Navigation Links
NUCRYST Pharmaceuticals announces 2007 third quarter results
Date:11/7/2007

WAKEFIELD, MA, Nov. 7 /PRNewswire-FirstCall/ - NUCRYST Pharmaceuticals Corp. today announced for the quarter ended September 30, 2007, it recorded a net loss of $2.3 million, or 13 cents per share on revenues of $7.5 million, compared to a net loss of $2.1 million, or 12 cents per share on revenues of $7.3 million recorded in the same period last year. Revenue in the third quarter 2007 includes a $5 million milestone that was partially offset by the recognition in the quarter of $3.4 million of a $4.5 million manufacturing cost rebate paid to Smith & Nephew.

At September 30, 2007, NUCRYST had $20.4 million in cash and short term investments. Further financial information follows at the end of the release.

"With our new agreements in place with Smith & Nephew plc, NUCRYST intends to focus on supporting the continued growth of the Acticoat(TM) brand and the pursuit of other opportunities for our nanocrystalline silver based products," said Thomas E. Gardner, Chairman, President & CEO, NUCRYST Pharmaceuticals .

NUCRYST Pharmaceuticals (NASDAQ: NCST; TSX: NCS) develops, manufactures and commercializes medical products that fight infection and inflammation using its patented atomically disordered nanocrystalline silver technology. Smith & Nephew plc sell a range of advanced wound care products under their Acticoat(TM) trade mark: Acticoat(TM) products incorporate NUCRYST's SILCRYST(TM) coatings and are sold in over 30 countries. NUCRYST is also developing pharmaceutical products to address medical conditions that are characterized by both infection and inflammation. The company has developed its proprietary nanocrystalline silver in a powder form for use as an active pharmaceutical ingredient, referred to as NPI 32101.

A more detailed discussion of NUCRYST's 2007 third quarter results can be found in our 10-Q filing which will be available at http://www.sec.gov and http://www.sedar.com. NUCRYST filings are also available at http://www.nucryst.com/Regulatory_Filings.htm.

All figures are in US dollars unless otherwise stated

SILCRYST(TM) is a trademark of NUCRYST Pharmaceuticals Corp.

Acticoat(TM) is a trademark of Smith & Nephew plc

The financial results in this news release are unaudited and are not a complete disclosure of our quarterly or annual financial results. This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada (collectively "forward-looking statements"). The words "intends", "focus", "pursuit" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this news release include, but are not limited to, statements about: prospects and plans for supporting the continued growth of the Acticoat(TM) brand and prospects and plans for the development of future products containing our nanocrystalline silver. With respect to the forward-looking statements contained in this news release, readers are cautioned that numerous risks, uncertainties and other factors could cause our actual results to differ materially from those indicated in these statements including, but not limited to: difficulties or delays in the initiation, timing, progress and results of our preclinical trials and research and development programs relating to the development of products containing our nanocrystalline silver; our ability to maintain our collaboration with Smith & Nephew; our reliance on sales of Acticoat(TM) products with our SILCRYST(TM) coatings by Smith & Nephew; future sales of Acticoat(TM) may not be sufficient to adequately fund our research and development plans; we may not be able to retain existing and obtain new regulatory clearance for our NPI 32101 barrier cream and any future products; our ability to achieve cost savings sufficient to substantially or completely offset the manufacturing cost rebate we have agreed to pay Smith & Nephew; the impact of the introduction of new silver based products by Smith & Nephew on its future sales of Acticoat(TM) products; we may not be able to establish successful commercialization programs, through new corporate collaborations or otherwise, for our NPI 32101 barrier cream or for other future products; competition from other silver-based pharmaceutical or medical device companies; our ability to raise additional financing required to fund further research and development, clinical studies and obtain regulatory approvals, on commercially acceptable terms or at all; changes in currency exchange rates; our ability to protect our intellectual property rights and to not infringe on the intellectual property rights of others; our ability to comply with governmental regulations and standards; our ability to successfully attract and retain skilled and experienced personnel; changes in general economic and capital market conditions; other risks and uncertainties unidentified at this time; management's response to these factors; and other factors described under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2006, filed with the U.S. Securities and Exchange Commission on EDGAR at http://www.sec.gov and with securities authorities in Canada on SEDAR at http://www.sedar.com. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and NUCRYST disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future developments or otherwise after the date hereof.

NUCRYST PHARMACEUTICALS CORP.

Financial Highlights

(unaudited)

(thousands of U.S. dollars except share and per share data)

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

Three Months Ended Nine Months Ended

Condensed Consolidated September 30 September 30

Statements of ------------------------ ------------------------

Operations 2007 2006 2007 2006

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

Revenue $ 7,525 $ 7,309 $ 18,857 $ 19,830

Loss from operations (1,296) (2,380) (4,783) (8,028)

Net loss (2,349) (2,128) (7,209) (8,899)

Net loss per common

share

- basic and diluted (0.13) (0.12) (0.39) (0.50)

Weighted average

number of common

shares outstanding

- basic 18,340,647 18,283,567 18,323,788 17,850,787

- diluted 18,340,647 18,283,567 18,323,788 17,850,787

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

Condensed Consolidated September 30 December 31

Balance Sheets 2007 2006

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

Cash and cash equivalents $ 20,429 $ 18,926

Current assets 38,627 33,591

Total assets 51,867 45,892

Current liabilities 8,451 2,306

Non-current liabilities 747 -

Shareholders' equity 42,669 43,586

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

Three Months Ended Nine Months Ended

Condensed Consolidated September 30 September 30

Statements of ------------------------ ------------------------

Operations 2007 2006 2007 2006

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

Wound care product

revenue $ 5,900 $ 7,309 $ 17,232 $ 19,830

Manufacturing cost

rebate (3,375) - (3,375) -

Milestone revenue 5,000 - 5,000 -

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

Total revenue $ 7,525 $ 7,309 $ 18,857 $ 19,830

Manufacturing costs $ 3,841 $ 4,985 $ 10,975 $ 13,303

Gross margin

excluding milestone

revenue $ (1,316) $ 2,324 $ 2,882 $ 6,527

Gross margin percent

excluding milestone

revenue -52.1% 31.8% 20.8% 32.9%


'/>"/>
SOURCE NUCRYST Pharmaceuticals Corp.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. NUCRYST and Smith & Nephew Revise Agreements
2. Webcast Advisory - NUCRYST Pharmaceuticals Webcast of Conference Call to Discuss 2007 Third Quarter Results
3. Arena Pharmaceuticals to Present at the NewsMakers in the Biotech Industry Conference
4. Schering-Plough/Merck Pharmaceuticals Announce FDA Filing Acceptance of New Drug Application for Loratadine/Montelukast Tablet
5. Provectus Pharmaceuticals, Inc. Begins Phase 2 Clinical Trial for Metastatic Melanoma
6. Idenix Pharmaceuticals to Present at Two Upcoming Investor Conferences
7. Vista Partners Updates Coverage on Tapestry Pharmaceuticals
8. Transcept Pharmaceuticals, Inc. to Present at UBS 2007 Global Life Sciences Conference
9. Crystal Research Associates, LLC Issues Executive Informational Overview(R) (EIO(R)) on Tapestry Pharmaceuticals, Inc.
10. Amylin Pharmaceuticals to Webcast Corporate Overview During 43rd Annual Meeting of the European Association for the Study of Diabetes
11. Major Pharma Clinical Case Studies From Amgen, AstraZeneca, GSK, Intermune, Cephalon Inc, Sunesis Pharmaceuticals and Dartmouth Medical School During Fall Clinical Focused Programs
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... Apple ... care services, staged a mock evacuation of the facility as part of a disaster ... Fire Department, Echo Hose EMS and Shelton City Emergency Manager, as well as the ...
(Date:10/13/2017)... , ... October 13, 2017 , ... Global Healthcare Management’s ... Alexandria Park in Milford, NJ. This free event, sponsored by Global Healthcare Management’s ... The fun run is geared towards children of all ages; it is a ...
(Date:10/13/2017)... ... October 13, 2017 , ... “The Journey: From the ... danger possible to save lost souls in the Philippines. “The Journey: From the Mountains ... a dedicated teacher of the Bible. She has taught all ages and currently teaches ...
(Date:10/12/2017)... ... October 12, 2017 , ... Planet Fitness, one of the largest and ... plans to open a flagship location in Covington, LA at 401 N. U.S. Highway ... store next to Office Depot in the Holiday Square shopping center. Its location allows ...
(Date:10/12/2017)... ... 2017 , ... Asante, a nationally recognized health system in ... existing home health joint venture through an agreement, effective October 1, 2017, to ... home health company with Asante, delivering clinically integrated care, for the past eight ...
Breaking Medicine News(10 mins):
(Date:10/10/2017)... -- NDS received FDA 510(k) clearance in May 2017 for its highly ... designed for endoscopy environments. An innovative secondary monitor solution, ZeroWire ... support the improvement of patient outcomes, procedural efficiency, and the lowering ... ... ...
(Date:10/4/2017)... 4, 2017  South Korean-based healthcare product Development Company ... "cprCUBE" on Kickstarter. The device will educate the user ... with better efficiency compared to the dated and pricey ... on efficacy of the compression for a more informed ... goal to raise $5,000. ...
(Date:10/2/2017)... 2017  Eli Lilly and Company (NYSE: ... third quarter of 2017 on Tuesday, October 24, 2017. ... day with the investment community and media to further ... call will begin at 9 a.m. Eastern time. Investors, ... webcast of the conference call through a link that ...
Breaking Medicine Technology: