Axonyx Inc. Reports First Quarter 2006 Financial Results
10 Mai 2006 - 11:30PM
Business Wire
AXONYX Inc. (NASDAQ: AXYX) announced results for the first
quarter-ended March 31, 2006. The Company reported a net loss of
$4,017,000 or $0.07 per share for the first quarter of 2006
compared to a net loss of $10,433,000 or $0.19 per share for the
first quarter of 2005. The Company had no revenue for the quarter
ended March 31, 2006 as compared to $403,000 in the first quarter
of 2005. Revenue in 2005 was generated from sales in OXIS
International, Inc. (OXIS.OB), which is no longer consolidated with
our results effective March 1, 2005. Research and development costs
for the first quarter 2006 were $2,661,000 compared to $9,322,000
for the same period in 2005. The reduction reflects a decline in
Phenserine program expenditures of $7,046,000 due to the
completion/curtailment of the Phenserine trials in late 2005. This
reduction is offset, in part, by increased expenditures of $68,000
in the Posiphen program and $793,000 in the Bisnorcymserine
program. In 2006 Posiphen was in clinical Phase I studies and
Bisnorcymserine was in pre-clinical development towards filing an
investigational new drug application (IND). Sales, general and
administrative expenses for the first quarter of 2006 were
$1,870,000 compared to $1,663,000 for the first quarter of 2005.
This increase is attributed to a $400,000 increase in patent
acquisition costs and a $361,000 increase in non-cash option
charges related to stock option grants to consultants and
employees. These increases are offset in part by a $234,000
reduction in professional fees and a $332,000 reduction in OXIS
expenses which are no longer consolidated with our results
effective March 1, 2005. About Axonyx Axonyx Inc. is a U.S.-based
biopharmaceutical company engaged in the acquisition and
development of proprietary pharmaceutical compounds for the
treatment of Central Nervous System disorders. The Company
currently has three compounds in development for Alzheimer's
disease (AD): Phenserine - a potential symptomatic and disease
progression treatment of mild to moderate AD; Posiphen(TM)- a
potential disease progression treatment for AD now in Phase I; and
Bisnorcymcerine (BNC) - a potential symptomatic treatment of severe
AD in the pre-Investigational New Drug (IND) stage. This press
release may contain forward-looking statements or predictions.
These statements represent our judgment to date, and are subject to
risks and uncertainties that could materially affect the Company,
including those risks and uncertainties described in the documents
Axonyx files from time to time with the SEC, specifically Axonyx's
annual report on Form 10-K. Specifically, with respect to our drug
candidates Phenserine, Posiphen(TM) and Bisnorcymserine, Axonyx
cannot assure that: any preclinical studies or clinical trials,
whether ongoing or conducted in the future, will prove successful,
and if successful, that the results can be replicated; safety and
efficacy profiles of any of its drug candidates will be
established, or if established, will remain the same, be better or
worse in future clinical trials, if any; pre-clinical results
related to cognition and the regulation of beta-APP and/or amyloid
beta will be substantiated by ongoing or future clinical trials, if
any, or that any of its drug candidates will be able to improve the
signs or symptoms of their respective clinical indication or slow
the progression of Alzheimer's disease; any of its drug candidates
will support an NDA filing, will be approved by the FDA or its
equivalent, or if approved, will prove competitive in the market;
Axonyx will be able to successfully out-license any of its drug
candidates; Axonyx will be able to successfully in-license any
additional compounds; or that Axonyx will have or obtain the
necessary financing to support its drug development programs.
Axonyx cannot assure that it will be successful with regard to
identifying a (sub-) licensing partner for any of its compounds.
Axonyx undertakes no obligation to publicly release the result of
any revisions to such forward-looking statements that may be made
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. -0- *T Axonyx Inc.
Summary of Consolidated Financial Statements for the Quarter ended
March 31, 2006 Condensed Consolidated Statements of Operations
(unaudited) Three months ended March 31, --------------------------
2006 2005 -------------------------- Revenue Product Sales $ - $
403,000 Cost of product sales 210,000 --------------------------
193,000 Costs and expenses: Research and development 2,661,000
9,322,000 Sales, general and administrative 1,870,000 1,663,000
-------------------------- 4,531,000 10,985,000
-------------------------- Loss from operations (4,531,000)
(10,792,000) Other income (expenses) Interest income 707,000
572,000 Foreign exchange 9,000 (25,000) Gain (Loss) on issuance of
subsidiary stock 32,000 (331,000) Equity in loss of OXIS (234,000)
(19,000) Interest expense - (2,000) -------------------------- Net
loss before outside interest in subsidiary (4,017,000) (10,597,000)
Outside Interest in loss of subsidiary 164,000
-------------------------- Net loss $(4,017,000) $(10,433,000)
========================== Net loss per common share $ (.07) $
(.19) ========================== Weighted average shares - basic
and diluted 53,681,000 53,657,000 Condensed Consolidated Balance
Sheets March 31, December 31, 2006 2005 (audited)
------------------------------- Cash and Investments $ 54,229,000 $
58,338,000 Working Capital $ 50,072,000 $ 53,293,000 Total
Stockholders' Equity $ 54,834,000 $ 58,383,000 *T
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