NUCRYST Pharmaceuticals announces 2007 second quarter results
WAKEFIELD, MA, Aug. 8 /PRNewswire-FirstCall/ - NUCRYST Pharmaceuticals Corp. today announced for the quarter ended June 30, 2007, it recorded a net loss of $3.0 million, or 16 cents per share on revenues of $6.1 million, compared to a net loss of $3.9 million, or 21 cents per share on revenues of $6.2 million recorded in the same period last year.
At June 30, 2007, NUCRYST had $20.2 million in cash and short term investments. Further financial information follows at the end of the release.
'NUCRYST continued to advance our product development strategy in the first half of 2007,' said Scott H. Gillis, President & CEO, NUCRYST Pharmaceuticals. 'We continued with our preclinical work for gastroenterology indications and in July, we reported FDA 510(k) clearance of our NPI 32101 cream. We are currently examining potential commercialization strategies for the cream to determine the optimal path to market.'
NUCRYST Pharmaceuticals (NASDAQ: NCST; TSX: NCS) develops, manufactures and commercializes medical products that fight infection and inflammation using its patented atomically disordered nanocrystalline silver technology. Smith & Nephew plc sell a range of advanced wound care products under their Acticoat(TM) trade mark: Acticoat(TM) products incorporate NUCRYST's SILCRYST(TM) coatings and are sold in over 30 countries. NUCRYST is also developing pharmaceutical products to address medical conditions that are characterized by both infection and inflammation. The company has developed its proprietary nanocrystalline silver in a powder form for use as an active pharmaceutical ingredient, referred to as NPI 32101.
A more detailed discussion of NUCRYST's 2007 second quarter results can be found in our 10-Q filing which will be available at www.sec.gov/edgar.com and www.sedar.com. NUCRYST filings are also available at www.nucryst.com/Regulatory_Filings.htm.
All figures are in US dollars unless otherwise stated.
SILCRYST(TM) is a trademark of NUCRYST Pharmaceuticals Corp.
Acticoat(TM) is a trademark of Smith & Nephew plc.
The financial results in this news release are unaudited and are not a complete disclosure of our quarterly or annual financial results. This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada (collectively 'forward-looking statements'). The words 'intends', 'will', 'examining', 'potential', 'determine' and 'plan' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this news release include, but are not limited to, statements about: prospects and plans for the development of future products containing our nanocrystalline silver for the treatment of gastroenterology indications, plans for our gastrointestinal program, regulatory approval of our NPI 32101 barrier cream, and plans and prospects for our barrier cream. With respect to the forward-looking statements contained in this news release, readers are cautioned that numerous risks, uncertainties and other factors could cause our actual results to differ materially from those indicated in these statements including, but not limited to: difficulties or delays in the initiation, timing, progress and results of our preclinical trials and research and development programs relating to the development of products containing our nanocrystalline silver for treatment of gastroenterology indications; our ability to maintain our collaboration with Smith & Nephew; our reliance on sales of Acticoat(TM) products with our SILCRYST(TM) coatings by Smith & Nephew; future sales of Acticoat(TM) may not be sufficient to adequately fund our research and development plans; we may not be able to retain existing and obtain new regulatory approvals for our NPI 32101 barrier cream and any future products; we may not be able to establish successful commercialization programs, through new corporate collaborations or otherwise, for our NPI 32101 barrier cream or for other future products; competition from other silver-based pharmaceutical or medical device companies; our ability to raise additional financing required to fund further research and development, clinical studies and obtain regulatory approvals, on commercially acceptable terms or at all; changes in currency exchange rates; our ability to protect our intellectual property rights and to not infringe on the intellectual property rights of others; our ability to comply with governmental regulations and standards; our ability to successfully attract and retain skilled and experienced personnel; changes in general economic and capital market conditions; other risks and uncertainties unidentified at this time; management's response to these factors; and other factors described under 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2006, filed with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov and with securities authorities in Canada on SEDAR at www.sedar.com. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and NUCRYST disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future developments or otherwise after the date hereof.
NUCRYST PHARMACEUTICALS CORP.
Financial Highlights
(unaudited)
(thousands of U.S. dollars except share and per share data)
--------------------- ------------------------- -------------------------
Condensed Three Months Six Months
Consolidated Ended June 30, Ended June 30,
Statements ------------------------- -------------------------
of Operations 2007 2006 2007 2006
--------------------- ------------------------- -------------------------
Revenue $ 6,098 $ 6,237 $ 11,332 $ 12,521
Loss from operations (1,642) (2,729) (3,487) (5,648)
Net loss (2,996) (3,887) (4,860) (6,771)
Net loss per
common share
- basic and diluted (0.16) (0.21) (0.27) (0.38)
Weighted average
number of common
shares outstanding
- basic 18,318,438 18,247,003 18,315,218 17,630,811
- diluted 18,318,438 18,247,003 18,315,218 17,630,811
----------------------------------------------- -------------------------
June 30, December 31,
Condensed Consolidated Balance Sheets 2007 2006
----------------------------------------------- -------------------------
Cash and short-term investments $ 20,201 $ 18,926
Current assets 32,715 33,591
Total assets 46,364 45,892
Current liabilities 3,164 2,306
Long Term liabilities 725 -
Shareholders' equity 42,475 43,586
--------------------- ------------------------- -------------------------
Three Months Six Months
Ended June 30, Ended June 30,
------------------------- -------------------------
Other Data 2007 2006 2007 2006
--------------------- ------------------------- -------------------------
Wound care product
revenue $ 6,098 $ 6,237 $ 11,332 $ 12,521
Manufacturing costs $ 3,986 $ 4,013 $ 7,134 $ 8,318
Gross margin $ 2,112 $ 2,224 $ 4,198 $ 4,203
Gross margin percent
excluding milestone
revenue 34.6% 35.7% 37.0% 33.6%
SOURCE NUCRYST Pharmaceuticals Corp.
Source: PR Newswire (August 8, 2007 - 10:25 AM EST)
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