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NORTHFIELD LABS REPORTS 'O6 FISCAL 3RD QTR NET LOSS OF 6.4 MIL.

Northfield Laboratories Inc. (NASDAQ: NFLD), Evanston, Ill. has announced financial results for the third quarter of fiscal 2006, which ended February 28, 2006.

Northfield reported a loss of $6.4 million or $ 0.24 cents per share for the third quarter, compared with a loss of $4.9 million or $0.21 cents per share for the corresponding period last year. As expected, increases in operating expenses were incurred to conduct, expand, and support our pivotal Phase III trial.

At the close of the quarter, the company reported shareholders' equity of $77.4 million, with $80.3 million in cash and marketable securities. As a development stage company, Northfield does not generate revenues. Clinical Trial

-- Enrollment continues in the company's pivotal Phase III study designed to evaluate the safety and efficacy of PolyHeme(R), Northfield's human hemoglobin-based oxygen-carrying resuscitative fluid, when administered to patients in hemorrhagic shock following traumatic injury. The primary endpoint is survival at 30 days. 27 Level I trauma centers throughout the United States are currently enrolling patients in the trial, which has a target enrollment of 720 patients.

-- As of March 31, 2006, approximately 655 patients had been enrolled in the study, passing the 90% mark of the planned enrollment.

-- During the quarter, the Independent Data Monitoring Committee responsible for reviewing the safety data from the study reiterated its recommendation to complete the trial based on four separate reviews of mortality and adverse event data from the first 500 patients enrolled, stating:

"As has been reported to Northfield Laboratories regarding the final assessment of the interim data, including 500 randomized patients, there were no statistically significant trends or safety issues identified to warrant modification or other changes in the current protocol and patient recruitment. The IDMC conclusion is that completion of the trial is appropriate with completion of datasets and final analysis indicated." Commercialization Activities

-- The company has completed its review of multiple proposals for the planned expansion of its manufacturing capacity in Mt. Prospect, IL, and is finalizing negotiations on a contract with the Jacobs Engineering Group Inc.

Other Recent and Upcoming Events

-- The company announced that it will receive $3.5 million in designated funding for the continued development of PolyHeme(R), the company's human hemoglobin-based oxygen carrier, as part of the Fiscal 2006 Defense Appropriations Bill. This brings the total Defense appropriations to $4.9 million.

-- The company announced in February the appointment of Alan L. Heller, a healthcare industry veteran, to its Board of Directors.

-- As previously announced, Northfield is cooperating with the staff of the SEC and the Senate Finance Committee with respect to their requests to voluntarily provide certain information regarding our prior elective surgery trial. The company will also be defending a number of purported class action lawsuits filed following the recent media attention. These matters are described further in our quarterly report filed today with the SEC.

-- The company participated in the BIO CEO & Investor Conference in February. More recently, presentations were given at the 25th Annual SG Cowen Healthcare Conference and the BioCentury Future Leaders in the Biotechnology Industry Conference in March.

About Northfield Laboratories

Northfield Laboratories Inc. is a leader in developing an oxygen-carrying resuscitative fluid for the treatment of urgent, large volume blood loss in trauma and resultant surgical settings. PolyHeme(R) is a solution of chemically modified human hemoglobin that requires no cross matching and is therefore compatible with all blood types. It has a shelf life in excess of 12 months. Enrollment is currently underway in a pivotal Phase III trial of PolyHeme(R) beginning in the pre-hospital setting.

For more information, call 847/864-3500 or visit http://www.northfieldlabs.com.
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Title Annotation:Northfield Laboratories Inc.
Comment:NORTHFIELD LABS REPORTS 'O6 FISCAL 3RD QTR NET LOSS OF 6.4 MIL.(Northfield Laboratories Inc.)
Publication:Biotech Financial Reports
Geographic Code:1USA
Date:May 1, 2006
Words:608
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