Cash $25,856 $26,474
Short-term marketable securities 21,706 27,031
Prepaid expenses 351 373
Other current assets 268 17
Total current assets 48,181 53,895
Property, plant and equipment, net 2,756 2,997
Other assets 26 27
Total assets $50,963 $56,919
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $1,325 $1,037
Accrued expenses 121 82
Accrued compensation and benefits 221 253
Total current liabilities 1,667 1,372
Other liabilities 124 99
Total liabilities 1,791 1,471
Shareholders' equity:
Capital stock 142 141
Additional paid-in capital 117,186 116,047
Deficit accumulated during the (68,156) (60,740)
development stage
Total shareholders' equity 49,172 55,448
Total liabilities and
shareholders' equity $50,963 $56,919
Northfield Laboratories Inc.
(a company in the development stage)
Statements of Operations
Three and twelve months ended May 31, 1999 and May 31, 1998
(In thousands except per share data)
Three months ended Twelve months ended
May 31, May 31, May 31, May 31,
1999 1998 1999 1998
Revenues - license income $ -- $ -- $ -- $ --
Costs and expenses:
Research and development 2,279 1,915 7,661 6,675
General and administrative 562 549 2,311 2,338
2,841 2,464 9,972 9,013
Other income and expense:
Interest income 561 733 2,556 3,130
Interest expense -- -- -- --
561 733 2,556 3,130
Net loss $(2,280) $(1,731) $(7,416) $(5,883)
Net loss per share $(0.16) $(0.12) $(0.53) $(0.42)
Shares used in
calculation of per
share data 14,115 14,094 14,115 14,093
SOURCE Northfield Laboratories, Inc.
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CONTACT:
Richard DeWoskin, Chief Executive Officer of
Northfield Laboratories, Inc., 847-864-3500; or General, Leslie
Hunziker, Media, Bess Gallanis, or Analyst-Broker, Kathy
Johnson-Weiler, 312-266-7800, all of The Financial Relations
Board
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