Based on the information below, there's likely about $8 million left in the kitty. More shares to be issued this year...
Attention Business Editors:
Micrologix reports year end results
VANCOUVER, Aug. 10 /CNW/ - Micrologix Biotech Inc.
Trading Symbol:
MBI (TSE/VSE)
MGIXF (US over the counter)
Micrologix Biotech Inc. today reported a net loss of $6,506,709 or
$0.28
per common share for the year ended April 30, 1999, compared to a net
loss of
$5,381,255 or $0.23 per common share for the year ended April 30, 1998.
The
net loss for the three months ended April 30, 1999 was $1,776,559 or
$0.08 per
common share compared to a net loss of $1,822,034 or $0.08 per common
share
for the same period in 1998.
``Micrologix has made significant advances this year and we are
excited
about the year ahead,' said Dany Hadary, President and CEO of
Micrologix.
``We successfully completed Phase I clinical trials in the United
States for
MBI 226, which is targeted at preventing catheter-related bloodstream
infections, a very serious medical concern for which effective
treatment
options are limited. Before the end of 1999, we plan on initiating a
Phase II
clinical trial for this indication. Additionally, we now have three
further
drug candidates in preclinical development, and we are working on
advancing
two of these into clinical trials in the first half of 2000.'
Total expenses were $7,132,889 for the year ended April 30, 1999
compared
with $6,176,475 in 1998, an increase of 15%. This increase was
principally
due to the commitment of resources to research and development
programs; in
particular, the costs associated with preclinical studies and the Phase
I
clinical trial for Micrologix's first drug candidate, MBI 226.
Research and
development expenses were $5,066,066, an increase of 28%. General and
corporate costs decreased 7% to $2,066,823. Revenues comprised
principally of
interest income were $626,180 for the year ended April 30, 1999, a
decrease of
21% compared with 1998.
At April 30, 1999 the Company's cash and marketable securities were
$10,550,927 a decrease of $6,717,713 from April 30, 1998. This
decrease is
comprised of $5,989,889 used to fund operating activities and $727,824
to fund
capital expenditures. The Company plans to supplement its cash
position
through the sale of equity securities this year. At April 30, 1999
there were
23,058,599 common shares issued and outstanding.
The Company's Annual General Meeting will be held on September 9,
1999 at
2:00 p.m. in the Cheakamus Room at the Waterfront Centre Hotel,
Vancouver,
British Columbia. The record date is July 30, 1999.
Selected Financial Highlights (Canadian dollars)(1)
At April 30
Balance Sheets 1999
1998
----------------------------------------------------------------------
Cash and marketable securities $10,550,927
$17,268,640
Other current assets 239,939
158,582
----------------------------------------------------------------------
Total current assets 10,790,866
17,427,222
Capital assets 2,706,103
2,662,011
----------------------------------------------------------------------
Total assets $13,496,969
$20,089,233
----------------------------------------------------------------------
Current liabilities $1,029,849
$1,089,401
Deferred rental inducement 27,719
53,722
Shareholders' equity 12,439,401
18,946,110
----------------------------------------------------------------------
Total liabilities and shareholders' equity $13,496,969
$20,089,233
----------------------------------------------------------------------
Three months ended Year ended
Statements of Loss April 30 April 30
and Deficit 1999 1998 1999
1998
-------------------------------------------------------------------------
Revenue
Interest and sundry $ 125,547 $ 193,463 $ 626,180 $
795,220
-------------------------------------------------------------------------
Expenses
Research and
Development 1,328,196 1,429,703 5,066,066
3,942,529
General and Corporate 573,910 585,794 2,066,823
2,233,946
-------------------------------------------------------------------------
$ 1,902,106 $ 2,015,497 $ 7,132,889 $
6,176,475
-------------------------------------------------------------------------
Net Loss $(1,776,559) $(1,822,034) $(6,506,709)
$(5,381,255)
Deficit, Beginning
of Period (19,164,268) (12,612,084) (14,434,118)
(9,052,863)
-------------------------------------------------------------------------
Deficit, End
of Period
$(20,940,827)$(14,434,118)$(20,940,827)$(14,434,118)
-------------------------------------------------------------------------
Net Loss Per
Common Share(2) $ (0.08) $ (0.08) $ (0.28) $
(0.23)
-------------------------------------------------------------------------
(1) Condensed from the Company's audited financial statements.
(2) Loss per share is based on the weighted average number of
common
shares outstanding during the period. Since the company's
stock
options are anti-dilutive, they are not included in the
calculation
of the weighted average number of common shares outstanding.
Micrologix Biotech Inc. is a biopharmaceutical company developing
novel
drugs to treat severe and life-threatening diseases-particularly those
caused
by antibiotic-resistant microorganisms. The Company has a broad
portfolio of
drug candidates based on improved analogs of the anti-infective peptide
compounds found in the host-defense systems of most life forms.
Micrologix has
completed Phase I and plans to initiate a Phase II clinical trial later
this
year for the prevention of catheter-related bloodstream infections. In
addition, the Company has preclinical development programs for severe
inflammatory acne, eye infections and other serious diseases.
____(signed)____
Dany Hadary
President & CEO
The foregoing news release contains forward-looking statements
within the
meaning of the United States Private Securities Litigation Reform Act
of 1995.
All statements other than statements of historical fact may be deemed
to be
forward-looking statements. Forward-looking statements frequently, but
not
always use the words ``expects', ``anticipates', ``suggests',
``plans',
``believes' or ``intends', or similar words and/or include
statements
concerning the Company's strategies, goals and plans, or state that
certain
actions, events or results ``will' be taken, occur or be achieved.
These
forward-looking statements involve known and unknown risks,
uncertainties and
other factors which may cause the actual results, performance or
achievement
of the company, or industry results, to be materially different from
any
future results, performance or achievements expressed or implied by
such
statements. Such factors include, among others, those described in the
Company's annual report on Form 20-F, including the following:
uncertainties
related to early stage of development, technology and product
development;
dependence on future corporate collaborations; dependence on
proprietary
technology and uncertainty of patent protection; management of growth;
future
capital needs and uncertainty of additional funding; intense
competition;
manufacturing and market uncertainties; government regulation; product
liability exposure and insurability.
The Toronto Stock Exchange and the Vancouver Stock Exchange have
not
reviewed and do not accept responsibility for the adequacy or accuracy
of this
release.
-0- 08/10/1999
For further information: Investor Relations Contact: Arthur J. Ayres,
(604) 221-9666, Toll-Free: 1-800-665-1968, Fax (604) 221-9688, E-mail:
info@mbiotech.com; or Website: www.mbiotech.com
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