-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ARhwX34jQozkuiPgfwrdsc04omwvaV4kidFbmmtKkOTzrusTllWeRvxK2GxlAp+K LSerVS7KDzdjrKgQoBnUDg== 0000950123-98-007026.txt : 19980803 0000950123-98-007026.hdr.sgml : 19980803 ACCESSION NUMBER: 0000950123-98-007026 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980731 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NYMOX PHARMACEUTICAL CORP CENTRAL INDEX KEY: 0001018735 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 001-12033 FILM NUMBER: 98675029 BUSINESS ADDRESS: STREET 1: 175 BOUCHARD, STE 100 STREET 2: DORVAL, QUEBEC CITY: CANADA H9S 1B1 STATE: A8 BUSINESS PHONE: 5146363122 MAIL ADDRESS: STREET 1: 175 BOUCHARD, STE 100 STREET 2: DORVAL, QUEBEC CITY: CANADA, H9S 1B1 STATE: A8 6-K 1 NYMOX PHARMACEUTICAL CORPORATION 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of June, 1998 Nymox Pharmaceutical Corporation (Translation of registrant's name into English) 9900 Cavendish Blvd., St. Laurent, PQ, Canada H4M 2V2 (Address of principal executive offices) [indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.] Form 20-F [X] Form 40-F [ ] [Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.] Yes [X] No [ ] SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NYMOX PHARMACEUTICAL CORPORATION -------------------------------- (Registrant) Date: July 31, 1998 BY: /s/ ROY WOLVIN ----------------------------- Roy Wolvin 2 MESSAGE TO SHAREHOLDERS Nymox is pleased to present its results for the second quarter of 1998. R&D ACTIVITIES Nymox announced in June 1998 that a Medical Advisory Board has been formed for AD7C(TM), Nymox's diagnostic aid to physicians for Alzheimer's disease. The new board consists of experienced experts in the field who will function as spokespersons to other doctors for Nymox's testing technology, and who will advise on the latest developments in the field. The members of the Board include: Christopher Kircher, MD, Neurologist, Christ Hospital, Cincinnati; George Perry, Ph.D., Professor of Neuropathology, Case Western Reserve University; Philipp Kahle, Ph.D., Neuroscientist, Department of Neurobiology, Stanford University School of Medicine; Douglas M. Brandt, MD, Psychiatrist, Clinical Assistant Professor, Department of Neuropsychiatry & Behavioral Research, University of South Carolina School of Medicine; Ira J. Goodman, MD, Neurologist, Associate Professor of Medicine, University of Florida School of Medicine; Garth Bissette, Ph.D., Professor, Division of Neurobiology & Behavioral Research, University of Mississippi Medical Center; Robert Tureen, Ph.D., Adjunct Associate Professor of Psychology, Miami University of Ohio, and University of Cincinnati; Steven J. Gulevich, MD, Neurologist, Director of Colorado Neurological Institute; John J. Feibel, MD, Neurologist, Associate Clinical Professor of Neurology, Riverhills Healthcare, Cincinnati, Ohio. In July 1998, Nymox announced that a new independent study has confirmed the accuracy of Nymox's AD7C(TM) test. The peer-review study was published in the June issue of the Journal of Contemporary Neurology. The study compared Alzheimer's disease (AD) patients with age matched normal control individuals and also with age matched demented patients with conditions other than AD, such as Creutzfeldt-Jakob disease, Lewy Body disease, depression, stroke, and other diseases which can produce symptoms similar to AD. The AD patients were readily distinguished from the control patients on the basis of their AD7C measurements which are significantly higher in AD. The non-AD dementia control group scored similarly to the normal controls, and thus the AD patients could also be distinguished from the non-AD dementia cases. The specificity, or lack of false positives in the non-AD dementia group, was over 90%. The study also found that the AD7C test is able to identify positively the true AD cases with the similar excellent percentage accuracy to that shown in previous trials of AD7C(TM), such as the landmark studies of AD7C published in the December 15, 1997 issue of the Journal of Clinical Investigation (vol.100; pages 3093-3104). At the 6th International Conference on Alzheimer's Disease and Related Disorders, in Amsterdam in July, 1998 and at a Satellite Symposium sponsored by Nymox, the Company announced that researchers from Massachusetts General Hospital (MGH), Harvard University, Stanford University and Nymox Corporation released new data 3 confirming the accuracy, utility, and specificity of the Company's AD7C(TM) test. Dr. Philip Kahle presented the results of a study comparing AD7C to several other measurements. The researchers at Stanford University found that AD7C was substantially more accurate than any of the other markers studied. In papers presented at the Conference and at the Symposium, Dr. Suzanne de la Monte, a neuropathologist from MGH, discussed data demonstrating how neuronal thread protein, the marker in the AD7C test, is implicated in the pathophysiology of AD. Dr. Hossein Ghanbari, Senior Vice President of Nymox, presented studies supporting the diagnostic and therapeutic applications of AD7C-NTP in AD. In a separate area of Nymox R&D, Nymox announced work on "spherons", which was published in the March 1998 issue of The Journal of Alzheimer's Disease (vol.1; pages 1-35, also available at http://www.nymox.com). The Nymox researchers believe that "spherons" satisfy 20 criteria of validity as a causal entity in AD. Nymox has drug candidates for AD targeted at spherons, which are expected to begin human testing within one year. Nymox is also active in other therapeutic areas, with pre-clinical antibacterial drug candidates. FINANCIAL RESULTS Revenues for the 3 months ended June 30, 1998 were Can$115,259 versus Can$36,170 for the comparable prior year period. The Company also reported a net loss of Can$1,592,013 or Can$0.08 per share, as compared to a net loss of Can$1,292,083 or Can$0.07 per share for the same period last year. The net loss is due primarily to expenditures in research and development, and marketing. Since the end of December 1997, the Corporation has completed private placements totaling 217,000 common shares, and all of its 696,491 Series A warrants were exercised for total proceeds to the Company of Can$7,787,273. The proceeds will be used for working capital and general corporate purposes. At June 30, 1998, cash and cash equivalents totaled Can$5,876,955, a significant improvement from December 31, 1997. The management of Nymox wishes to express its appreciation to our shareholders for their continued support. Paul Averback MD - President July 31, 1998 4 Consolidated Financial Statements of (Unaudited) NYMOX PHARMACEUTICAL CORPORATION Periods ended June 30, 1998, 1997 and 1996 5 NYMOX PHARMACEUTICAL CORPORATION Consolidated Financial Statements (Unaudited) Periods ended June 30, 1998, 1997 and 1996
FINANCIAL STATEMENTS Consolidated Balance Sheets ............................... 1 Consolidated Statements of Earnings ....................... 2 Consolidated Statements of Deficit ........................ 3 Consolidated Statements of Changes in Financial Position .. 4 Notes to Consolidated Financial Statements ................ 5
6 NYMOX PHARMACEUTICAL CORPORATION Consolidated Balance Sheets (Unaudited) June 30, 1998 and 1997, with comparative figures as at December 31, 1997 (in Canadian dollars)
June 30, June 30, December 31, 1998 1997 1997 ----------- ----------- ----------- (Unaudited) (Unaudited) (Audited) Assets Current assets: Cash $2,980,030 $4,218,971 $ 507,259 Short-term investments 2,896,925 - 1,780,086 Accrued interest 89,775 - 4,200 Accounts receivable and other 55,545 67,278 28,790 Subscriptions receivable 26,000 - - Research tax credits receivable 155,347 338,000 150,000 Prepaid expenses 13,115 - - ---------- ---------- ---------- 6,216,737 4,624,249 2,470,335 Advance to director 56,000 56,000 56,000 Capital assets 1,559,554 1,454,063 1,419,462 ---------- ---------- ---------- $7,832,291 $6,134,312 $3,945,797 ========== ========== ========== Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 158,239 $ 289,523 $ 292,330 Shareholders' equity: Capital stock 21,831,103 13,852,154 13,852,632 Capital stock subscription - - 504,000 Deficit (14,157,051) (8,007,365) (10,703,165) ----------- ----------- ----------- 7,674,052 5,844,789 3,653,467 ----------- ----------- ----------- $ 7,832,291 $ 6,134,312 $ 3,945,797 =========== =========== ===========
See accompanying notes to unaudited consolidated financial statements. 7 NYMOX PHARMACEUTICAL CORPORATION Consolidated Statements of Earnings (Unaudited) Periods ended June 30, 1998, 1997 and 1996 (in Canadian dollars)
Three months ended June 30, Six months ended June 30, --------------------------------------- ------------------------------------- 1998 1997 1996 1998 1997 1996 ----------- ----------- --------- --------- ----------- --------- Revenues: Interest $ 85,875 $ 17,251 $ 37,301 $ 98,626 $ 21,478 $ 72,093 Service fees 29,384 18,919 - 33,373 18,919 - ----------- ----------- ---------- ----------- ----------- ---------- 115,259 36,170 37,301 131,999 40,397 72,093 Expenses: Research and development 648,985 430,164 383,817 1,274,182 1,013,079 669,074 Less investment tax credits (3,347) (32,000) (75,500) (5,347) (98,000) (96,500) ----------- ----------- ---------- ----------- ----------- ---------- 645,638 398,164 308,317 1,268,835 915,079 572,574 General and administrative 335,609 274,863 173,822 474,906 393,138 315,577 Marketing 678,864 612,547 - 1,667,997 1,072,127 - Depreciation and amortization 44,451 40,415 7,599 86,571 78,947 11,801 Interest and bank charges 2,710 2,264 5,557 4,576 5,761 (1,382) ----------- ----------- ---------- ----------- ----------- ---------- 1,707,272 1,328,253 495,295 3,502,885 2,465,052 898,570 ----------- ----------- ---------- ----------- ----------- ---------- Net loss $(1,592,013) $(1,292,083) $(457,994) $(3,370,886) $(2,424,655) $(826,477) =========== =========== ========== =========== =========== ========== Loss per share $ (0.08) $ (0.07) $ (0.03) $ (0.18) $ (0.13) $ (0.05) =========== =========== ========= =========== =========== ========== Weighted average number of common shares outstanding 19,383,390 18,135,172 17,712,287 19,052,938 18,033,270 17,381,522 =========== =========== ========== =========== =========== ==========
See accompanying notes to unaudited consolidated financial statements. - 2 - 8 NYMOX PHARMACEUTICAL CORPORATION Consolidated Statements of Deficit (Unaudited) Periods ended June 30, 1998, 1997 and 1996 (in Canadian dollars)
Three months ended June 30, Six months ended June 30, ------------------------------------------ ------------------------------------------ 1998 1997 1996 1998 1997 1996 ------------ ----------- ----------- ------------ ----------- ----------- Deficit, beginning of period $(12,565,038) $(6,605,282) $(1,908,169) $(10,703,165) $(5,472,710) $(1,539,686) Net loss (1,592,013) (1,292,083) (457,994) (3,370,886) (2,424,655) (826,477) Share issue costs - (110,000) (165,913) (83,000) (110,000) (165,913) ------------ ----------- ----------- ------------ ----------- ----------- Deficit, end of period $(14,157,051) $(8,007,365) $(2,532,076) $(14,157,051) $(8,007,365) $(2,532,076) ============ =========== =========== ============ =========== ===========
See accompanying notes to unaudited consolidated financial statements. - 3 - 9 NYMOX PHARMACEUTICAL CORPORATION Consolidated Statements of Changes in Financial Position (Unaudited) Periods ended June 30, 1998, 1997 and 1996 (in Canadian dollars)
Three months ended June 30, Six months ended June 30, -------------------------------------------- ------------------------------------------ 1998 1997 1996 1998 1997 1996 ---------- ---------- ---------- ---------- ---------- ---------- Cash provided by (used in): Operations: Net loss $(1,592,013) $(1,292,083) $ (457,994) $(3,370,886) $(2,424,655) $ (826,477) Item not involving cash: Depreciation and amortization 44,451 40,415 7,599 86,571 78,947 11,801 Net change in non-cash operating working capital items 603,870 (89,369) (118,291) (290,883) (166,675) (203,200) ----------- ----------- ---------- ----------- ----------- ---------- (943,692) (1,341,037) (568,686) (3,575,198) (2,512,383) (1,017,876) Financing: Issuance of capital stock 3,833,357 4,533,213 5,262,853 7,978,471 4,549,463 5,262,853 Subscription to capital stock - - - (504,000) - - Share issue costs - (110,000) (165,913) (83,000) (110,000) (165,913) ----------- ----------- ---------- ----------- ----------- ---------- 3,833,357 4,423,213 5,096,940 7,391,471 4,439,463 5,096,940 Investment: Additions to capital assets (40,777) (152,939) (127,464) (226,663) (215,036) (204,633) ----------- ----------- ---------- ----------- ----------- ---------- Increase in cash and short-term investments 2,848,888 2,929,237 4,400,790 3,589,610 1,712,044 3,874,431 Cash and short-term investments, beginning of period 3,028,067 1,289,734 1,641,216 2,287,345 2,506,927 2,167,575 ----------- ----------- ---------- ----------- ----------- ---------- Cash and short-term investments, end of period $ 5,876,955 $ 4,218,971 $6,042,006 $ 5,876,955 $ 4,218,971 $6,042,006 =========== =========== ========== =========== =========== ==========
See accompanying notes to unaudited consolidated financial statements. -4- 10 NYMOX PHARMACEUTICAL CORPORATION Notes to Consolidated Financial Statements (Unaudited) Periods ended June 30, 1998, 1997 and 1996 (in Canadian dollars) Nymox Pharmaceutical Corporation (the "Corporation"), incorporated under the Canada Business Corporations Act, is a development stage biopharmaceutical corporation which specializes in the research and development of neurological therapeutics and diagnostics for the aging population, with an emphasis on Alzheimer's disease. The Corporation is listed on the Montreal Exchange and on the NASDAQ Stock Market. 1. BASIS OF PRESENTATION: (a) Consolidation: The consolidated financial statements of the Corporation have been prepared under Canadian generally accepted accounting principles ("GAAP") and include the accounts of its wholly-owned US subsidiary. Significant intercompany balances and transactions have been eliminated on consolidation. (b) Interim financial statements: The unaudited consolidated balance sheets as at June 30, 1998 and 1997 and the unaudited consolidated statements of earnings and deficit and changes in financial position for the three- and six-month periods ended June 30, 1998, 1997 and 1996, respectively, reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results of the interim periods presented. There are no adjustments in these interim financial statements other than normal recurring adjustments. - 5 - 11 NYMOX PHARMACEUTICAL CORPORATION Notes to Consolidated Financial Statements, Continued (Unaudited) Periods ended June 30, 1998, 1997 and 1996 (in Canadian dollars) 2. CANADIAN/U.S. REPORTING DIFFERENCES: (a) Consolidated statements of earnings: The reconciliation of earnings reported in accordance with Canadian GAAP with U.S. GAAP is as follows:
Three months ended June 30, Six months ended June 30, --------------------------------------------- ----------------------------------------------- 1998 1997 1996 1998 1997 1996 ----------- ----------- --------- ----------- ----------- ----------- Net loss, Canadian GAAP $(1,592,013) $(1,292,083) $(457,994) $(3,370,886) $(2,424,655) $(826,477) Adjustments: Amortization of patents (15,276) (13,761) (9,292) (29,989) (23,631) (18,584) Stock-based compensation - options granted to non-employees - - (129,000) - - (223,000) ----------- ----------- --------- ----------- ----------- ----------- Net loss, U.S. GAAP $(1,607,289) $(1,305,844) $(596,286) $(3,400,875) $(2,448,286) $(1,068,061) =========== =========== ========= =========== =========== =========== Loss per share, U.S. GAAP $ (0.08) $ (0.07) $ (0.03) $ (0.18) $ (0.13) $ (0.06) =========== =========== ========= =========== =========== ===========
-6- 12 NYMOX PHARMACEUTICAL CORPORATION Notes to Consolidated Financial Statements, Continued (Unaudited) Periods ended June 30, 1998, 1997 and 1996 (in Canadian dollars) 2. CANADIAN/U.S. REPORTING DIFFERENCES (CONTINUED): (b) Consolidated shareholders' equity: The reconciliation of shareholders' equity reported in accordance with Canadian GAAP with U.S. GAAP is as follows:
June 30, December 31, ------------------------- ------------ 1998 1997 1997 ---------- ---------- ---------- Shareholders' equity, Canadian GAAP $7,674,052 $5,844,789 $3,653,467 Adjustments: (i) Amortization of patents: Cumulative effect to beginning of the period (180,139) (130,606) (130,606) Current period (29,989) (23,631) (49,533) ---------- ---------- ---------- (210,128) (154,237) (180,139) (ii) Stock-based compensation: Cumulative effect to beginning of period (742,000) (592,000) (592,000) Current period - - (150,000) ---------- ---------- ---------- (742,000) (592,000) (742,000) ---------- ---------- ---------- Increase in deficit (952,128) (746,237) (922,139) ---------- ---------- ---------- Shareholders' equity, U.S. GAAP $6,721,924 $5,098,552 $2,731,328 ========== ========== ==========
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