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Neurochem reports results for fourth quarter and fiscal year 2007 and important advances on corporate objectives
Date:2/20/2008

tion and patent cost write-off amounted to $611,000 for the current quarter ($1,698,000 for the year), compared to $386,000 for the corresponding quarter in the previous year ($1,556,000 for the year). The increase is attributable to patent cost of $239,000 written off during the year, for which no future benefit was expected to be realized.

Interest income amounted to $756,000 for the current quarter ($3,341,000 for the year), compared to $574,000 for the same quarter in the previous year ($2,077,000 for the year). The increase is mainly attributable to higher average cash balances during the current periods, compared to the same periods in the previous year.

Accretion expense amounted to $1,183,000 for the current quarter ($15,751,000 for the year), compared to $550,000 for the same quarter in the previous year ($550,000 for the year). Accretion expense represents the imputed interest under GAAP on the $42,085,000 aggregate principal amount of 6% convertible senior notes issued in November 2006, as well as on the $40,000,000 6% senior convertible notes (Senior Notes) and $40,000,000 5% senior subordinated convertible notes (Junior Notes) issued in May 2007. The Company accretes the carrying values of the convertible notes to their face value through a charge to earnings over their expected lives of 60 months, 54 months and 1 month, respectively. Of the total accretion expense recorded in the year ended December 31, 2007, $10,430,000 relates to accretion expense on the Junior Notes, which were fully converted during the second quarter of 2007. Refer to the Liquidity and Capital Resources section for more details on the convertible notes.

Change in fair value of embedded derivatives amounted to a gain of $28,000 for the current quarter (loss of $870,000 for the year) and represents the variation in the fair value of the embedded derivatives included in the aggregate $80,000,000 Senior and Junior Notes issued in May 2007.

Change in fair va
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SOURCE NEUROCHEM INC.
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