Printer Friendly

IMUTEC CORPORATION REPORTS SECOND QUARTER RESULTS

 TORONTO, Jan. 29 /PRNewswire/ -- IMUTEC Corporation (NASDAQ: IMUTF) announced today its financial results for the six months ended Nov. 30, 1992.
 IMUTEC incurred net research and development expenses of $800,279 for the second quarter compared with $367,309 for the same quarter last year. The increase was primarily attributable to the expansion of Phase II clinical trials and the advancement of scientific programs related to the development of VIRULIZIN (TM), a potential new drug for the treatment of cancer.
 Net loss for this period was $722,695 or $0.04 per share compared with a net loss of $964,642 or $0.06 per share for the comparable period a year ago which included a non-cash restructuring cost of $626,040 related to the Oct. 28, 1991 amalgamation with Mint Gold Resources Ltd.
 As at November 30, 1992, the company had available working capital of approximately $8.2 million compared to working capital of $5.3 million as May 31, 1992. The increase in working capital was primarily related to the proceeds from the successful exercise of warrants in October, 1992.
 During the next few years IMUTEC will devote substantially all of its financial and human resources to the advancement of scientific and clinical programs related to the marketing approval of VIRULIZIN (TM). In addition, during 1993 the Company will initiate negotiations with multinational pharmaceutical companies for developmental, marketing and distribution agreements for VIRULIZIN (TM).
 IMUTEC is a biotechnology company using a proprietary technology to develop and commercialize naturally derived immunologic biopharmaceuticals for use in the treatment of diseases. To date, IMUTEC has applied its technology to produce VIRULIZIN (TM), a potential new drug for the treatment of cancer.
 VIRULIZIN (TM) is currently undergoing Phase II clinical trials at 10 North American hospitals on the following types of cancer: pancreatic, malignant melanoma, kidney, stomach, cervico-uterine, and recurrent cancer of the rectum and colon.
 IMUTEC common shares are listed on both the NASDAQ and the Canadian Dealer Network System.
 IMUTEC CORPORATION
 Summary of Operations
 (Unaudited, in Canadian dollars)
 Periods ended Nov. 30 Three months Six months
 1992 1991 1992 1991
 Net research and
 development
 expenses $800,279 $367,309 $1,559,475 $577,740
 Interest earned (77,584) (28,707) (146,629) (29,952)
 Restructuring costs 0 626,040 0 626,040
 Net loss $722,695 $964,642 $1,412,846 $1,173,828
 Loss per common
 share $0.04 $0.06 $0.08 $0.08
 Weighted average shares
 outstanding 18,804,200 15,945,400 18,317,100 14,718,200
 -0- 1/29/93
 /CONTACT: David W. Cooke, director of corporate development of Imutec Corporation, voice mail extension 227, 416-724-1100, 1-800-561-9400, or 416-724-1167/
 (IMUTF)


CO: IMUTEC Corporation ST: Ontario IN: MTC SU: ERN

TM -- NY079 -- 0909 01/29/93 16:11 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 29, 1993
Words:464
Previous Article:PEOPLES ENERGY REPORTS FIRST QUARTER RESULTS
Next Article:DORCHESTER HUGOTON LTD. REPORTS 1992 ANNUAL RESULTS
Topics:


Related Articles
THE IMMUNE RESPONSE CORPORATION ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS
IMUTEC FILES FINAL PROSPECTUS TSE CONDITIONALLY APPROVES IMUTEC COMMON SHARE LISTING
CAMBRIDGE BIOTECH CORPORATION ANNOUNCES SECOND QUARTER RESULTS
Roberts Pharmaceutical Corporation Reports Second Quarter Results Substantially Improved From First Quarter 1996 Results
ATTENTION BUSINESS/NEWS/HEALTH EDITORS:
ATTENTION BUSINESS/MEDICAL EDITORS:
ATTENTION BUSINESS/HEALTH EDITORS:
ATTENTION BUSINESS/MEDICAL EDITORS:
Imutec Pharma Announces Completion of Clinical Trial Enrollment
Imutec Pharma Announces Positive Phase I/II Results for Virulizin(R)

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters