SAN DIEGO, CA, Nov. 14 /PRNewswire-FirstCall/ - Nventa Biopharmaceuticals Corporation announced today financial results for the third quarter ended September 30, 2006. All amounts, unless specified otherwise, are in Canadian dollars.
Nventa reported a net loss from continuing operations of $2.3 million or $0.03 (US$0.03) per share, for the three months ended September 30, 2006, compared to a net loss from continuing operations of $5.7 million, or $0.08 (US$0.07) per share, for the same period in 2005.
For the nine months ended September 30, 2006, the Company reported a net loss from continuing operations of $8.0 million, or $0.10 (US$0.09) per share, compared to a net loss from continuing operations of $23.2 million, or $0.32 (US$0.29) per share, for the same period in 2005. The Company had cash and cash equivalents related to continuing operations of $4.7 million as of September 30, 2006.
“We are encouraged by the heightened awareness of human papillomavirus (HPV) as a result of an industry campaign supporting preventative HPV vaccines,” commented Gregory M. McKee, President and Chief Executive Officer of Nventa. “Additionally we have renewed enthusiasm about our product candidate, which targets the large patient population already infected with HPV.”
Nventa 3Q06 Highlights: - Received $2.8 million from GVIC Publications that was being held in escrow in connection with Nventa’s corporate reorganization previously announced on March 16, 2006; - Signed Supply Agreement with Oncovir, Inc. for a proprietary Oncovir compound (Hiltonol), an adjuvant that activates innate immunity and targets the Toll-like receptor 3 (TLR-3) pathway; - Presented preclinical data that showed greater potency and specific activation of the immune response when HspE7 was combined with two adjuvants in the study; and - Announced the presentation of HspE7 data from a Phase II clinical trial that showed complete response or marked improvement in 81 percent of genital warts patients. About Nventa Biopharmaceuticals Corporation: --------------------------------------------
Nventa is developing innovative therapeutics for the treatment of viral infections and cancer, with a focus on diseases caused by the human papillomavirus (HPV). The Company is publicly traded on the Toronto Stock Exchange under the symbol NVN. For more information about Nventa Biopharmaceuticals Corporation, please visit the Company’s website located at www.nventacorp.com.
The Audit Committee of the Company has reviewed and approved of the contents of this Press Release. Summary financials are attached below. The full financial statements and MD&A for the third quarter ended September 30, 2006 can be found on SEDAR at http://www.sedar.com.
This press release may contain statements which, to the extent that they are not recitations of historical fact may constitute forward-looking information under applicable Canadian securities legislation or forward-looking statements within the meaning of the Unites States Private Securities Litigation Reform Act of 1995. The words “may”, “would”, “could”, “will”, “likely”, “expect,” “anticipate,” “intend”, “estimate”, “intend”, “plan”, “forecast”, “project”, “estimate” and “believe” or other similar words and phrases are intended to identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Company’s actual future results or performance may be materially different.
Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed or implied by such forward-looking statements or information. Such factors include, among others, our ability to continue as a going concern; our need for capital; risks associated with requirements for regulatory approvals; our dependence on suppliers, collaborative partners and other third parties; uncertainties as to future expense levels and the possibility of unanticipated costs or expenses or cost overruns; our ability to attract and retain key personnel; our ability to protect and practice our intellectual property; the risk that competitors may develop and market drugs that are less expensive, more effective or safer than ours; and other factors as described in detail in our filings with the Canadian securities regulatory authorities at www.sedar.com. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement.
In the event we are impacted by any of the risks identified above, we may not be able to continue in our business as planned, or at all.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with Canadian securities regulatory authorities, including our 2005 Annual Information Form filed on SEDAR at http://www.sedar.com. Historical filings relating to the Company prior to the completion of the Company’s March 23, 2006 corporate reorganization, including Old Stressgen’s 2005 Annual Information Form dated March 16, 2006 may be reviewed on SEDAR at http://www.sedar.com under the SEDAR profile GVIC Publications Ltd.
All forward-looking statements and information made herein are based on our current expectations as of the date hereof and we disclaim any intention or obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) (Canadian dollars) (In thousands, except per share amounts) Three months ended, Nine months ended September 30, September 30, --------------------------------------------- 2006 2005 2006 2005 --------- --------- --------- --------- Revenue: Collaborative R&D revenue $ 155 $ 160 $ 465 $ 489 Operating expenses: Research and development 1,484 4,874 5,764 18,683 Selling, general and administrative 1,004 1,021 2,851 4,858 Restructuring - - - 530 --------- --------- --------- --------- 2,488 5,895 8,615 24,071 --------- --------- --------- --------- Operating loss (2,333) (5,735) (8,150) (23,582) Other income (expense): Interest and other income, net 72 290 121 932 Foreign exchange (loss) gain, net (15) (237) 5 (552) --------- --------- --------- --------- 57 53 126 380 --------- --------- --------- --------- Net loss from continuing operations $ (2,276) $ (5,682) $ (8,024) $(23,202) Net income from discontinued operations $ - $ - $ - $ 7,460 --------- --------- --------- --------- Net loss $ (2,276) $ (5,682) $ (8,024) $(15,742) --------- --------- --------- --------- --------- --------- --------- --------- Basic and diluted (loss) income per common share(a): From continuing operations $ (0.03) $ (0.08) $ (0.10) $ (0.32) From discontinued operations $ - $ - $ - $ 0.10 --------- --------- --------- --------- $ (0.03) $ (0.08) $ (0.10) $ (0.22) --------- --------- --------- --------- --------- --------- --------- --------- Weighted average common shares outstanding (in thousands) 83,456 72,506 83,285 72,506 --------- --------- --------- --------- --------- --------- --------- --------- (a) Certain per share amounts will not recalculate exactly due to rounding CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited) (Canadian dollars in thousands) September 30, December 31, 2006 2005 ------------- ------------ Cash and short-term investments $ 4,708 $ 4,361 Total assets 6,155 7,598 Stockholders’ equity 4,232 3,521 Total shares outstanding (in thousands) 83,669 83,036
CONTACT: Gregory McKee, President and Chief Executive Officer, 6055 Lusk Boulevard, San Diego, CA, USA, 92121, Dir: (858) 202-4940, gmckee@nventacorp.com; Donna Slade, Director, Investor Relations, 6055 Lusk Boulevard, San Diego, CA, USA, 92121, Dir: (858) 202-4945, dslade@nventacorp.com
Nventa Biopharmaceuticals Corporation
CONTACT: Gregory McKee, President and Chief Executive Officer, 6055 LuskBoulevard, San Diego, CA, USA, 92121, Dir: (858) 202-4940,gmckee@nventacorp.com; Donna Slade, Director, Investor Relations, 6055 LuskBoulevard, San Diego, CA, USA, 92121, Dir: (858) 202-4945,dslade@nventacorp.com
