For the three-month period ended December 31, 2007, the net loss amounted to $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 the previous 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.
Revenue from collaboration agreement amounted to $206,000 for the
current quarter ($1,119,000 for the year), compared to $497,000 for the
same period in the previous year ($2,106,000 for the year). This revenue is
earned under the agreement with Centocor, Inc. (Centocor) in respect of
eprodisate (KIACTA(TM)), an oral investigational product candidate for the
treatment of Amyloid A (AA) amyloidosis. Revenue recognized is in respect
of the non-refundable upfront payment received from Centocor, which is
being amortized over the estimated period through to the anticipated
regulatory approval date of the investigational product candidate. The
estimated period is subject to change based on additional information that
the Company may receive periodically. The other portion of the upfront
payment received from Centocor ($6,000,000) has been classified as deferred
revenue and is not being amortized as earned revenue given that it is
potentially refundable. In the event that the Company receives an approval
letter issued by the US Food and Drug Adminis
|SOURCE NEUROCHEM INC.|
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