WAKEFIELD, MA, May 3 /PRNewswire-FirstCall/ - NUCRYST Pharmaceuticals Corp. today announced for the quarter ended March 31, 2006 it recorded a net loss of $2.9 million, or 17 cents per share on revenues of $6.3 million, compared to a net loss of $1.4 million, or 14 cents per share on revenues of $4.1 million recorded in the same period last year.
At March 31, 2006 NUCRYST had $29.3 million in cash and short term investments. Further financial information follows at the end of the release.
“NUCRYST continued to make progress with both our SILCRYST(TM) medical coatings business and our pharmaceutical research and clinical trials during first quarter of 2006,” said Scott H. Gillis, President & CEO, NUCRYST Pharmaceuticals. “During the quarter, we expanded and strengthened our dermatology patent portfolio to cover acne in addition to the patents we already have for atopic dermatitis and psoriasis. We now have issued US patents covering the use of our proprietary technology in the three largest indications of the topical prescription dermatology market. We were also pleased that Acticoat(TM) Moisture Control received European regulatory approval, increasing the product’s global availability.”
NUCRYST Pharmaceuticals 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.
All figures are in US dollars unless otherwise stated SILCRYST(TM) is a trademark of NUCRYST Pharmaceuticals Corp. Acticoat(TM) is trademark of Smith & Nephew plc
Some of the statements above may constitute forward-looking statements within the meaning of securities legislation in the United States and Canada. In particular, statements regarding our future growth in 2006 may be forward- looking statements for purposes of the U.S. and Canada securities laws or otherwise. Factors that could cause our actual results to differ materially from those indicated in these statements include: the initiation, timing, progress and results of our preclinical and clinical trials, research and development programs; our relationship with Smith & Nephew; our reliance on sales of Acticoat(TM) products with our SILCRYST(TM) coatings; the implementation of our business model, strategic plans for our business, product candidates and technology; our ability to maintain and establish corporate collaborations; changes in general economic conditions; other risks and uncertainties unidentified at this time; management’s response to these factors; and other factors described under “Risk Factors” in our Registration Statement on Form F-1 filed with the U.S. Securities and Exchange Commission and in the cautionary statements contained under the heading “Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2005 also filed with the U.S. Securities and Exchange Commission. NUCRYST disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
NUCRYST PHARMACEUTICALS CORP. Financial Highlights (unaudited) (thousands of U.S. dollars except share and per share data) Condensed Consolidated Statements Three Months Ended March 31, of Operations 2006 2005 Revenue $ 6,284 $ 4,056 Loss from operations (2,919) (623) Net loss (2,884) (1,375) Net loss per common share - basic and diluted (0.17) (0.14) Weighted average number of common shares outstanding - basic 17,007,772 9,727,500 - diluted 17,007,772 9,727,500 March 31, December 31, Condensed Consolidated Balance Sheets 2006 2005 Cash and short-term investments $ 29,337 $ 35,901 Current assets 43,905 48,992 Total assets 54,594 59,460 Current liabilities 4,319 45,691 Shareholders’ equity 50,275 13,769 Three Months Ended March 31, Other Data 2006 2005 Wound care product revenue $ 6,284 $ 4,056 Manufacturing costs $ 4,305 $ 2,004 Gross margin $ 1,979 $ 2,052
NUCRYST Pharmaceuticals Corp.
CONTACT: David Wills, Investor Relations, NUCRYST Pharmaceuticals Corp.,(416) 504-8464, info@nucryst.com
