EVANSTON, Ill., Oct. 16 /PRNewswire-FirstCall/ --
Northfield Laboratories, Inc. (Nasdaq: NFLD) reported a loss, as anticipated,
for its first fiscal quarter ended August 31, 2002. As a development stage
company, Northfield has no revenues.
For the first quarter Northfield reported a loss of $2.9 million, or $0.20
cents per basic share, compared with a loss of $3.2 million or $0.22 cents per
basic share in the year earlier period.
At the close of the quarter, the company reported shareholder's equity of
$16.6 million, with $15.2 in cash and marketable securities.
First-Quarter Conference Call
Northfield will host a conference call for investors to provide an update
on recent activities and will broadcast its conference call over the Internet
at http://www.northfieldlabs.com or http://www.viavid.com on Wednesday, October 16, 2002, at
10:00 a.m. Central Time. Participants may also access the audio call by
dialing 888-881-4892 (domestic) or 416-640-4127 (international). Internet
participants should go to the website at least 15 minutes early to register,
download and install any necessary audio software. A replay of the call will
remain available at the site for 30 days.
About Northfield Laboratories
Northfield Laboratories is a leading developer of an oxygen-carrying blood
substitute. Its product, PolyHeme(TM), is the only blood substitute that has
been rapidly and safely infused in sufficiently massive quantities to be
considered useful in the treatment of large volume blood loss in trauma and
surgical settings. PolyHeme requires no cross matching, making it immediately
available and compatible with all blood types. It has an extended shelf life
of over 12 months and does not transmit disease.
Visit the Northfield website at: http://www.northfieldlabs.com
NORTHFIELD LABORATORIES INC.
(a company in the development stage)
Balance Sheets
August 31, 2002 (unaudited) and May 31, 2002
(In thousands)
August 31, May 31,
2002 2002
Assets
Current assets:
Cash $12,536 $17,669
Short-term marketable securities 2,677 720
Prepaid expenses 487 540
Other current assets 7 1
Total current assets 15,707 18,930
Plant and equipment, net 2,074 2,232
Other assets 72 73
Total assets $17,853 $21,235
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $572 $1,078
Accrued expenses 301 210
Accrued compensation and benefits 251 339
Total current liabilities 1,124 1,627
Other liabilities 176 177
Total liabilities 1,300 1,804
Shareholders' equity:
Capital Stock 143 143
Additional paid-in capital 117,503 117,503
Deficit accumulated during the (101,093) (98,215)
development stage
Total shareholders' equity 16,553 19,431
Total liabilities and
shareholders' equity $17,853 $21,235
NORTHFIELD LABORATORIES INC.
(a company in the development stage)
Statements of Operations
Three months ended August 31, 2002 and August 31, 2001
(In thousands except per share data)
Three months ended
Aug 31, Aug 31,
2002 2001
(unaudited) (unaudited)
Revenues - license income $ - $ -
Costs and expenses:
Research and development 2,026 2,649
General and administrative 929 843
2,955 3,492
Other income and expense:
Interest income 77 301
Interest expense - -
77 301
Net loss $(2,878) $(3,191)
Net loss per basic share $(0.20) $(0.22)
Shares used in calculation of
per share data 14,266 14,266
SOURCE Northfield Laboratories Inc.
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Related links:
http://www.northfieldlabs.com
CONTACT:
Steven A. Gould, M.D., Chief Executive
Officer, or Investors, Sophia Twaddell, of Northfield
Laboratories, +1-847-864-3500; or Media, Cindy Martin of FRB
Weber Shandwick, +1-312-640-6741
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