Adherex Reports First Quarter 2008 Financial Results
13 Mai 2008 - 3:00PM
Marketwired
RESEARCH TRIANGLE PARK, NORTH CAROLINA (AMEX: ADH), a
biopharmaceutical company devoted to solving problems for patients
with cancer, announced today its financial results for the first
quarter ended March 31, 2008. All amounts are in U.S. dollars.
Financial Update
The net loss for the three-month period ended March 31, 2008 was
$4.3 million, or $0.03 loss per share, compared to a net loss of
$4.0 million, or $0.05 loss per share, for the three-month period
ended March 31, 2007. Operating expenses totaled $4.4 million, an
increase of 8% over the same period last year. The increase in
operating expenses is primarily due to $1.3 million in non-cash
stock-based compensation expense for the three-month period ended
March 31, 2008, as compared to $0.2 million for the three-month
period ended March 31, 2007. This increase in stock-based
compensation expense was offset by lower expenses in research and
development during the first quarter of 2008 as compared to the
same period in 2007.
Cash and cash equivalents totaled $13.3 million as of March 31,
2008, compared to $16.2 million as of December 31, 2007, with a
corresponding decrease in working capital of $2.9 million. This
decrease is due to the funding of our corporate operations. The
Company estimates that it has sufficient capital resources to fund
operations through June 30, 2009.
The selected 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
consolidated financial statements for the quarter ended March 31,
2008 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 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. A 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.
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.
Adherex Technologies Inc.
Selected Financial Data
(U.S. dollars in thousands except per share amounts)
March 31, December 31,
2008 2007
------------------------------------------------------------------------
(unaudited)
Condensed Consolidated Balance Sheets:
Assets:
Cash and cash equivalents $13,298 $16,162
Other current and long-term assets 905 1,047
------------------------------------------------------------------------
Total assets $14,203 $17,209
------------------------------------------------------------------------
------------------------------------------------------------------------
Liabilities and stockholders' equity:
Accounts payable and accrued liabilities $2,349 $2,362
Other current and long-term liabilities 677 699
Total stockholders' equity 11,177 14,148
------------------------------------------------------------------------
Total liabilities and stockholders' equity $14,203 $17,209
------------------------------------------------------------------------
------------------------------------------------------------------------
Three Months Ended March 31,
------------------------------------------------------------------------
2008 2007
------------------------------------------------------------------------
(unaudited) (unaudited)
Condensed Consolidated Statements of
Operations:
Operating expenses:
Research and development $3,375 $3,157
General and administrative 1,061 958
------------------------------------------------------------------------
Loss from operations (4,436) (4,115)
Total interest income 132 147
------------------------------------------------------------------------
Net loss and comprehensive loss $(4,304) $(3,968)
------------------------------------------------------------------------
------------------------------------------------------------------------
Net loss per share of common stock,
basic and diluted $(0.03) $ (0.05)
------------------------------------------------------------------------
------------------------------------------------------------------------
Contacts: Adherex Technologies Inc. D. Scott Murray Senior Vice
President, Corporate Development 919-484-8484 info@adherex.com
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