Attention Business/Financial Editors:
Micrologix reports third quarter results
Trading Symbol: MBI (TSE/CDNX)
MGIXF (US over the counter)
Website: www.mbiotech.com
VANCOUVER, March 31 /CNW/ - Micrologix Biotech Inc. today reported a net
loss of $5,683,963 or $0.22 per common share for the nine months ended January
31, 2000, compared to a net loss of $4,730,150 or $0.21 per common share for
nine months ended January 31, 1999.
The increase in net loss was primarily due to the commitment of resources
to research and development programs; in particular, the costs associated with
the Phase II clinical trial of MBI 226 for the prevention of catheter-related
bloodstream infections, preparations for and the initiation of Phase I
clinical studies of MBI 594AN for the treatment of acne and preparations for a
Phase I clinical trial of MBI 853NL for the prevention of hospital-acquired
Staphylococcus aureus infections. Research and development expenses were
$4,506,475 an increase of 21%. General and corporate costs increased 16% to
$1,732,251. Interest revenue was $554,763 an increase of 11% compared with
1999 principally due to higher average cash balances.
At January 31, 2000, the Company's cash and marketable securities were
$19,199,398 (before $40 million special warrant financing closed March 20,
2000 at $10.00 per special warrant), an increase of $8,648,471 from April 30,
1999. This increase is comprised of $13,766,144 proceeds from the special unit
financing completed in October 1999 ($13,561,368 net of financing costs
payable) and $300,000 received from the exercise of stock options less
$4,925,315 used for operating activities and $492,358 to fund capital
expenditures. There are currently 31,429,017 common shares outstanding
(January 31, 2000 - 30,901,099).
Selected Financial Highlights
(Canadian dollars)(1)
At January 31
Balance Sheets 2000 1999
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Cash and marketable securities $19,199,398 $12,223,950
Other current assets 218,067 153,576
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Total current assets 19,417,465 12,377,526
Capital assets 2,356,741 2,815,278
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Total assets $21,774,206 $15,192,804
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Current liabilities $1,149,639 $942,624
Deferred rental inducement 7,761 34,220
Shareholders' equity(2) 20,616,806 14,215,960
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Total liabilities and shareholders' equity $21,774,206 $15,192,804
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Statements of Loss and Deficit
Three months ended Nine months ended
January 31 January 31
2000 1999 2000 1999
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Revenue
Interest and sundry $246,878 $149,302 $554,763 $500,633
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Expenses
Research and
development 1,446,473 1,252,827 4,506,475 3,737,870
General and
corporate 614,904 507,386 1,732,251 1,492,913
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$2,061,377 $1,760,213 $6,238,726 $5,230,783
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Net loss $(1,814,499) $(1,610,911) $(5,683,963) $(4,730,150)
Deficit,
beginning of
period (24,810,291) (17,553,357) (20,940,827) (14,434,118)
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Deficit,
end of period $(26,624,790) $(19,164,268) $(26,624,790) $(19,164,268)
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Net loss per
common share(3) $(0.07) $(0.07) $(0.22) $(0.21)
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(1) Condensed from the Company's unaudited financial statements.
(2) As at March 28, 2000 there was 31,429,017 common shares
outstanding, special warrants to acquire 4,000,000 common shares,
warrants to acquire 3,665,250 common shares, after-market support
options to acquire 449,832 common shares, after-market support
warrants to acquire 400,000 common shares and options to acquire
2,115,533 common shares outstanding.
(3) Loss per share is based on the weighted average number of common
shares outstanding during the period. Since the company's
warrants and 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. Micrologix has been granted fast track
designation by the US Food and Drug Administration for MBI 226, an
antimicrobial drug product for the prevention of central venous
catheter-related bloodstream infections which the Company anticipates will be
in Phase III clinical trials in Q3 2000. In Q1 2000, Micrologix initiated
Phase I clinical trials of MBI 594AN for the treatment of acne and MBI 853NL
for the prevention of hospital-acquired S. aureus infections. The Company
anticipates completing both trials by mid-2000. Micrologix's portfolio of drug
candidates is based on improved analogs of the anti-infective peptide
compounds found in the host-defense systems of most life forms.
"Dany Hadary"
---------------
Dany Hadary
President and 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 Canadian Venture Exchange have not
reviewed and do not accept responsibility for the adequacy or accuracy of
this release.
-0- 03/31/2000
For further information: Investor Relations Contact: Arthur J. Ayres, Micrologix Biotech Inc., Telephone: (604) 221-9666, Toll-Free:
1-800-665-1968, Fax: (604) 221-9688, E-mail: info@mbiotech.com |
