Northfield Laboratories Inc. Reports Fiscal 2009 Second Quarter Financial Results
January 09 2009 - 5:30PM
Business Wire
Northfield Laboratories Inc. (Nasdaq: NFLD) announced today
financial results for the second fiscal quarter ended November 30,
2008. For the second fiscal quarter, Northfield reported a net loss
of $5.6 million, or $0.21 per share, compared with a net loss of
$5.0 million, or $0.19 per share, for the corresponding period last
year. At the close of the quarter, Northfield reported
shareholders� equity of $16.5 million, with $10.1 million in cash
and marketable securities. As a development stage company,
Northfield does not generate revenues. Recent and Upcoming Events
Northfield announced that its BLA for PolyHeme was accepted for
filing and that FDA has designated the submission for Priority
Review, with a review goal date of April 30, 2009. Northfield
announced the manuscript entitled Human Polymerized Hemoglobin for
the Treatment of Hemorrhagic Shock when Blood Is Unavailable: The
USA Multicenter Trial was published in the January 2009 print
edition of the Journal of the American College of Surgeons. The
paper appeared in the on-line version in November 2008.
Northfield�s Chairman and CEO Steven A. Gould, M.D., presented at
the Rodman and Renshaw 10th Annual Healthcare Conference in New
York in November. Dr. Gould has also accepted the invitation of BIO
to present at the upcoming BIO CEO & Investor conference in New
York. Conference Call Northfield will host its second quarter 2009
earnings conference call with the financial community on Monday,
January 12, 2009 at 11:00 a.m. Eastern Time (10 a.m. Central Time).
This call is being webcast by Thomson Reuters and can be accessed
at Northfield�s Web site at http://www.northfieldlabs.com. A replay
will be available in the same location for two weeks following the
call. The webcast is also being distributed through the Thomson
StreetEvents Network to both institutional and individual
investors. Individual investors may listen to the call at
http://www.fulldisclosure.com, the Thomson Reuters individual
investor portal powered by StreetEvents. Institutional investors
may access the call via Thomson�s password-protected event
management site, StreetEvents (http://www.streetevents.com).
Investors may also dial 866.783.2139 and enter the passcode
97752406. A replay of the call will be available for two weeks by
dialing 888.286.8010 and entering the passcode 34016526. About
Northfield Laboratories Northfield Laboratories is a leader in
developing a hemoglobin-based oxygen-carrying red blood cell
substitute. The initial indication we are seeking for our
investigational product PolyHeme is the treatment of
life-threatening red blood cell loss when an oxygen-carrying fluid
is required and red blood cells are not available. PolyHeme is a
solution of chemically modified human hemoglobin that requires no
cross-matching and is therefore compatible with all blood types. It
has an extended shelf life in excess of 12 months. For further
information, visit http://www.northfieldlabs.com. Forward Looking
Statement This press release may contain forward-looking statements
concerning, among other things, Northfield�s future business plans
and strategies and clinical and regulatory developments affecting
our PolyHeme red blood cell substitute product. These
forward-looking statements are identified by the use of such terms
as "intends," "expects," "plans," "estimates," "anticipates,"
"should," "believes" and similar terms. These forward-looking
statements involve inherent risks and uncertainties. Our actual
results may therefore differ materially from those predicted by the
forward-looking statements because of various factors and possible
events, including the possibility that FDA may not meet the
required time periods for the review of our BLA under�applicable
laws, regulations and guidances, our potential inability to obtain
FDA approval to market PolyHeme commercially based on our BLA, our
potential inability to regain compliance with applicable Nasdaq
listing standards, our need to obtain additional capital to finance
our ongoing business operations and the construction of an expanded
commercial-scale manufacturing facility, our potential inability to
obtain adequate supplies of raw materials and to manufacture
PolyHeme in commercial quantities, our potential inability to
market PolyHeme successfully, the possibility that competitors will
develop products that will render PolyHeme obsolete or
non-competitive, our potential inability to protect our
intellectual property rights, the outcome of a purported class
action lawsuit as described in our most recently filed quarterly
report on Form 10-Q, the possibility that we may be subject to
product liability claims and other legal actions, our dependency on
a limited number of key personnel, the uncertainty of third party
reimbursement for our product and other risks and uncertainties
described from time to time in our periodic reports filed with the
Securities and Exchange Commission, including our most recently
filed annual report on Form 10-K and quarterly report on Form 10-Q.
These forward-looking statements speak only as of the date of this
press release. We do not undertake any obligation to update or
publicly release any revisions to forward-looking statements to
reflect events, circumstances or changes in expectations after the
time such statement is made. All subsequent written and oral
forward-looking statements attributable to Northfield or any person
acting on our behalf are qualified by this cautionary statement.
NORTHFIELD LABORATORIES INC. (a company in the development stage) �
Balance Sheets November 30, 2008 and May 31, 2008 (In thousands) �
� Nov 31, May 31, 2008 2008 Assets (unaudited) Current assets: Cash
$5,030 $12,747 Restricted cash 77 301 Short-term marketable
securities 4,998 7,980 Prepaid expenses 466 696 Other current
assets 306 - Total current assets 10,877 21,724 � Plant and
equipment, net 8,436 8,241 Other assets 20 20 Total assets $19,333
$29,985 � Liabilities and Shareholders� Equity Current liabilities:
Accounts payable $1,655 $1,917 Accrued expenses 72 112 Government
grant liability 77 301 Accrued compensation and benefits 710 658
Other current liabilities 306 - Total current liabilities 2,820
2,988 � Other liabilities 15 14 Total liabilities 2,835 3,002 �
Shareholders� equity: Capital stock 270 270 Additional paid-in
capital 247,960 246,929 Deficit accumulated during the development
stage -231,732 -220,216 Total shareholders� equity 16,498 26,983 �
Total liabilities and shareholders� equity $19,333 $29,985 � � � �
� NORTHFIELD LABORATORIES INC. (a company in the development stage)
� Statements of Operations Three months ended November 30, 2008 and
November 30, 2007 (In thousands except per share data) � Three
Months Ended Nov 30, Nov 30, 2008 2007 (unaudited) (unaudited) �
Revenues - license income $ - $ - � Costs and expenses: Research
and development 4,271 3,940 General and administrative 1,377 1,482
5,648 5,422 � Other income and expense: Interest income 54 401
Interest expense - - � Cumulative effect of change in accounting
principle - - � Net loss $ -5,594 $ -5,021 � Net loss per basic
share $ -0.21 $ -0.19 � Shares used in calculation of per share
data 26,959 26,938
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