Full Press Release Details
ADHEREX REPORTS THIRD QUARTER 2007 FINANCIAL RESULTS
Research Triangle Park, NC, November 7, 2007 Adherex Technologies
Inc. (AMEX:ADH, TSX:AHX), a biopharmaceutical company with a broad portfolio of oncology products under development, today reported its financial results for the third quarter ended September 30, 2007. Unless otherwise indicated, the amounts
included in this press release are in U.S. dollars.
The net loss for the quarter ended September 30, 2007 was $3.2 million, or $0.02 loss per share, compared to a net loss of $4.6 million, or $0.09 loss per share, for the quarter ended September 30, 2006.
Operating expenses for the quarter ended September 30, 2007 totaled $3.5 million as compared to $4.8 million in the same period in 2006.
for the nine-month period ended September 30, 2007 was $10.3 million, or $0.09 loss per share, compared to a net loss of $11.7 million, or $0.25 loss per share, for the nine-month period ended September 30, 2006.
Cash, cash equivalents and short-term investments totaled $18.4 million as of September 30, 2007, compared to $5.7 million as of December 31, 2006, with a
corresponding increase in working capital of $15.5 million. The increased cash balance reflects the net proceeds of $23.2 million from the equity offering completed in February 2007 offset by expenditures to fund operations.
The selected consolidated financial data presented below are derived from our consolidated financial statements prepared under United States generally accepted
accounting principles and are not complete. Specifically, they exclude the accompanying footnotes, which are an integral part of the consolidated financial statements. The complete consolidated financial statements for the quarter ended
September 30, 2007 and management s discussion and analysis of financial condition and results of operations will be made available on Form 10-Q via our website at www.adherex.com.
During and subsequent to the quarter ended
September 30, 2007, Adherex s accomplishments of note included:
About Adherex Technologies
Adherex Technologies Inc. is a biopharmaceutical company dedicated to the discovery and development of novel cancer therapeutics. We aim to be a leader in developing innovative treatments that address important unmet
medical needs in cancer. We currently have multiple products in the clinical stage of development, including eniluracil, ADH-1 and sodium thiosulfate (STS). Eniluracil, an oral dihydropyrimidine dehydrogenase (DPD) inhibitor, was previously
under development by GlaxoSmithKline for oncology indications. ADH-1, our lead biotechnology compound, selectively targets N-cadherin, a protein present on certain tumor cells and established blood vessels that feed solid tumors. STS, a drug from
our specialty pharmaceuticals pipeline, protects against the disabling hearing loss that can often result from treatment with platinum-based chemotherapy drugs. With a diversified portfolio of unique preclinical and clinical-stage cancer compounds
and a management team with expertise in identifying, developing and commercializing novel cancer therapeutics, Adherex is emerging as a pioneering oncology company. For more information, please visit our website at www.adherex.com.
FINANCIAL CHARTS FOLLOW
Adherex Technologies Inc.
Selected Financial Data
(U.S. dollars in thousands except per share amounts)
| September 30, 2007 | December 31, 2006 | |||||||
| (unaudited) | ||||||||
| Condensed Consolidated Balance Sheets: | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents and short-term investments | $ | 18,401 | $ | 5,718 | ||||
| Other current | 383 | 177 | ||||||
| Long-term assets | 676 | 733 | ||||||
| Total assets | $ | 19,460 | $ | 6,628 | ||||
| Liabilities and shareholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 2,109 | $ | 4,695 | ||||
| Other long-term liabilities | 721 | 665 | ||||||
| Total shareholders equity | 16,630 | 1,268 | ||||||
| Total liabilities and shareholders equity | $ | 19,460 | $ | 6,628 | ||||
| Three Months Ended September 30, | ||||||||
| 2007 | 2006 | |||||||
| (unaudited) | (unaudited) | |||||||
| Condensed Consolidated Statements of Operations: | ||||||||
| Operating expenses: | ||||||||
| Research and development | $ | 2,490 | $ | 4,096 | ||||
| General and administration | 966 | 673 | ||||||
| Loss from operations | (3,456 | ) | (4,769 | ) | ||||
| Net interest income | 254 | 121 | ||||||
| Net loss | $ | (3,202 | ) | $ | (4,648 | ) | ||
| Net loss per share of common stock, basic and diluted | $ | (0.02 | ) | $ | (0.09 | ) | ||
| Weighted-average common shares used in computing basic and diluted net loss per common share | 128,227 | 50,382 |
| Nine Months Ended September 30, | ||||||||
| 2007 | 2006 | |||||||
| (unaudited) | (unaudited) | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 8,293 | $ | 9,924 | ||||
| General and administration | 2,717 | 2,131 | ||||||
| Loss from operations | (11,010 | ) | (12,055 | ) | ||||
| Net interest income | 661 | 376 | ||||||
| Net loss | $ | (10,349 | ) | $ | (11,679 | ) | ||
| Net loss per share of common stock, basic and diluted | $ | (0.09 | ) | $ | (0.25 | ) | ||
| Weighted-average common shares used in computing basic and diluted net loss per common share | 112,643 | 46,747 |
This press release contains forward-looking statements that involve significant risks and uncertainties. The
actual results, performance or achievements of the Company might differ materially from the results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such forward-looking statements include, without
limitation, those regarding the development plans of the Company and the expected timing or results of our development. We can provide no assurance that such development will proceed as currently anticipated or that the expected timing or results of
such development will be realized. We are subject to various risks, including the uncertainties of clinical trials, drug development and regulatory review, the early stage of our product candidates, our reliance on collaborative partners, our need
for additional capital to fund our operations, our history of losses, and other risks inherent in the biopharmaceutical industry. For a more detailed discussion of related risk factors, please refer to our public filings available at www.sec.gov and
For further information, please contact:
Senior Vice President, Corporate Development
Adherex Technologies Inc.