3rd quarter results:
IMUTEC PHARMA REPORTS THIRD QUARTER RESULTS
TSE/ME: IMT
NASDAQ: IMUTF
TORONTO, April 1 /CNW/ - Imutec Pharma Inc. today released its financial results for the third quarter ended February 28, 1998. For the third quarter, the loss was $1,500,708 ($0.04 per share) as compared with $1,306,507 ($0.04 per share) for the third quarter last year. On a year-to-date basis the loss was $4,102,439 ($0.11 per share) as compared to $3,495,370 ($0.12 per share) for the same period last year.
For the quarter ended February 28, 1998, research and development expenses increased significantly to $1,079,313 from $722,186 during the same period last year. The main cause of the increase in research and development costs is a payment of approximately $350,000 ($250,000 US) made to Ion Pharmaceuticals, Inc. The payment represented the second installment of the upfront licensing fee for rights to several novel anti-cancer compounds. Imutec is also required to issue common shares with a value of $350,000 US during June 1998 to complete the installments. Additional payments will also become due as key milestones are achieved in the development of the anti-cancer compounds.
For the third quarter of 1998, general and administrative expenses were $392,838 compared with $527,139 spent during the same period last year. The decrease is the result of reduced Business Development and Finance and Administration costs. On a year-to-date basis, general and administrative spending is at a comparable level with last year.
As at February 28, 1998, Imutec's working capital was approximately $4.9 million and cash and short term investments totaled $5.3 million.
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STATEMENT OF LOSS (in CDN dollars)
Quarter ended February 28, 1998 and 1997
Three months Nine months
Ended February 28, Ended February 28,
1998 1997 1998 1997
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Research and development expense $1,079,313 $ 722,186 $2,839,471 $2,134,206
General and
administrative 392,838 527,139 1,223,484 1,198,425
Depreciation 88,348 81,300 253,275 242,564
Interest earned (59,791) (24,118) (213,791) (79,825)
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Net loss $1,500,708 $1,306,507 $4,102,439 $3,495,370
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Loss per common share $0.04 $0.04 $0.11 $0.12
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Weighted average shares
outstanding 36,785,147 30,700,759 36,494,000 29,664,440
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