EVANSTON, Ill., Oct. 20 /PRNewswire/ -- Northfield Laboratories Inc.
(Nasdaq: NFLD), a leading developer of an oxygen-carrying blood substitute
for trauma and elective surgery situations, today reported a loss, as
anticipated, for its first fiscal quarter ended August 31, 1999.
The development stage company, which is conducting elective surgery and
trauma trials of its blood substitute, PolyHeme(R), reported a loss of
$2 million, or 14 cents per basic share, for the first quarter, compared with
a loss of $1.7 million, or 12 cents per basic share, in the year-earlier
period. As a development stage company, Northfield has no revenues.
At the close of the quarter, the company reported shareholders' equity of
$47.2 million, with $45.2 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, 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.
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, 1999 and August 31, 1998
(In thousands except per share data)
Three months ended
August 31, August 31,
1999 1998
(unaudited) (unaudited)
Revenues - license income $--- $---
Costs and expenses:
Research and development 2,124 1,806
General and administrative 485 591
2,609 2,397
Other income and expense:
Interest income 570 716
Interest expense --- ---
570 716
Net loss $(2,039) $(1,681)
Net loss per basic share $(0.14) $(0.12)
Shares used in calculation of
per share data 14,240 14,097
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
August 31, 1999 (unaudited) and May 31, 1999
(In thousands)
August 31, May 31,
Assests 1999 1999
Current assets:
Cash $22,032 $25,856
Short-term marketable securities 23,157 21,706
Prepaid expenses 232 302
Other current assets 343 268
Total current assets 45,764 48,132
Property, plant and equipment, net 2,938 2,756
Other assets 75 75
Total assets $48,777 $50,963
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $1,112 $1,325
Accrued expenses 146 121
Accrued compensation and benefits 235 221
Total current liabilities 1,493 1,667
Other liabilities 131 125
Total liabilities 1,624 1,792
Shareholders' equity:
Capital stock 142 142
Additional paid-in capital 117,207 117,186
Deficit accumulated during the (70,196) (68,157)
development stage
Total shareholders' equity 47,153 49,171
Total liabilities and
shareholders' equity $48,777 $50,963
SOURCE Northfield Laboratories, Inc.
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Related links:
http://www.northfieldlabs.com
CONTACT:
Richard DeWoskin, Chief Executive Officer of
Northfield Laboratories, Inc., 847-864-3500; or General
Information, Leslie Hunziker, Media Contact, Bess Gallanis, or
Analyst-Broker, Kathy Brunson, all of The Financial Relations
Board, 312-266-7800, for Northfield Laboratories, Inc.
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