SAN DIEGO, CA, Nov. 7 /PRNewswire-FirstCall/ - Nventa Biopharmaceuticals Corporation announced today financial results for the third quarter ended September 30, 2007. All amounts, unless specified otherwise, are in Canadian dollars.
Nventa reported a net loss of $3.1 million or $0.01 per share, for the three months ended September 30, 2007, compared to a net loss of $2.3 million, or $0.03 per share, for the same period in 2006. For the nine months ended September 30, 2007, the Company reported a net loss of $10.1 million, or $0.05 per share, compared to a net loss of $8.0 million, or $0.10 per share, for the same period in 2006. The Company’s net loss for the nine months ended September 30, 2007 included approximately $0.8 million in one-time corporate restructuring expenses.
The Company had cash and cash equivalents of $14.3 million as of September 30, 2007.
“We achieved many important milestones during this quarter,” said Gregory M. McKee, President and Chief Executive Officer at Nventa. “With additional finances, depth and experience of the Board and Management team, and an impressive Clinical and Scientific Advisory Board, we are advancing HspE7, our lead therapeutic vaccine candidate, through clinical trials and are exploring ways to expand and progress our preclinical pipeline as well.”
About Nventa Biopharmaceuticals Corporation:
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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 three and nine months ended September 30, 2007 can be found on SEDAR at http://www.sedar.com.
CONTACT: Gregory McKee, President and Chief Executive Officer, 9381 Judicial Drive, Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4940, gmckee@nventacorp.com; Donna Slade, Director, Investor Relations, 9381 Judicial Drive, Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4945, dslade@nventacorp.com
CONTACT: Gregory McKee, President and Chief Executive Officer, 9381
Judicial Drive, Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4940,
gmckee@nventacorp.com; Donna Slade, Director, Investor Relations, 9381
Judicial Drive, Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4945,
dslade@nventacorp.com
