-----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, OI0zTr0l/D4ifYj2fIVK1uXb4bgzDiNg2z5MrZyWPE8hufuc5f5CRNXXcRldcszE t5e2MnS5ZKC77jUn0zOVCA== 0000950123-97-009496.txt : 19971113 0000950123-97-009496.hdr.sgml : 19971113 ACCESSION NUMBER: 0000950123-97-009496 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971113 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: 97715919 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 September 30, 1997 Nymox Pharmaceutical Corporation (Translation of registrant's name into English) 9900 Cavendish Blvd., Saint Laurent, 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. Date: November 12, 1997 NYMOX PHARMACEUTICAL CORPORATION -------------------------------- (Registrant) BY: /s/ Roy Wolvin -------------------------------- Roy Wolvin 2 MESSAGE TO SHAREHOLDERS Nymox is pleased to present its results for the third quarter of 1997. R&D ACTIVITIES Nymox Corporation announced in September that it has developed a revolutionary new urinary test for Alzheimer's disease. The new test has been developed from Nymox's NTP based technologies and is entirely painless and non-invasive for the patient. The underlying basic NTP technology is derived from an ongoing licensing collaboration between Nymox Corporation and the Massachusetts General Hospital. "This technology represents the peripheral application of our NTP testing which has already been shown in brain studies and in spinal fluid to be by far the most accurate and helpful test for this use available in the world today", said Dr. Hossein Ghanbari, Senior Vice President of Nymox. "It is a spectacular step forward that we can now detect these critical marker molecules in urine in a non-invasive fashion. This is truly great news." The new test technology is currently being assessed in patients. "The full results from our trials will be made available later at medical conferences", said Dr. Ghanbari. In October, Nymox announced promising results in initial double blind clinical trials of its new urinary test for Alzheimer's disease. The study includes patients with Alzheimer's disease, normal controls and other neurological disease controls, from five different academic centers in the U.S. In addition to the Alzheimer testing technologies, the company has six treatment entities targeted for Phase One testing in the next 12 to 18 months, and two new diagnostics in development. Nymox currently has begun to launch its AD7C(TM) cerebrospinal fluid Reference Laboratory test in the U.S. and in Europe for use in Alzheimer's disease. The AD7C(TM) test was shown in multicenter clinical trials in 1996 to be as accurate as an autopsy in Alzheimer's disease. The full results from the AD7C(TM) spinal fluid studies will be made available through appropriate publication in a medical journal. FINANCIAL RESULTS During the third quarter of 1997, Nymox has posted a net loss of Can$1,449,097 or Can$0.08 per share. The management of Nymox wishes to express its appreciation for the support of its shareholders. Paul Averback MD - President November 15, 1997 3 Consolidated Financial Statements of (Unaudited) NYMOX PHARMACEUTICAL CORPORATION Periods ended September 30, 1997 and 1996 4 NYMOX PHARMACEUTICAL CORPORATION Consolidated Financial Statements (Unaudited) Periods ended September 30, 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 5 NYMOX PHARMACEUTICAL CORPORATION Consolidated Balance Sheets (Unaudited) September 30, 1997, with comparative figures as at September 30, 1996 and December 31, 1996 (in Canadian dollars)
September 30, September 30, December 31, 1997 1996 1996 ------------- ------------- ------------ (Unaudited) (Unaudited) (Audited) ASSETS Current assets: Cash............................... $1,875,482 $4,014,580 $ 75,303 Short-term investments............. 653,462 _ 2,431,624 Accrued interest................... _ _ 76,293 Research tax credits receivable.... 384,500 115,500 240,000 Income taxes receivable............ _ _ 17,014 Other receivables.................. 39,942 42,709 _ Advance to director................ 56,000 56,000 56,000 ----------- ----------- ----------- 3,009,386 4,228,789 2,896,234 Capital assets............................. 1,454,348 1,039,339 1,317,973 ----------- ----------- ----------- $ 4,463,734 $ 5,268,128 $ 4,214,207 =========== =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities.... $ 189,042 $ 66,314 $ 384,226 Shareholders' equity: Capital stock.............. 13,852,154 9,302,691 9,302,691 Deficit.................... (9,577,462) (4,100,877) (5,472,710) ----------- ----------- ----------- 4,274,692 5,201,814 3,829,981 ----------- ----------- ----------- $ 4,463,734 $ 5,268,128 $ 4,214,207 =========== =========== ===========
See accompanying notes to unaudited consolidated financial statements. 1 6 NYMOX PHARMACEUTICAL CORPORATION Consolidated Statements of Earnings (Unaudited) Periods ended September 30, 1997 and 1996 (in Canadian dollars)
Three months ended Nine months ended September 30, September 30, ------------------------------ ------------------------------- 1997 1996 1997 1996 ----------- ----------- ----------- ----------- Revenues: Interest ........................ $ 25,386 $ 42,463 $ 46,855 $ 114,556 Sales............................ _ _ 18,927 _ ----------- ----------- ----------- ----------- 25,386 42,463 65,782 114,556 Expenses: Research and development......... 1,026,682 764,478 2,039,761 1,433,552 Less investment tax credits...... (46,500) (19,000) (144,500) (115,500) ----------- ----------- ----------- ----------- 980,182 745,478 1,895,261 1,318,052 General and administrative....... 77,645 756,175 470,783 1,071,752 Marketing........................ 370,512 _ 1,442,639 _ Depreciation and amortization ... 40,834 39,835 119,781 51,636 Financial........................ 5,310 1,729 11,070 347 ----------- ----------- ----------- ----------- 1,474,483 1,543,217 3,939,534 2,441,787 Net loss................................. $(1,449,097) $(1,500,754) $(3,873,752) $(2,327,231) =========== =========== =========== =========== Loss per share........................... $ 0.08 $ 0.08 $ 0.21 $ 0.13 =========== =========== =========== =========== Weighted average number of common shares outstanding........... 18,631,783 17,926,882 18,234,967 17,565,306 =========== =========== =========== ===========
See accompanying notes to unaudited consolidated financial statements. 2 7 NYMOX PHARMACEUTICAL CORPORATION Consolidated Statements of Deficit (Unaudited) Periods ended September 30, 1997 and 1996 (in Canadian dollars)
Three months ended Nine months ended September 30, September 30, ----------------------------- ------------------------------ 1997 1996 1997 1996 ------------ ------------ ------------ ------------ Deficit, beginning of period........... $(8,007,365) $(2,532,076) $(5,472,710) $(1,539,686) Net loss............................... (1,449,097) (1,500,754) (3,873,752) (2,327,231) Share issue costs...................... (121,000) (68,047) (231,000) (233,960) ------------ ------------ ------------ ------------ Deficit, end of period................. $(9,577,462) $(4,100,877) $(9,577,462) $(4,100,877) ============ ============ ============ ============
See accompanying notes to unaudited consolidated financial statements. 3 8 NYMOX PHARMACEUTICAL CORPORATION Consolidated Statements of Changes in Financial Position (Unaudited) Periods ended September 30, 1997 and 1996 (in Canadian dollars)
Three months ended Nine months ended September 30, September 30, ----------------------------- ----------------------------- 1997 1996 1997 1996 ------------ ------------ ----------- ----------- Cash provided by (used in): Operations: Net loss........................ $(1,449,097) $(1,500,754) $(3,873,752) $(2,327,231) Item not involving cash: Depreciation and amortization ........ 40,834 39,835 119,781 51,636 Net change in non-cash operating working capital items....................... (119,645) 5,477 (286,320) (198,669) ---------- ---------- ---------- ---------- (1,527,908) (1,455,442) (4,040,291) (2,474,264) Financing: Options exercised............... - 16,250 - 16,250 Issue of capital stock.......... - - 4,549,463 5,263,800 Share issue costs............... (121,000) (68,047) (231,000) (233,960) ---------- ---------- ---------- ---------- (121,000) (51,797) 4,318,463 5,046,090 Investment: Purchase of capital assets...... (41,119) (520,187) (256,155) (724,820) ---------- ---------- ---------- ---------- (Decrease) increase in cash and short-term investments.............. (1,690,027) (2,027,426) 22,017 1,847,006 Cash and short-term investments, beginning of period........................... 4,218,971 6,042,006 2,506,927 2,167,574 ---------- ---------- ---------- ---------- Cash and short-term investments, end of period.......... $2,528,944 $4,014,580 $2,528,944 $4,014,580 ========== ========== ========== ==========
See accompanying notes to unaudited consolidated financial statements. 4 9 NYMOX PHARMACEUTICAL CORPORATION Notes to Consolidated Financial Statements (Unaudited) Periods ended September 30, 1997 and 1996 (in Canadian dollars) Nymox Pharmaceutical Corporation (the "Corporation"), incorporated under the Canada Business Corporations Act, is a biopharmaceutical company with several major pharmaceutical projects in development in addition to expertise in diagnostic technology. The Corporation specializes in the research and development of therapeutics and diagnostics for the aging population, with an emphasis on Alzheimer's disease. 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 September 30, 1997 and 1996 and the unaudited consolidated statements of earnings and deficit and changes in financial position for the three- and nine-month periods ended September 30, 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 10 NYMOX PHARMACEUTICAL CORPORATION Notes to Consolidated Financial Statements, Continued (Unaudited) Periods ended September 30, 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 Nine months ended September 30, September 30, ----------------------------- ------------------------------ 1997 1996 1997 1996 ------------ ------------ ------------ ------------ Net loss, Canadian GAAP................ $(1,449,097) $(1,500,754) $(3,873,752) $(2,327,231) Adjustments: Amortization of patents........ (12,322) (9,292) (36,967) (27,875) Stock-based compensation - options granted to non-employees........... _ (172,000) _ (395,000) ------------ ------------ ------------ ------------ Net loss, U.S. GAAP.................... $(1,461,419) $(1,682,046) $(3,910,719) $(2,750,106) ============ ============ ============ ============ Loss per share, U.S. GAAP.............. $(0.08) $(0.09) $(0.21) $(0.16) ============ ============ ============ ============
6 11 NYMOX PHARMACEUTICAL CORPORATION Notes to Consolidated Financial Statements, Continued (Unaudited) Periods ended September 30, 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:
Six months ended September 30, ------------------------------- 1997 1996 ----------- ---------- Shareholders' equity, Canadian GAAP $4,274,692 $5,201,814 Adjustments: (i) Amortization of patents: Cumulative effect to beginning of the period (130,606) (91,440) Current period (36,967) (27,875) ---------- ---------- (167,573) (119,315) (ii) Stock-based compensation: Cumulative effect to beginning of period (592,000) _ Current period _ (395,000) ---------- ---------- (592,000) (395,000) ---------- ---------- Increase in deficit (759,573) (514,315) ---------- ---------- Shareholders' equity, U.S. GAAP $3,515,119 $4,687,499 ========== ==========
7 EX-27 2 FINANCIAL DATA SCHEDULE
5 CANADIAN DOLLARS 3-MOS DEC-31-1997 JUL-01-1997 SEP-30-1997 1.3776 1,875,482 653,462 480,442 0 0 3,009,386 1,654,434 (200,086) 4,463,734 189,042 0 0 0 13,852,154 (9,577,462) 4,463,734 0 25,386 0 0 1,474,483 (1,449,097) 0 0 0 0 0 0 (12,322) (1,461,419) (0.08) 0
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