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

sion or compromise by Neurochem.

Reimbursable costs amounted to $73,000 for the current quarter ($332,000 for the nine-month period), compared to $152,000 for the same period in the previous year ($534,000 for the nine-month period), and consist of costs incurred on behalf of Centocor in respect of eprodisate (KIACTA(TM))-related activities and reimbursable by Centocor.

Stock-based compensation amounted to $998,000 for the current quarter ($2,854,000 for the nine-month period), compared to $948,000 for the corresponding quarter in the previous year ($2,645,000 for the nine-month period). This expense relates to stock options and stock-based incentives, whereby compensation cost in relation to stock options is measured at fair value at the date of grant and is expensed over the award's vesting period.

Interest income amounted to $1,021,000 for the current quarter ($2,585,000 for the nine-month period), compared to $429,000 for the same quarter in the previous year ($1,503,000 for the nine-month period). 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 $1,452,000 for the current quarter ($14,568,000 for the nine-month period), and mainly 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 nine-month period ended September 30, 2007, $10,431,000 relates to accretion expense on the Junior Notes, which were fully converted during the s
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SOURCE NEUROCHEM INC.
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