Nymox Pharmaceutical Corporation (NASDAQ:NYMX) is pleased to
announce that today the Company has filed its third quarter 2015
and restated second quarter 2015 financial statements. The
financial results are available at -
http://www.sec.gov/cgi-bin/browse-edgar?company=nymox&owner=exclude&action=getcompany.
The restatement of Q2 2015 was required in order to correct a
material accounting error in stock option compensation expense.
The restatement has resulted in a material net
reduction in loss. The previously stated general and administrative
expense was $22,756,204 and the restated general and administrative
expense $4,830,110. The corrected accounting error has resulted in
a change of $17,926,094 reduced expense in the Company's current
statement.
Q2 Restated Interim Financial Statements
Net losses were $5,349,610, or $0.14 per share,
for the quarter, and $3,773,059, or $0.10 per share, for the six
months ended June 30, 2015, compared to net losses $820,272, or
$0.02 per share, for the quarter, and $3,413,088, or $0.10 per
share, for the six months ended June 30, 2014. The net loss for the
six months period ended June 30, 2015 includes the recognition of
$2,508,533 of previously deferred revenues related to the remaining
upfront payment for licensing revenues received from Recordati in
December 2010 recognized for the six months ended June 30, 2015
compared to $1,308,800 for same period in 2014. Excluding the
additional $1,199,733 deferred revenue recognized as revenue, the
Corporation would have incurred a net loss of $4,972,792 for the
six months ended June 30, 2015 compared to net loss of $3,413,088
for the same period in 2014. The increase in the losses incurred is
principally due to stock compensation charges of $4,427,929 in 2015
compared to $1,445,348 in 2014, partially offset by a reduction of
$705,987 in clinical trial expenditures related to NX-1207 studies.
The basic and diluted weighted average number of common shares
outstanding for the six months ended June 30, 2015 were 36,737,797
compared to basic and diluted weighted average number of common
shares of 34,998,103 for the six months ended June 30, 2014.These
interim financial statements as of June 30, 2015 and for the three
and six month periods then ended have been restated to properly
reflect the value of stock options granted under employment
agreements. The impact of this restatement on results of operations
for the three and six month periods ended June 30, 2015 is as
reflected in the following table:
|
Description |
|
Restated |
|
|
As Filed |
|
|
Adjustment |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
General and administrative |
$ |
4,830,110 |
|
$ |
22,756,204 |
|
$ |
(17,926,094 |
) |
|
Marketing |
|
87 |
|
|
87 |
|
|
- |
|
|
Cost of sales |
|
34,222 |
|
|
34,222 |
|
|
- |
|
|
Total operating expenses |
|
5,348,526 |
|
|
23,274,620 |
|
|
(17,926,094 |
) |
|
Net
loss from operations |
|
(5,292,702 |
) |
|
(23,218,796 |
) |
|
(17,926,094 |
) |
|
Net
finance costs |
|
(56,908 |
) |
|
(56,908 |
) |
|
- |
|
|
Net
loss to common shareholders |
$ |
(5,349,610 |
) |
|
(23,275,704 |
) |
|
(17,926,094 |
) |
|
|
|
|
|
|
|
|
|
|
|
The restatement had no impact on net cash flow
from operating activities.
The impact on financial position as of June 30,
2015 is as reflected in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restatement |
|
|
Description |
|
Restated |
|
|
As Filed |
|
|
Adjustment |
|
|
Additional Paid-in Capital |
$ |
18,241,038 |
|
$ |
36,167,133 |
|
$ |
(17,926,095 |
) |
|
Accumulated Deficit |
$ |
(103,860,138 |
) |
$ |
(121,786,232 |
) |
$ |
17,926,095 |
|
|
|
|
|
|
|
|
|
|
|
|
Q3 Interim Financial Statements
Net losses were $10,006,187, or $0.26 per share,
for the quarter, and $13,779,245, or $0.37 per share, for the nine
months ended September 30, 2015, compared to net losses $688,206,
or $0.02 per share, for the quarter, and $4,101,293, or $0.12 per
share, for the nine months ended September 30, 2014. The increase
in net losses for the nine months ended September 30, 2015 compared
to the same period in 2014 is primarily due to stock compensation
charges of $12,774,796 in 2015 compared to $1,554,751 in 2014. The
weighted average number of common shares outstanding for the nine
months ended September 30, 2015 was 37,119,433 compared to
35,088,887 for the same period in 2014.
Forward Looking Statements
To the extent that statements contained in this
press release are not descriptions of historical facts regarding
Nymox, they are forward-looking statements reflecting the current
beliefs and expectations of management made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, including statements regarding the need for new options to
treat BPH and prostate cancer, the potential of fexapotide to treat
BPH and prostate cancer and the estimated timing of further
developments for fexapotide. Such forward-looking statements
involve substantial risks and uncertainties that could cause our
clinical development program, future results, performance or
achievements to differ significantly from those expressed or
implied by the forward-looking statements. Such risks and
uncertainties include, among others, the uncertainties inherent in
the clinical drug development process, including the regulatory
approval process, the timing of Nymox's regulatory filings, Nymox's
substantial dependence on fexapotide, Nymox's commercialization
plans and efforts and other matters that could affect the
availability or commercial potential of fexapotide. Nymox
undertakes no obligation to update or revise any forward-looking
statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Nymox in general, see Nymox's current
and future reports filed with the U.S. Securities and Exchange
Commission, including its Annual Report on Form 20-F for the year
ended December 31, 2014, and its Quarterly Reports.
Contact:
Paul Averback
Nymox Pharmaceutical Corporation
800-93NYMOX
www.nymox.com
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