EVANSTON, Ill., Oct. 15 /PRNewswire/ -- Northfield Laboratories Inc.
(Nasdaq: NFLD) reported a loss as expected for its first quarter ended
August 31, 1997. For the quarter, the Company had a loss of $1.3 million or
($0.09) per share compared with a loss of $1.0 million or ($0.07) per share
for the same period in 1996. The Company does not have sales or revenues.
The loss reflects operating expenses, and includes the expense associated with
the Company's clinical trials.
Northfield is currently in Phase III of clinical trials of PolyHeme(R).
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. PolyHeme has a longer shelf life than
blood, requires no cross matching and does not transmit disease.
In other matters, the Company announced the re-election of five directors
at its annual shareholder meeting held yesterday. Richard E. DeWoskin, Dr.
Steven A. Gould, Dr. Gerald S. Moss, Bruce S. Chelberg and Jack Olshansky were
all re-elected for a term of one year. Additionally, shareholders ratified
the appointment of KPMG Peat Marwick LLP as independent auditors for the
Company's 1998 fiscal year.
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 months ended August 31, 1997 and August 31, 1996
(In thousands except per share data)
Three months ended,
August 31, August 31,
1997 1996
(unaudited) (unaudited)
Revenues - license income $ --- $ ---
Costs and expenses:
Research and development 1,586 1,260
General and administrative 582 539
Total 2,168 1,799
Other income and expense:
Interest income 838 829
Interest expense --- ---
Total 838 829
Net loss $(1,330) $(970)
Net loss per share $(0.09) $(0.07)
Shares used in calculation of
per share data 14,092 13,803
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
August 31, 1997 (unaudited) and May 31, 1997
(In thousands)
Assets August 31, 1997 May 31, 1997
Current assets:
Cash $7,798 $21,367
Short-term marketable securities 50,796 38,927
Prepaid expenses 267 335
Other current assets 633 418
Total current assets 59,494 61,047
Plant and equipment, net 1,325 1,263
Other assets 28 33
Total assets $60,847 $62,343
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $461 $656
Accrued expenses 137 122
Accrued compensation and benefits 194 176
Total current liabilities 792 954
Other liabilities 90 94
Total liabilities 882 1,048
Shareholders' equity:
Capital Stock 141 141
Additional paid-in capital 116,012 116,012
Deficit accumulated during the
development stage (56,187) (54,857)
Deferred compensation (1) (1)
Total shareholders' equity 59,965 61,295
Total liabilities and
shareholders' equity $60,847 $62,343
SOURCE Northfield Laboratories Inc.
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CONTACT:
Richard DeWoskin, Chief Executive Officer, of
Northfield Laboratories, 847-864-3500; or Jeff Wescott, General
Information, or Bess Gallanis, Media, or Kathy Brunson,
Analyst-Broker, of The Financial Relations Board, 312-266-7800
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