Adherex Reports 2007 Fiscal Results
2008年3月28日 - 9:30PM
Marketwired
RESEARCH TRIANGLE PARK, NORTH CAROLINA (TSX: AHX), a
biopharmaceutical company devoted to solving problems for patients
with cancer, announced today its financial results for the fiscal
year ended December 31, 2007. All amounts are in U.S. dollars.
The net loss for the fiscal year ended December 31, 2007 was
$13.4 million, or $0.11 loss per share, compared to a net loss of
$16.4 million, or $0.34 loss per share, for the fiscal year ended
December 31, 2006. Operating expenses totaled $14.2 million for the
fiscal year ended December 31, 2007 as compared to $16.9 million
for the fiscal year ended December 31, 2006.
Cash and cash equivalents totaled $16.2 million as of December
31, 2007 compared to $5.7 million as of December 31, 2006, with a
corresponding increase in working capital of approximately $13.0
million. The increase is due to the completion of an equity
offering in February 2007 which provided net proceeds of $23.2
million to the Company. The Company estimates that it has
sufficient capital resources to fund operations through June 30,
2009.
The selected consolidated financial data presented below is
derived from our consolidated financial statements which were
prepared in accordance with U.S. generally accepted accounting
principles. The complete audited consolidated financial statements
for the year ended December 31, 2007 and management's discussion
and analysis of financial condition and results of operations will
be available on our website at www.adherex.com.
Annual General Meeting of Shareholders
Adherex also announced today that it will hold its Annual
General Meeting of Shareholders on Wednesday, May 14, 2008 at 3
p.m. ET at the Mount Royal Centre, Mansfield #5, 2200 Rue
Mansfield, Montreal, Quebec. The presentation by Adherex's Chairman
and CEO, Dr. William P. Peters, will be made available by live
webcast on the Company's website at www.adherex.com.
Adherex Technologies Inc.
Selected Financial Data
(U.S. dollars and shares in thousands except per share amounts)
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December 31, December 31,
2007 2006
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Condensed Consolidated Balance Sheets:
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Assets:
Cash, cash equivalents and short-term investments $16,217 $5,718
Other current and long-term assets 992 910
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Total Assets $17,209 $6,628
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Liabilities and shareholders' equity:
Accounts payable and accrued liabilities $2,362 $4,695
Other current and long-term liabilities 699 665
Total shareholders' equity 14,148 1,268
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Total liabilities and shareholders' equity $17,209 $6,628
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Year Ended Year Ended Year Ended
Condensed Consolidated December 31, December 31, December 31,
Statements of
Operations: 2007 2006 2005
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Revenue $- $- $-
Operating expenses:
Research and development 10,912 14,003 11,678
General and administration 3,278 2,883 2,543
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(Loss from operations) (14,190) (16,886) (14,221)
Other income (expense):
Interest expense - (3) (11)
Interest income 833 449 361
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Total other income 833 446 350
Loss before income taxes (13,357) (16,440) (13,871)
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Net loss and total comprehensive
income $(13,357) $(16,440) $(13,871)
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Net loss per share of common stock,
basic and diluted $(0.11) $(0.34) $(0.35)
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Weighted-average number of shares
of common stock outstanding,
basic and diluted 116,571 47,663 39,276
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About Adherex Technologies
Adherex Technologies Inc. is a biopharmaceutical company
dedicated to the discovery and development of novel cancer
therapeutics. We are in the business of solving problems for
patients with cancer. We have multiple products in the clinical
stage of development, including eniluracil, ADH-1 and sodium
thiosulfate (STS). Eniluracil, an oral dihydropyrimidine
dehydrogenase (DPD) inhibitor, is being developed to improve the
tolerability and effectiveness of 5-fluorouracil (5-FU), one of the
most widely used oncology drugs in the world. ADH-1 is a
biotechnology compound which selectively targets N-cadherin, a
protein present on certain tumor cells and the blood vessels of
solid tumors. STS is a chemoprotectant being developed to reduce or
prevent hearing loss that may result from treatment with
platinum-based chemotherapy drugs. With a diversified portfolio of
unique preclinical and clinical-stage cancer compounds and a
management team with expertise in identifying, developing and
commercializing novel cancer therapeutics, Adherex aims to become a
leader in developing innovative treatments that address important
unmet medical needs in cancer. For more information, please visit
our website at www.adherex.com.
This press release may contain forward-looking statements that
involve significant risks and uncertainties. The actual results,
performance or achievements of the Company might differ materially
from the results, performance or achievements of the Company
expressed or implied by such forward-looking statements. We are
subject to various risks, including our history of losses, our need
for additional capital to fund our operations, the uncertainties of
clinical trials, drug development and regulatory review, the early
stage of our product candidates, our reliance on collaborative
partners, and other risks inherent to the biopharmaceutical
industry. For a more detailed discussion of related risk factors,
please refer to our public filings available at www.sedar.com and
www.sec.gov.
Contacts: Adherex Technologies Inc. D. Scott Murray Senior Vice
President, Corporate Development 919-484-8484 info@adherex.com
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