OCTOBER 15, 1998 Imutec Pharma Reports First Quarter Results
TORONTO, ONTARIO--Imutec Pharma Inc. today released its financial
results for the first quarter ended August 31, 1998. For the
quarter, and on a year-to-date basis, Imutec Pharma showed a net
loss of $1,476,850 ($0.04 per share) as compared with $992,645
($0.03 per share) for the first quarter last year.
For the quarter ended August 31, 1998, research and development
expenses increased significantly to $1,042,335 from $590,239
during the same period last year. The main cause of the increase
is the cost of ongoing development of the anti-cancer compounds
acquired in November 1997.
For the first quarter of 1999, general and administrative expenses
were $386,402 compared with $401,629 spent during the same period
last year. The decrease is the result of one-time legal and
application costs incurred in 1997 for listing on the Montreal
exchange.
As at August 31, 1998, Imutec's working capital was approximately
$ 2.3 million and cash and short term investments totaled $2.6
million.
"Significant clinical progress was made by Imutec Pharma in this
quarter," reported Philippe G. Lacaille, President and Chief
Executive Officer at Imutec Pharma. "Accomplishments in this
quarter included: the release of solid, positive US Phase I/II
trial results for Virulizin(r), the issuance of a second Canadian
patent related to Virulizin(r), the publication of the novel
anti-cancer mechanism of action of Clotrimazole and the related
NuChem analogues, and the signing of agreement with Torcan
Chemical Ltd. for the manufacture of the NuChem analogues. We
continue to move forth the development of our products, and look
forward to reporting our progress in the future."
/T/
STATEMENT OF LOSS (in CDN dollars)
Quarter ended August 31, 1998 and 1997
Q1 1999 Q1 1998
--------------------------
Research and development expense $1,042,335 $590,239
General and administrative 386,402 401,629
Depreciation and amortization 69,634 81,249
Interest earned (21,521) (80,472)
--------------------------
Net loss $1,476,850 $992,645
--------------------------
Loss per common share $0.04 $0.03
--------------------------
Weighted average shares outstanding 37,413,335 35,936,473
--------------------------
/T/
Imutec Pharma Inc. is a pharmaceutical company engaged in the
development and commercialization of innovative products for the
treatment of cancer. Through an active acquisition and
in-licensing program, Imutec Pharma's goal is to build and
clinically develop a portfolio of innovative drugs targeted at
life-threatening diseases. Thereafter, Imutec Pharma intends to
undertake late stage clinical development and marketing in
cooperation with strategic pharmaceutical partners. Founded in
1986, Imutec Pharma Inc. is a public company listed on the Toronto
Stock Exchange and the Montreal Stock Exchange under the symbol
IMT and on the NASDAQ exchange under the symbol IMUTF.
Except for historical information, this press release contains
forward-looking statements which reflect the Company's current
expectation regarding future events. These forward-looking
statements involve risks and uncertainties which may cause actual
results to differ materially from those statements. Those risks
and uncertainties include, but are not limited to, changing market
conditions, the successful and timely completion of clinical
studies, the establishment of corporate alliances, the impact of
competitive products and pricing, new product development,
uncertainties related to the regulatory approval process, and
other risks detailed from time-to-time in the Company's ongoing
quarterly filings, annual reports and 20-F filings.
Imutec Pharma's press releases are available through the Company's
Internet site: imutec.com
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FOR FURTHER INFORMATION PLEASE CONTACT:
Imutec Pharma
Paul W. Truscott Jr.
Associate, Corporate Communications
(416) 724-1100, ext. 251
(416) 724-1167 (FAX)
imutec@inforamp.net
INDUSTRY: MTC
SUBJECT: ERN
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