Neurochem will host a live web conference Thursday November 8, 2007, at
8:30 AM ET.
LAVAL, QC, Nov. 7 /PRNewswire-FirstCall/ - Neurochem Inc. (NASDAQ: NRMX; TSX: NRM) reported results for the third quarter ended September 30, 2007. Effective July 1, 2007, the Company adopted the US dollar as its functional and reporting currency, thus all figures reported are reported in US dollars, unless otherwise specified. The Company reported a net loss of $13,889,000 ($0.29 per share), compared to $16,509,000 ($0.43 per share) for the corresponding period in the previous year. For the nine-month period ended September 30, 2007, the net loss amounted to $65,389,000 ($1.54 per share), compared to $49,458,000 ($1.28 per share) for the same period last year.
The net loss for the nine-month period ended September 30, 2007, includes a non-recurring charge in the second quarter of fiscal 2007 under Canadian GAAP of $10,431,000 relating to the $40 million 5% senior subordinated convertible notes, which were fully converted into common shares during the second quarter of 2007.
Research and development (R&D) expenses amounted to $11,964,000 this quarter compared to $12,890,000 for the same period last year. For the nine-month period, R&D expenses were $43,533,000 compared to $37,546,000 for the corresponding period of the previous year. The increase in the nine-month period compared to the same period the previous year is due to expenses incurred in relation to the development of tramiprosate (ALZHEMED(TM)) primarily in respect of the ongoing Phase III clinical trial in Europe and the North American open-label extension of the Phase III study, as well as the conduct of a QT cardiac status Phase I study. Tramiprosate (ALZHEMED(TM)) is the Company's investigational product candidate for the treatment of Alzheimer's disease (AD).
As at September 30, 2007, the Company had available cash, cash
equivalents and marketable securiti
|SOURCE NEUROCHEM INC.|
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