Research Triangle Park, NC, March 28, 2008 - - Adherex Technologies Inc. (AMEX:ADH, TSX: AHX), a biopharmaceutical company devoted to solving problems for patients with cancer, announced today its financial results for the fiscal year ended December 31, 2007. All amounts are in U.S. dollars.
The net loss for the fiscal year ended December 31, 2007 was $13.4 million, or $0.11 loss per share, compared to a net loss of $16.4 million, or $0.34 loss per share, for the fiscal year ended December 31, 2006. Operating expenses totaled $14.2 million for the fiscal year ended December 31, 2007 as compared to $16.9 million for the fiscal year ended December 31, 2006.
Cash and cash equivalents totaled $16.2 million as of December 31, 2007 compared to $5.7 million as of December 31, 2006, with a corresponding increase in working capital of approximately $13.0 million. The increase is due to the completion of an equity offering in February 2007 which provided net proceeds of $23.2 million to the Company. The Company estimates that it has sufficient capital resources to fund operations through June 30, 2009.
The selected consolidated financial data presented below is derived from our consolidated financial statements which were prepared in accordance with U.S. generally accepted accounting principles. The complete audited consolidated financial statements for the year ended December 31, 2007 and management's discussion and analysis of financial condition and results of operations will be available on our website at www.adherex.com.
Annual General Meeting of Shareholders
Adherex also announced today that it will hold its Annual General Meeting of Shareholders on Wednesday, May 14, 2008 at 3 p.m. ET at the Mount Royal Centre, Mansfield #5, 2200 Rue Mansfield, Montreal, Quebec. The presentation by Adherex’s Chairman and CEO, Dr. William P. Peters, will be made available by live webcast on the Company’s website at www.adherex.com.
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About Adherex Technologies
Adherex Technologies Inc. is a biopharmaceutical company dedicated to the discovery and development of novel cancer therapeutics. We are in the business of solving problems for patients with cancer. We have multiple products in the clinical stage of development, including eniluracil, ADH-1 and sodium thiosulfate (STS). Eniluracil, an oral dihydropyrimidine dehydrogenase (DPD) inhibitor, is being developed to improve the tolerability and effectiveness of 5-fluorouracil (5-FU), one of the most widely used oncology drugs in the world. ADH-1 is a biotechnology compound which selectively targets N-cadherin, a protein present on certain tumor cells and the blood vessels of solid tumors. STS is a chemoprotectant being developed to reduce or prevent hearing loss that may result from treatment with platinum-based chemotherapy drugs. With a diversified portfolio of unique preclinical and clinical-stage cancer compounds and a management team with expertise in identifying, developing and commercializing novel cancer therapeutics, Adherex aims to become a leader in developing innovative treatments that address important unmet medical needs in cancer. For more information, please visit our website at www.adherex.com.
This press release may contain forward-looking statements that involve significant risks and uncertainties. The actual results, performance or achievements of the Company might differ materially from the results, performance or achievements of the Company expressed or implied by such forward-looking statements. We are subject to various risks, including our history of losses, our need for additional capital to fund our operations, the uncertainties of clinical trials, drug development and regulatory review, the early stage of our product candidates, our reliance on collaborative partners, and other risks inherent to the biopharmaceutical industry. For a more detailed discussion of related risk factors, please refer to our public filings available at www.sedar.com and www.sec.gov.
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For further information, please contact:
D. Scott Murray
Senior Vice President, Corporate Development
Adherex Technologies Inc.
T: (919) 484-8484
info@adherex.com
