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Neurochem reports results for third quarter of fiscal 2007
Date:11/7/2007

Company had not drawn any funds under the ELOC.

As previously reported, "Restricted Cash" presented on the Consolidated Balance Sheet represents investments pledged to the bank to secure letters of credit. As at September 30, 2007, these investments are composed of Asset-Backed Commercial Paper (ABCP). During the third quarter of 2007, a disruption in the credit markets, particularly in the ABCP market, resulted in these investments having matured but not having been paid, and they currently remain outstanding. At the time these investments were acquired, the ABCP was rated R1-high by Dominion Bond Rating Service, which is the highest credit rating for this type of investment. At the present time, the credit rating is under review by the rating agency. On September 6, 2007, a Pan Canadian Committee was formed to oversee the proposed restructuring process of the ABCP. Also during the third quarter of 2007, the $6,000,000 letter of credit was renewed upon annual expiry and was extended to September 30, 2008, with the ABCP as collateral. The Company is monitoring the developments and restructuring process, and potential losses, if any, are presently indeterminable.

As at September 30, 2007, the Company's workforce comprised 172 employees.

As at October 31, 2007, the Company had 48,846,595 common shares outstanding, 220,000 common shares issuable to the Chief Executive Officer upon the achievement of specified performance targets, 2,738,934 options granted under the stock option plan, 2,884,471 shares currently issuable under the convertible notes, and 2,250,645 warrants outstanding, for a total of 56,940,645 common shares, on a fully diluted basis.

The Company believes that its available cash and short-term investments, expected interest income, potential funding from partnerships, research collaborations and licensing agreements, potential proceeds from the ELOC, research tax credits, grants, and access to capital markets should be sufficient t
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SOURCE NEUROCHEM INC.
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