Friday October 16, 7:19 pm Eastern Time
Company Press Release
Nortran Announces 3rd Quarter Results
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 16, 1998--Nortran Pharm. Inc.(VSE:NRT. - news; OTC Bulletin Board:NTRDF - news) Nortran Pharmaceuticals Inc. (the ''Company''), NASD BB:NTRDF, VSE:NRT, announced today that it has released interim, unaudited quarterly results for the 3rd quarter of 1998. Working capital at August 31, 1998 was $7,096,504. The net loss for the nine month period was $3,189,537. The increase in losses reflects additional research and development expenditures related to the Phase II clinical trial on RSD921, collaborative research with Bridge Pharma, and synthesis of CP1 for pre-clinical toxicology studies soon to commence in the U.K.
The Company announced also the granting of incentive stock options to new employees and consultants of the Company, which subject to VSE approval, will entitle the holders to acquire an aggregate of 280,000 common shares of the company at a price of $1.05, and will be exercisable for a 6 year period. The options are being granted under the Company's 1998 Option Plan, and will be vested over a five year period. Since May 31, 1998, 370,000 options have expired and have been cancelled through employee attrition.
The Company has also agreed, subject to VSE approval, to extend the term of the warrants granted to its Malaysian partner, the Chemical Company of Malaysia Berhad, for a further year. These warrants will expire on November 10, 1999, with an exercise price of $2.00.
Nortran Pharmaceuticals is a drug discovery company focusing on pathology targeted small molecules. The Company previously announced a partnership with F. Hoffman La-Roche covering part of its antiarrhythmic development program in the area of atrial fibrillation. Nortran's current drugs in development target life-threatening arrhythmias of the heart, pain management, sexual dysfunction and acute cough.
ON BEHALF OF THE BOARD
Robert Rieder, Chief Executive Officer
Note to Editors: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
--------------------------------------------------------------------------------
Contact:
Nortran Pharmaceuticals Inc.
James King, 604/ 222-5577 or 1-800-330-9928
604/ 222-6617 (FAX)
Email: admin@nortran.com
Website: nortran.com
|
