Biophage Pharma Announces Second Quarter 2004 Financial Results.MONTREAL Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. -- Biophage Pharma Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BUG.V), a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. biopharmaceutical company announced today its financial results and review of operating highlights for the second quarter ended May 31, 2004. "During the quarter, Biophage revisited its R&D Plan and decided to focus its activities towards developing new advanced therapeutic and diagnostic applications for phage phage: see bacteriophage. phage - A program that modifies other programs or databases in unauthorised ways; especially one that propagates a virus or Trojan horse. See also worm, mockingbird. The analogy, of course, is with phage viruses in biology. products," commented Dr. Rosemonde Mandeville Mandeville (man`də vil), town (1991 pop. 39,945), C Jamaica, at an altitude of c.2,000 ft (610 m). Mandeville is an inland resort town known for its cool climate and quiet, English character. , Chief Executive Officer of Biophage Pharma Inc., "Concurrently, Biophage is pursuing the development of its first nanosensor .]] Nanosensors are any biological, chemical, or physical sensory points used to convey information about nanoparticles to the macroscopic world. Though humans have not yet been able to synthesize nanosensors, predictions for their use mainly include various medicinal prototype for the detection of microbial microbial pertaining to or emanating from a microbe. microbial digestion the breakdown of organic material, especially feedstuffs, by microbial organisms. pathogens in water and biological fluids," added Dr Mandeville. For the three months ended May 31, 2004, the Corporation recorded a net loss of $226,610 ($0.01 per share) compared to a net loss of $230,806 ($0.01 per share) for the three months ended May 31, 2003. The year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net loss for the six months ended May 31, 2004 was reduced to $499,763 ($0.02 per share) compared to a net loss of $648,095 ($0.03 per share) in 2003, mainly due to a general reduction of spending in order to maintain liquidities. Revenues for the quarter ended May 31, 2004 decreased to $253,967 from $479,862 for the quarter ended May 31, 2003. The revenues were reduced since the beginning of the year due to fluctuation Fluctuation A price or interest rate change. of demands, timing and general market conditions or two main reasons; lack of marketing efforts due to the need to decrease our burn rate prior to obtaining additional financing and the impact of a major beryllium beryllium (bərĭl`ēəm) [from beryl ], metallic chemical element; symbol Be; at. no. 4; at. wt. 9.01218; m.p. about 1,278°C;; b.p. 2,970°C; (estimated); sp. gr. 1.85 at 20°C;; valence +2. client who decided to test its employees every 3 years instead of every 2 years. Research and development costs amounted to $144,403 during the second quarter, compared to $277,429 for the same period in 2003. This decrease was attributable to the reduction of R&D spending implemented in April 2003. The research and development tax credits were $34,000 as compared to $114,388 for the second quarter of 2003. During 2003, Biophage received an adjustment for additional tax credits of $50,371 related to fiscal 2002. Costs of contracts amounted to $166,707 for the second quarter of 2004 as compared to $207,908 for the same quarter of 2003, resulting from a decrease in contract revenues. General and administrative expenses for the quarter ended May 31, 2004 were $182,854 compared to $262,080 for the same quarter in 2003, reflecting the decision made by management to reduce corporate burn rate. As at May 31, 2004, Biophage had cash and cash equivalents and temporary investments of $435,381, compared with $848,333 as at November November: see month. 30, 2003. However, on June June: see month. 1, 2004, Biophage received its 2003 Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. tax credit reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. for an amount of $229,950. During the first six months ended May 31, 2004, cash flows used in operating activities averaged $77,668 per month, as compared to $84,853 in the same period of 2003. Biophage is pursuing its efforts to obtain additional financing to fund its R&D programs as well as minimizing its overhead expenses. The interim financial statements include a going concern assumption note. Biophage Pharma Inc. is a Canadian biopharmaceutical company developing new therapeutic and diagnostic products using phage-based technology. Founded in 1995, Biophage is located at the Biotechnology Research Institute in Montreal and employs 16 people, including a team of 13 researchers. Through an active research and development program, as well as in-licensing and collaboration Working together on a project. See collaborative software. agreements, Biophage is building a portfolio of promising new therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. (www.biophage.com).
BIOPHAGE PHARMA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
Periods ended May 31
(in Canadian dollars)
(Unaudited) Three-month periods Six-month periods
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2004 2003 2004 2003
Revenues
Contract revenues 251,700 477,992 457,670 765,590
Investment income 2,267 1,870 5,236 8,724
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253,967 479,862 462,906 774,314
Expenses
Research and
development costs 144,403 277,429 283,167 572,454
Research and development
tax credits (34,000) (114,388) (64,000) (186,388)
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110,403 163,041 219,167 386,066
Costs of contracts 166,707 207,908 334,550 392,827
General and
administrative 182,854 262,080 368,092 522,390
Amortization of
intangible assets 4,074 56,372 8,082 79,466
Amortization of fixed
assets 15,474 19,161 30,897 38,295
Interest on long-term debt 7 373 59 1,046
Interest and other
financial expenses 1,058 1,733 1,822 2,319
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480,577 710,668 962,669 1,422,409
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Net loss for the period (226,610) (230,806) (499,763) (648,095)
Deficit, beginning of
period (6,315,206) (5,191,350) (5,927,053) (4,774,061)
Repricing of warrants
(note 2) - - (115,000) -
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Deficit, end of
period (6,541,816) (5,422,156) (6,541,816) (5,422,156)
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Weighted average
number of common
shares outstanding 26,913,331 26,295,331 26,913,331 26,295,331
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Basic loss per share (0.01) (0.01) (0.02) (0.03)
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