Nymox Reports First Quarter 2015 Financial Results
May 15 2015 - 5:32PM
Nymox Pharmaceutical Corporation (Nasdaq:NYMX) announced today its
financial results for the first quarter of 2015 prepared in
accordance with International Financial Reporting Standards. Nymox
reported a net income of $1,576,551, or $0.04 per share for the
quarter ended March 31, 2015, compared to a net loss of $2,592,816,
or $0.07 per share for same period in 2014. The net income in 2015
is attributable to the recognition of $2,508,533 as revenue
relating to the upfront payment received from Recordati in December
2010 compared with $654,400 for the quarter ended March 31, 2014.
The increase of $1,854,133 in the first quarter of 2015 is due to
the fact that the initial estimated service period of five years to
recognize the upfront payment was modified following Recordati's
termination of the European clinical trial. Consequently, the
Corporation recognized, as revenue, an amount of $2,508,533 which
represented the remaining deferred revenue relating to the upfront
payment received in December 2010.
Excluding the additional $1,854,133 deferred revenue recognized
as revenue, the Corporation would have incurred a net loss of
$277,582 for the quarter ended March 31, 2015 compared to net loss
of $2,592,816 for the same period in 2014. The decrease is mainly
due to stock compensation charges of $16,551 in 2015 compared to
$1,420,185 in 2014 combined to a reduction of $492,432 in clinical
trial expenditures related to NX-1207 studies. The basic and
diluted weighted average number of common shares outstanding for
the quarter ended March 31, 2015 were 36,272,978 and 38,280,483
respectively, compared to basic and diluted weighted average number
of common shares of 34,797,302 at March 31, 2014.
Revenues from sales amounted to $75,387 for the quarter ended
March 31, 2015, compared to $78,164 for the same period in
2014.
Nymox Pharmaceutical Corporation is engaged in the research and
development of therapeutics and diagnostics, with an emphasis on
products for the unmet needs of the aging population. The
Corporation is developing its novel proprietary drug candidate,
NX-1207, for the treatment of benign prostatic hyperplasia (BPH)
and for the treatment of low-grade localized prostate cancer. The
Company has an extensive patent portfolio covering its
investigational drugs as well as other therapeutic and diagnostic
technologies.
More information about Nymox is available at www.nymox.com,
email: info@nymox.com, or 800-936-9669.
This press release contains certain "forward-looking statements"
as defined in the United States Private Securities Litigation
Reform Act of 1995 that involve a number of risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and the actual results and future events could
differ materially from management's current expectations. Such
factors are detailed from time to time in Nymox's filings with the
United States Securities and Exchange Commission and other
regulatory authorities.
CONTACT: For Further Information Contact:
Paul Averback
Nymox Pharmaceutical Corporation
1-800-93NYMOX
www.nymox.com
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