EVANSTON, Ill., Oct. 18 /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 first fiscal quarter ended August 31, 2000. As a development-stage
company, Northfield has no revenues.
The company continued clinical studies for its blood substitute,
PolyHeme(R), as an oxygen-carrying alternative for the treatment of urgent
acute blood loss. Both its elective surgery trial and trauma trial involve
high dosage and rapid infusion of PolyHeme in situations that are life
threatening and where massive blood loss has occurred. The company strongly
believes that this application addresses the greatest worldwide clinical need
and has the best commercial prospects in the blood substitute market.
Northfield is the only company in its field in clinical trials with an oxygen-
carrying blood substitute being rapidly infused at high dosage -- as much as
20 units, or twice the blood volume of an average adult.
Financial Performance
For the first quarter, Northfield reported a loss of $2.5 million, or
$0.18 cents per basic share compared with a loss of $2.0 million, or
$0.14 cents per basic share, in the year-earlier period.
At the close of the quarter, the company reported shareholders' equity of
$37.6 million, with $35.5 million in cash and marketable securities.
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.
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.
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 months ended August 31, 2000 and August 31, 1999
(In thousands except per share data)
Three months ended
August 31, August 31,
2000 1999
(unaudited) (unaudited)
Revenues - license income $--- $---
Costs and expenses:
Research and development 2,237 2,124
General and administrative 870 485
3,107 2,609
Other income and expense:
Interest income 589 570
Interest expense --- ---
589 570
Net loss $(2,518) $(2,039)
Net loss per basic share $(0.18) $(0.14)
Shares used in calculation of
per share data 14,242 14,240
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
August 31, 2000 (unaudited) and May 31, 2000
(In thousands)
August 31, May 31,
Assets 2000 2000
Current assets:
Cash $11,758 $15,154
Short-term marketable securities 23,765 23,129
Prepaid expenses 336 409
Other current assets 664 506
Total current assets 36,523 39,198
Plant and equipment, net 2,515 2,456
Other assets 123 74
Total assets $39,161 $41,728
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $968 $1,061
Accrued expenses 210 174
Accrued compensation and benefits 252 251
Total current liabilities 1,430 1,486
Other liabilities 154 148
Total liabilities 1,584 1,634
Shareholders' equity:
Capital stock 142 142
Additional paid-in capital 117,276 117,276
Deficit accumulated during the (79,841) (77,324)
development stage
Total shareholders' equity 37,577 40,094
Total liabilities and
shareholders' equity $39,161 $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, 847-864-3500; or General Information,
Leslie Hunziker of the Financial Relations Board, 312-640-6760
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