EVANSTON, Ill., Jan. 21 /PRNewswire/ -- Northfield Laboratories Inc.
(Nasdaq: NFLD), today reported a loss as anticipated for its second fiscal
quarter and first half ended November 30, 1997.
The company, which is conducting Phase III trials of a blood substitute,
reported a loss of $1,393,000, or 10 cents per share, for the second quarter,
compared with a loss of $1,139,000, or 8 cents per share, in the year-earlier
period. For the first half of the fiscal year, the company reported a loss of
$2,723,000, or 19 cents per share, versus $2,109,000, or 15 cents per share,
in the prior year. As a development stage company, Northfield has no
revenues.
The larger loss is primarily due to increased expenses related to the
company's Phase III clinical trials, as well as preparatory and analysis work
for a commercial manufacturing facility. At the close of the quarter, the
company reported shareholders' equity of $58.6 million, with $55.8 million in
cash and marketable securities.
Richard DeWoskin, chairman and chief executive officer, said the company
continues to make progress in Phase III clinical trials of PolyHeme, the last
series of clinical trials prior to commercial introduction of a 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, he noted. 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, he added.
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.
Northfield Laboratories Inc.
(a company in the development stage)
Statements of Operations
Three and six months ended November 30, 1997 and November 30, 1996
(In thousands except per share data)
Three months ended Six months ended
Nov. 30, Nov. 30, Nov. 30, Nov. 30,
1997 1996 1997 1996
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues - license income $ -- $ -- $ -- $ --
Costs and expenses:
Research and development 1,565 1,419 3,151 2,679
General and administrative 622 541 1,204 1,080
2,187 1,960 4,355 3,759
Other income and expense:
Interest income 794 821 1,632 1,650
Interest expense -- -- -- --
794 821 1,632 1,650
Net loss $(1,393) $(1,139) $(2,723) $(2,109)
Net loss per share $(0.10) ($0.08) $(0.19) $(0.15)
Shares used in calculation of
per share data 14,092 13,985 14,092 13,893
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
November 30, 1997 (unaudited) and May 31, 1997
(In thousands)
November 30, May 31,
Assets 1997 1997
Current assets:
Cash $10,175 $21,367
Short-term marketable securities 45,657 38,927
Prepaid expenses 222 335
Other current assets 242 418
Total current assets 56,296 61,047
Property, Plant and equipment, net 3,155 1,263
Other assets 28 33
Total assets $59,479 $62,343
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $448 $656
Accrued expenses 102 122
Accrued compensation and benefits 264 176
Total current liabilities 814 954
Other liabilities 92 94
Total liabilities 906 1,048
Shareholders' equity:
Capital Stock 141 141
Additional paid-in capital 116,012 116,012
Deficit accumulated during the (57,580) (54,857)
development stage
Deferred compensation -- (1)
Total shareholders' equity 58,573 61,295
Total liabilities and
shareholders' equity $59,479 $62,343
SOURCE Northfield Laboratories
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CONTACT:
Richard DeWoskin, Chief Executive Officer of
Northfield Laboratories, 847-864-3500; or Michael Rosenbaum,
General Information, Bess Gallanis, Media Contact, Kathy Brunson,
Analyst-Broker, all of The Financial Relations Board,
312-266-7800
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