EVANSTON, Ill., April 16 /PRNewswire/ -- Northfield Laboratories Inc.
(Nasdaq: NFLD) reported a loss as expected for its third quarter ended
February 28, 1997. For the quarter, the Company had a loss of $1.1 million or
($0.07) per share compared with a loss of $1.1 million or ($0.08) 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 Laboratories was founded in 1985. The Company is headquartered
in Evanston, Illinois, and its stock is traded on the Nasdaq National Market
under the symbol NFLD.
Northfield Laboratories Inc.
(a company in the development stage)
Statements of Operations (unaudited)
Three months and nine months ended February 28, 1997 and February 29, 1996
(In thousands)
Three months ended Nine months ended
Feb. 28, Feb. 29, Feb. 28, Feb. 29,
1997 1996 1997 1996
Revenues - license income $ -- $ -- $ -- $ --
Costs and expenses:
Research and development 1,250 1 ,415 3,929 3,775
General and administrative 576 560 1,656 1,812
Total 1,826 1,975 5,585 5,587
Other income and expense:
Interest income 776 896 2,426 2,090
Interest expense -- -- -- --
Total 776 896 2,426 2,090
Net loss $(1,050) $(1,079) $(3,159) $(3,497)
Net loss per share $(0.07) $(0.08) $(0.23) $(0.28)
Shares used in calculation of
per share data 13,995 13,573 13,927 12,601
Northfield Laboratories Inc.
(a company in the development stage)
Balance Sheets
February 28, 1997 (unaudited) and May 31, 1996
(In thousands)
Assets February 28, 1997 May 31, 1996
Current assets:
Cash $10,377 $11,689
Short-term marketable
securities 50,416 52,296
Prepaid expenses 143 362
Other current assets 497 598
Total current assets 61,433 64,945
Plant and equipment, net 1,304 1,310
Other assets 45 84
Total assets $62,782 $66,339
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $272 $924
Accrued expenses 94 173
Accrued compensation and benefits 182 178
Total current liabilities 548 1,275
Other liabilities 99 116
Total liabilities 647 1,391
Shareholders' equity:
Capital Stock 140 136
Additional paid-in capital 115,767 115,427
Deficit accumulated during the (53,770) (50,611)
development stage
Deferred compensation (2) (4)
Total shareholders' equity 62,135 64,948
Total liabilities and
shareholders' equity $62,782 $66,339
SOURCE Northfield Laboratories Inc.
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CONTACT:
Richard DeWoskin, Chief Executive Officer, of
Northfield Laboratories, 847-864-3500; or General Information,
Jeff Wescott, or Media Contact, Bess Gallanis, or Analyst-Broker,
Kathy Brunson, all of The Financial Relations Board, 312-266-7800
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