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Nymox Pharmaceutical (NYMX) Reports Second Quarter 2014 Financial Results



8/11/2014 7:52:01 AM

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HASBROUCK HEIGHTS, N.J., Aug. 11, 2014 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation (Nasdaq:NYMX) announced today its financial results for the second quarter of 2014. Nymox reported net losses of $820,272, or $0.02 per share, for the quarter and $3,413,088, or $0.10 per share, for the six months ended June 30, 2014, compared to net losses of $1,477,389, or $0.04 per share, for the quarter and $2,571,295, or $0.08 per share, for the six months ended June 30, 2013. The decrease in net losses for the second quarter in 2014 compared to 2013 is mainly due to a reduction of $541,732 in clinical trial expenditures related to NX-1207 studies. The increase in net losses for the six months ended June 30, 2014 compared to 2013 is mainly due to an increase of stock compensation charges of $1,281,066 relating to the grant of options offset by a decrease of $508,043 in clinical trial expenditures.

Revenues from sales amounted to $97,880 for the quarter and $176,044 for the six months ended June 30, 2014, compared to $185,186 for the quarter and $369,432 for the six months ended June 30, 2013. The decrease for the quarter and the first six-months of 2014 compared to the same periods in 2013 is due to the non-recurrence of the sale of goods of $157,679 in 2013 under our licensing agreement with Recordati as well as a decrease in sales of NicAlertTM/TobacAlertTM.

Additionally, for the six months ended June 30, 2014 and 2013, amounts of $1,308,800 respectively were recognized as revenue relating to the upfront payment received in December 2010 under the licensing agreement. The weighted average number of common shares for the six months ended June 30, 2014 was 34,898,103, compared to 33,857,671 for the same period in 2013.

Nymox Pharmaceutical Corporation is engaged in the research and development of therapeutics and diagnostics, with an emphasis on therapeutic products for the unmet needs of the aging population. The Company's investigational new drug for prostate enlargement (benign prostatic hyperplasia or BPH) is in late Phase 3 development in the U.S. and in Europe. The Company's investigational drug for low-grade localized prostate cancer is currently in Phase 2 testing in the U.S. The Company has an extensive patent portfolio covering its marketed products, its investigational drug as well as other therapeutic and diagnostic indications.

More information about Nymox is available at www.nymox.com, email: info@nymox.com, or 800-936-9669.

This press release contains certain "forward-looking statements" as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in Nymox's filings with the United States Securities and Exchange Commission and other regulatory authorities.

CONTACT: Brian Doyle Nymox Pharmaceutical Corporation 1-800-93NYMOX www.nymox.com Help employers find you! Check out all the jobs and post your resume.

Read at BioSpace.com


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