Navigation Links
Nventa Biopharmaceuticals Corporation announces third-quarter 2007 financial results
Date:11/7/2007

SAN DIEGO, CA, Nov. 7 /PRNewswire-FirstCall/ - Nventa Biopharmaceuticals Corporation (TSX: NVN) announced today financial results for the third quarter ended September 30, 2007. All amounts, unless specified otherwise, are in Canadian dollars.

Nventa reported a net loss of $3.1 million or $0.01 per share, for the three months ended September 30, 2007, compared to a net loss of $2.3 million, or $0.03 per share, for the same period in 2006. For the nine months ended September 30, 2007, the Company reported a net loss of $10.1 million, or $0.05 per share, compared to a net loss of $8.0 million, or $0.10 per share, for the same period in 2006. The Company's net loss for the nine months ended September 30, 2007 included approximately $0.8 million in one-time corporate restructuring expenses.

The Company had cash and cash equivalents of $14.3 million as of September 30, 2007.

RECENT NVENTA HIGHLIGHTS

- Initiated and dosed the first cohort of patients in the Company's

HspE7 Phase 1 clinical trial in cervical intraepithelial neoplasia;

- Raised $8.6 million in additional capital through a Short Form

Prospectus Offering;

- Strengthened management team with addition of David Duncan Jr.,

Vice President of Finance;

- Assembled distinguished group of international experts for Clinical

and Scientific Advisory Board;

- Presented additional data at the 24th International Papillomavirus

Conference and Clinical Workshop that demonstrate that new HspE7

promotes more potent immune responses;

- Granted new U.S. patent for Nventa's CoVal(TM) fusions covering their

use in patients with human papillomavirus (HPV)-related diseases;

- Published data in Clinical and Vaccine Immunology demonstrating

ability of new HspE7 to elicit long-lasting tumor protection in vivo,

suggesting that HspE7 may have utility in (HPV)-infected patients

with invasive cancer and/or HIV;

- Published new immunological data in Gynecologic Oncology from a

Phase 2 clinical trial testing previous version of HspE7; 95 percent

of cervical dysplasia patients had regression or stable disease in

the study.

"We achieved many important milestones during this quarter," said Gregory M. McKee, President and Chief Executive Officer at Nventa. "With additional finances, depth and experience of the Board and Management team, and an impressive Clinical and Scientific Advisory Board, we are advancing HspE7, our lead therapeutic vaccine candidate, through clinical trials and are exploring ways to expand and progress our preclinical pipeline as well."

About Nventa Biopharmaceuticals Corporation:

--------------------------------------------

Nventa is developing innovative therapeutics for the treatment of viral infections and cancer, with a focus on diseases caused by the human papillomavirus (HPV). The Company is publicly traded on the Toronto Stock Exchange under the symbol NVN. For more information about Nventa Biopharmaceuticals Corporation, please visit the Company's website located at http://www.nventacorp.com.

The Audit Committee of the Company has reviewed and approved of the contents of this Press Release. Summary financials are attached below. The full financial statements and MD&A for the three and nine months ended September 30, 2007 can be found on SEDAR at http://www.sedar.com.

(financial information attached)

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

(Canadian dollars) (In thousands, except per share amounts)

Three months ended Nine months ended

September 30, September 30,

-------------------- --------------------

2007 2006 2007 2006

--------- --------- --------- ---------

Revenue:

Collaborative R&D revenue $ 155 $ 155 $ 465 $ 465

Operating expenses:

Research and development 1,509 1,484 5,047 5,764

Selling, general and

administrative 1,177 1,004 3,607 2,851

Corporate restructuring 20 - 814 -

--------- --------- --------- ---------

2,706 2,488 9,468 8,615

--------- --------- --------- ---------

Operating loss (2,551) (2,333) (9,003) (8,150)

Other income (expense):

Interest and other income,

net 159 72 430 121

Foreign exchange (loss)

gain, net (693) (15) (1,521) 5

--------- --------- --------- ---------

(534) 57 (1,091) 126

--------- --------- --------- ---------

Net loss $ (3,085) $ (2,276) $(10,094) $ (8,024)

--------- --------- --------- ---------

--------- --------- --------- ---------

--------- --------- --------- ---------

Basic and diluted loss

per common share: $ (0.01) $ (0.03) $ (0.05) $ (0.10)

--------- --------- --------- ---------

--------- --------- --------- ---------

Weighted average common

shares outstanding

(in thousands) 221,139 83,456 196,138 83,285

--------- --------- --------- ---------

--------- --------- --------- ---------

CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION

(Unaudited)

(Canadian dollars in thousands)

September 30, December 31,

2007 2006

------------- -------------

Cash and cash equivalents $ 14,345 $ 2,972

Total assets 16,348 4,619

Stockholders' equity 14,956 2,303

Total shares outstanding (in thousands) 260,586 83,669

CONTACT: Gregory McKee, President and Chief Executive Officer, 9381 Judicial Drive, Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4940, gmckee@nventacorp.com; Donna Slade, Director, Investor Relations, 9381 Judicial Drive, Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4945, dslade@nventacorp.com


'/>"/>
SOURCE Nventa Biopharmaceuticals Corporation
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Nventa Initiates HspE7 Phase 1 Cervical Dysplasia Trial
2. Nventa announces publication of HspE7 data
3. Nventas CEO to present at two upcoming investor conferences
4. Nventa updates progress of cervical dysplasia trial with new HspE7
5. China Biopharmaceuticals Holdings Announces Second Quarter 2007 Financial Results
6. XTL Biopharmaceuticals Announces Financial Results for the Six Months Ended June 30, 2007
7. Nabi Biopharmaceuticals to Present at Upcoming Industry Conferences
8. XTL Biopharmaceuticals Announces Presentation of Novel Pre-Clinical Inhibitors of Hepatitis C at an Upcoming International Scientific Conference
9. XTL Biopharmaceuticals Initiates Phase IIb Clinical Trial of Bicifadine for the Treatment of Diabetic Neuropathic Pain
10. Nabi Biopharmaceuticals Announces Sale of Nabi Biologics to Biotest AG
11. Keryx Biopharmaceuticals to Present at Bank of America Investment Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... 27, 2016 , ... Rolf K. Hoffmann, former senior vice ... University of North Carolina Kenan-Flagler Business School effective June 27. , ... with a focus on the school’s international efforts, leading classes and participating in ...
(Date:6/27/2016)... BOSTON , June 27, 2016   Ginkgo ... biology to industrial engineering, was today awarded as ... a selection of the world,s most innovative companies. ... at scale for the real world in the ... organism engineers work directly with customers including Fortune ...
(Date:6/24/2016)... SAN DIEGO , June 24, 2016 /PRNewswire/ ... that more sensitively detects cancers susceptible to PARP ... individual circulating tumor cells (CTCs). The new test ... of HRD-targeted therapeutics in multiple cancer types. ... therapies targeting DNA damage response pathways, including PARP, ...
(Date:6/24/2016)... ... , ... Researchers at the Universita Politecnica delle Marche in Ancona combed medical ... mesothelioma. Their findings are the subject of a new article on the Surviving Mesothelioma ... in the blood, lung fluid or tissue of mesothelioma patients that can help point ...
Breaking Biology Technology:
(Date:6/9/2016)... in attendance control systems is proud to announce the introduction of fingerprint attendance control ... right employees are actually signing in, and to even control the opening of doors. ... ... ... Photo - ...
(Date:6/3/2016)... Das DOTM (Department ... hat ein 44 Millionen $-Projekt ... einschließlich Personalisierung, Registrierung und IT-Infrastruktur, an Decatur ... Implementierung von Identitätsmanagementlösungen. Zahlreiche renommierte internationale Anbieter ... aber Decatur wurde als konformste und innovativste ...
(Date:6/2/2016)... June 2, 2016 Perimeter Surveillance ... Unmanned Systems, Physical Infrastructure, Support & Other Service  ... visiongain offers comprehensive analysis of the global ... will generate revenues of $17.98 billion in 2016. ... Inc, a leader in software and hardware technologies for ...
Breaking Biology News(10 mins):