Stephane,
Did you order and receive the brochure from Micrologix? I would be interested in any additional articles on Micrologix.
My ability to understand written French is fair and I was able to get the gist of the article you faxed.
Here¹s the latest news on MBI off the newswire.
MICROLOGIX REPORTS YEAR END RESULTS
VANCOUVER, Sept. 18 /CNW/ - Micrologix Biotech Inc. today reported a net
loss of $2,250,615 or $0.19 per common share for the year ended April 30,
1996, compared to a net loss of $1,393,810 or $0.16 per common share for the
same period in 1995. Revenue for 1996 was $549,022, an increase of $423,697
compared with 1995. This increase was due principally to interest income
received from the investment of net proceeds of the Company's equity financing
completed in December 1995.
Total expenses were $2,799,637 in 1996 compared with $1,207,773 in 1995,
an increase of $1,591,864 or 132%. This increase was due primarily to the
commitment of resources to the Company's research and development program.
Research and development expenses were $1,387,657, an increase of $1,020,109
or 278%, which reflects costs associated with the staffing and operation of
the Company's research facility, expanded research collaborations and contract
research during the year. General and corporate costs increased 68% or
$571,755 to $1,411,980.
Capital expenditures for 1996 were $869,776, which included $544,160 for
the completion of leasehold improvements and equipping of the Company's
research and office facility and the $279,000 licence fee in connection with
the renegotiation of the Company's licence agreement with the University of
British Columbia completed in October 1995.
At April 30, 1996 the Company's cash position was $12,139,231, an
increase of $8,147,530 from April 30, 1995. This increase was due primarily to
net proceeds of $10,824,225 received from the issue of share capital during
the year, including $9,766,211 in net proceeds from the financing completed in
December 1995.
The Company's Annual General Meeting will be held on October 24, 1996 at
2:00 pm at the Waterfront Centre Hotel, Vancouver, British Columbia.
Micrologix Biotech Inc. is a Canadian biopharmaceutical company dedicated
to the discovery, development and commercialization of novel anti-infective
compounds. The Company's drug development program is based on proprietary
technologies and extensive expertise in the molecular basis of microbial
infections.
Selected Financial Highlights(1)
Balance Sheet (at April 30 in Canadian dollars)
1996 1995
---------------------------------------------------------------------
Cash and cash equivalents $12,139,231 $ 3,991,701
Other current assets 238,852 242,919
----------- ----------
Total current assets 12,378,083 4,234,620
Capital assets 1,204,750 470,713
----------- ----------
Total assets $13,582,833 $ 4,705,333
---------- ----------
Current liabilities $ 259,381 $ 279,832
Other liabilities 45,341 -
Shareholders' equity 13,278,111 4,425,501
---------- -----------
Total liabilities and
shareholders' equity $13,582,833 $ 4,705,333
Statement of Loss and Deficit (year ended April 30 in Canadian dollars)
1996 1995
---------------------------------------------------------------------
Revenue $ 549,022 $ 125,325
Expenses 2,799,637 1,207,773
------------ ----------
Loss from continuing operations (2,250,615) (1,082,448)
Loss from discontinued operations - (311,362)
------------ ----------
Net loss for year (2,250,615) (1,393,810)
Deficit, beginning of year (3,111,350) (1,717,540)
------------ -----------
Deficit, end of year $(5,361,965) $(3,111,350)
------------ ------------
Net loss per common share (2)
Continuing operations $ (0.19) $ (0.12)
Discontinued operations - (0.04)
------------ ------------
$ (0.19) $ (0.16) |
