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ConjuChem Announces Fiscal 2009 Third Quarter Financial Results

^{Published on 2009-09-14 14:06:31 - Market Wire}
 

 ConjuChem Biotechnologies Inc. UNAUDITED INTERIM BALANCE SHEETS As at July 31, October 31, 2009 2008 $ $ ---------------------------- ASSETS Current Cash and cash equivalents 600,239 2,187,423 Investments 3,704,941 18,934,737 Accounts receivable 1,013,069 160,644 Investment tax credits receivable 680,000 542,000 Prepaid expenses 278,195 229,006 ---------------------------- Total current assets 6,276,444 22,053,810 Property, plant and equipment 677,072 841,685 Intangible assets 6,942 11,108 Other assets 653,325 - ---------------------------- 7,613,783 22,906,603 ---------------------------- ---------------------------- LIABILITIES AND SHAREHOLDERS' DEFICIENCY Current liabilities Accounts payable and accrued liabilities 3,803,428 10,080,463 ---------------------------- Total current liabilities 3,803,428 10,080,463 Convertible unsecured subordinated debentures 15,767,248 13,634,906 ---------------------------- 19,570,676 23,715,369 ---------------------------- Shareholders' deficiency Capital stock 266,858,635 266,823,735 Warrants 10,817,394 10,817,394 Equity portion of convertible unsecured subordinated debentures 5,184,867 5,193,793 Contributed surplus 50,893,422 48,818,826 Deficit (345,711,211) (332,390,857) Accumulated other comprehensive loss - (71,657) ---------------------------- Total shareholders' deficiency (11,956,893) (808,766) ---------------------------- 7,613,783 22,906,603 ---------------------------- ---------------------------- ConjuChem Biotechnologies Inc. UNAUDITED INTERIM STATEMENTS OF DEFICIT Three-months ended Nine-months ended July 31, July 31, July 31, July 31, 2009 2008 2009 2008 $ $ $ $ -------------------------------------------------------- Deficit, beginning of period (344,298,290) (312,739,566) (332,390,857) (292,973,699) Net loss for the period (1,412,921) (8,736,726) (13,320,354) (28,502,593) -------------------------------------------------------- Deficit, end of period (345,711,211) (321,476,292) (345,711,211) (321,476,292) -------------------------------------------------------- -------------------------------------------------------- ConjuChem Biotechnologies Inc. UNAUDITED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three-months ended Nine-months ended July 31, July 31, July 31, July 31, 2009 2008 2009 2008 $ $ $ $ -------------------------------------------------------- REVENUES Contract revenues 13,589 8,827 29,032 60,731 Interest income 15,772 306,076 154,289 1,254,657 -------------------------------------------------------- 29,361 314,903 183,321 1,315,388 -------------------------------------------------------- EXPENSES Research and development 1,532,858 6,153,681 8,597,138 15,233,963 Investment tax credits (1,467,174) (100,000) (2,797,174) (300,000) -------------------------------------------------------- Net research and development expenses 65,684 6,053,681 5,799,964 14,933,963 General and administrative expenses (452,509) 1,198,403 2,058,651 3,996,354 Amortization of property, plant and equipment 39,882 55,411 124,568 165,511 Amortization of intangible assets 1,389 2,462 4,166 7,386 Stock-based compensation 681,835 643,099 2,074,596 2,015,937 Financial charges 2,434 2,987 11,331 13,294 Foreign exchange loss (gain) (62,125) 60,543 55,167 251,818 Accretion in carrying value of convertible senior unsecured notes and interest - - - 5,504,427 Accretion in carrying value of convertible unsecured subordinated debentures and interest 1,165,692 1,035,043 3,375,232 2,661,852 Loss on redemption of long-term investments - - - 267,439 -------------------------------------------------------- 1,442,282 9,051,629 13,503,675 29,817,981 -------------------------------------------------------- Net loss for the period (1,412,921) (8,736,726) (13,320,354) (28,502,593) OTHER COMPREHENSIVE INCOME (LOSS) Unrealized gain/ (loss) on investments (528) (17,631) 71,657 (14,899) -------------------------------------------------------- Comprehensive loss for the period (1,413,449) (8,754,357) (13,248,697) (28,517,492) -------------------------------------------------------- -------------------------------------------------------- Basic and diluted loss per share (0.01) (0.04) (0.05) (0.12) -------------------------------------------------------- -------------------------------------------------------- Weighted average number of common shares outstanding during the period 250,432,418 246,094,442 250,514,149 242,188,235 -------------------------------------------------------- -------------------------------------------------------- ConjuChem Biotechnologies Inc. UNAUDITED INTERIM STATEMENTS OF CASH FLOWS Three-months ended Nine-months ended July 31, July 31, July 31, July 31, 2009 2008 2009 2008 $ $ $ $ -------------------------------------------------------- OPERATING ACTIVITIES Net loss (1,412,921) (8,736,726) (13,320,354) (28,502,593) Items not affecting cash: Amortization of property, plant and equipment 39,882 55,411 124,568 165,511 Amortization of intangible assets 1,389 2,462 4,166 7,386 Amortization of premium on long-term investments - - - (8,436) Stock-based compensation 681,835 643,099 2,074,596 2,015,937 Accretion in carrying value of convertible senior unsecured notes and interest - - - 5,504,427 Accretion in carrying value of convertible unsecured subordinated debentures 749,064 672,613 2,158,316 1,630,769 Gain on proceeds from sales of property, plant and equipment (4,019) - (9,272) - Loss on redemption of long-term investments - - - 267,439 -------------------------------------------------------- 55,230 (7,363,141) (8,967,980) (18,919,560) Net changes in non-cash working capital balances relating to operations (3,777,978) (63,878) (7,316,649) 462,379 -------------------------------------------------------- Cash flows relating to operating activities (3,722,748) (7,427,019) (16,284,629) (18,457,181) -------------------------------------------------------- INVESTING ACTIVITIES Acquisition of investments (1,221,596) (6,137,130) (10,264,700) (27,832,011) Proceeds on maturities of investments 3,488,708 15,823,221 25,566,153 37,338,629 Acquisition long-term investments - - - (167,037) Proceeds on redemption of long-term investments - - - 59,644,132 Acquisition of property, plant and equipment (1,486) (1,318) (13,138) (11,090) Proceeds from sales of property, plant and equipment 21,065 - 62,455 - Acquisition of intangible assets - - - (1,179) -------------------------------------------------------- Cash flows relating to investing activities 2,286,691 9,684,773 15,350,770 68,971,444 -------------------------------------------------------- FINANCING ACTIVITIES Repayment of convertible senior unsecured notes - - - (58,006,914) Issuance of convertible unsecured subordinated debentures - - - 22,000,000 Issuance costs paid in cash - - - (1,764,414) Increase in other assets (653,325) - (653,325) - -------------------------------------------------------- Cash flows relating to financing activities (653,325) - (653,325) (37,771,328) -------------------------------------------------------- Net change in cash and cash equivalents during the period (2,089,382) 2,257,754 (1,587,184) 12,742,935 Cash and cash equivalents, beginning of period 2,689,621 11,720,885 2,187,423 1,235,704 -------------------------------------------------------- Cash and cash equivalents, end of period 600,239 13,978,639 600,239 13,978,639 -------------------------------------------------------- -------------------------------------------------------- Supplemental cash flow information: Interest paid 912,568 892,926 1,727,229 13,899,840 --------------------------------------------------------