Neurochem will host a conference call Thursday, February 21, 2008, at 8:30
LAVAL, QC, Feb. 20 /PRNewswire-FirstCall/ - Neurochem Inc. (NASDAQ: NRMX; TSX: NRM) reports results for the fourth quarter and fiscal year ended December 31, 2007, and announces important advances regarding the Company's pharmaceutical and nutraceutical activities. The Company reports, for the fourth quarter, a net loss of $16,097,000 ($0.33 per share), compared to $17,011,000 ($0.44 per share) for the corresponding period in the previous year. For the year ended December 31, 2007, the net loss amounted to $81,486,000 ($1.85 per share), compared to $66,469,000 ($1.72 per share) for the same period last year. The net loss for the year ended December 31, 2007, includes a non-recurring charge in the second quarter of fiscal 2007 under Canadian GAAP of $10,430,000 relating to the $40 million 5% senior subordinated convertible notes, which were fully converted into common shares during the second quarter of 2007. In total, accretion expense amounted to $15,751,000 for the year ended December 31, 2007. As at December 31, 2007, the Company had available cash, cash equivalents and marketable securities of $58,672,000, compared to $48,758,000 at December 31, 2006. All figures are in U.S. dollars, unless otherwise specified.
Furthermore, the Company is pleased to announce the following important
- The regulatory submission for the initiation of the Phase II clinical
trial with the investigational product candidate NC-503 in patients
with Type II Diabetes as well as certain features of Metabolic Syndrome
was accepted by the Therapeutic Products Directorate of Health Canada.
As a result, the first patient is expected to be enrolled shortly. The
key objectives of the study are to investigate the safety and proof-
of-concept efficacy of NC-503 on glycemic measures.<
|SOURCE NEUROCHEM INC.|
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