Neurochem reports results for third quarter of fiscal 2007



    Neurochem will host a live web conference Thursday November 8, 2007,
    at 8:30 AM ET.

    LAVAL, QC, Nov. 7 /CNW Telbec/ - Neurochem Inc. (NASDAQ:   NRMX; TSX: NRM)
reported results for the third quarter ended September 30, 2007. Effective
July 1, 2007, the Company adopted the US dollar as its functional and
reporting currency, thus all figures reported are reported in US dollars,
unless otherwise specified. The Company reported a net loss of $13,889,000
($0.29 per share), compared to $16,509,000 ($0.43 per share) for the
corresponding period in the previous year. For the nine-month period ended
September 30, 2007, the net loss amounted to $65,389,000 ($1.54 per share),
compared to $49,458,000 ($1.28 per share) for the same period last year.
    The net loss for the nine-month period ended September 30, 2007, includes
a non-recurring charge in the second quarter of fiscal 2007 under Canadian
GAAP of $10,431,000 relating to the $40 million 5% senior subordinated
convertible notes, which were fully converted into common shares during the
second quarter of 2007.
    Research and development (R&D) expenses amounted to $11,964,000 this
quarter compared to $12,890,000 for the same period last year. For the
nine-month period, R&D expenses were $43,533,000 compared to $37,546,000 for
the corresponding period of the previous year. The increase in the nine-month
period compared to the same period the previous year is due to expenses
incurred in relation to the development of tramiprosate (ALZHEMED(TM))
primarily in respect of the ongoing Phase III clinical trial in Europe and the
North American open-label extension of the Phase III study, as well as the
conduct of a QT cardiac status Phase I study. Tramiprosate (ALZHEMED(TM)) is
the Company's investigational product candidate for the treatment of
Alzheimer's disease (AD).
    As at September 30, 2007, the Company had available cash, cash
equivalents and marketable securities of $70,637,000, compared to $48,758,000
at December 31, 2006. The increase is primarily due to proceeds received from
the issue of convertible notes in May 2007 and is partially offset by funds
used in operating activities.

    Live Web Cast and Teleconference

    Neurochem will host a teleconference and web cast at 8:30 A.M., E.T.,
Thursday, November 8, 2007. The live web cast (audio and visual) will be
available on the Company's web site at www.neurochem.com. The telephone
numbers to access the audio portion of the presentation only are
(514) 868-1042 or 1 (866) 862-3907.
    Three hours following the teleconference and the web cast, a replay of
the presentation will be available until November 15, 2007. The telephone
numbers to access the audio replay are (514) 861-2272 or 1 (800) 408-3053,
passcode 3241051#. The replay of the web cast (audio and visual) will be
available on the Company's web site.
    The dial-in number will allow participants to listen and ask questions,
while the web cast will host a visual presentation. Please dial-in or access
Neurochem's web site approximately 15 minutes before the teleconference is
scheduled to begin.

    Consolidated Financial Results Highlights

    The following discussion and analysis should be read in conjunction with
the Company's unaudited consolidated financial statements for the nine-month
period ended September 30, 2007, as well as the Company's audited consolidated
financial statements for the year ended December 31, 2006, which have been
prepared in accordance with Canadian generally accepted accounting principles
(GAAP). For discussion regarding related-party transactions, contractual
obligations, disclosure controls and procedures, internal control over
financial reporting, critical accounting policies and estimates, recent
accounting pronouncements, and risks and uncertainties, refer to the Annual
Report and the Annual Information Form for the year ended December 31, 2006,
as well as registration statements and other public filings, which are
available on SEDAR at www.sedar.com or on EDGAR at www.sec.gov.

    Results of Operations

    As previously reported, effective July 1, 2007, the Company adopted the
US dollar as its functional and reporting currency, as a significant portion
of its revenue, expenses, assets, liabilities and financing are denominated in
US dollars. All currency figures reported in the third quarter financial
statements and in this document, including comparative figures, are reported
in US dollars, unless otherwise specified.
    For the three-month period ended September 30, 2007, the net loss
amounted to $13,889,000 ($0.29 per share), compared to $16,509,000 ($0.43 per
share) for the corresponding period in the previous year. For the nine-month
period ended September 30, 2007, the net loss amounted to $65,389,000
($1.54 per share), compared to $49,458,000 ($1.28 per share) for the same
period last year.
    The net loss for the nine-month period ended September 30, 2007, includes
a non-recurring charge in the second quarter of fiscal 2007 under Canadian
GAAP of $10,431,000 relating to the $40 million 5% senior subordinated
convertible notes, which were fully converted into common shares during the
second quarter of 2007. In total, accretion expense amounted to $14,568,000
for the nine-month period ended September 30, 2007.

    Revenue from collaboration agreement amounted to $228,000 for the current
quarter ($913,000 for the nine-month period), compared to $542,000 for the
same period in the previous year ($1,609,000 for the nine-month period). This
revenue is earned under the agreement with Centocor, Inc. (Centocor) in
respect of eprodisate (KIACTA(TM)), an oral investigational product candidate
for the treatment of Amyloid A (AA) amyloidosis. Revenue recognized is in
respect of the non-refundable upfront payment received from Centocor, which is
being amortized over the estimated period through to the anticipated
regulatory approval date of the investigational product candidate. The
estimated period is subject to change based on additional information that the
Company may receive periodically. The other portion of the upfront payment
received from Centocor ($6,000,000) has been classified as deferred revenue
and is not being amortized as earned revenue given that it is potentially
refundable. In the event that the Company receives an approval letter issued
by the US Food and Drug Administration (FDA), the amount would no longer be
refundable and would be amortized as earned revenue. In July 2007, the Company
received a second approvable letter from the FDA for eprodisate (KIACTA(TM))
for the treatment of AA amyloidosis. In this action letter, the FDA indicated
that an additional efficacy trial will be necessary before the FDA could
approve the investigational product candidate. The approvable letter also
states that additional submissions, filed by Neurochem as part of its response
to this approvable letter, may address issues raised in this letter. The FDA
has indicated that additional submissions could persuade the agency to
eliminate the requirement for an additional trial. The FDA also asked for
additional information, including further pharmacokinetic studies, and again
acknowledged that a QT clinical study should be submitted as part of a
Phase IV (post-approval) commitment. The Company filed a response to this
second approvable letter in late September 2007. Neurochem has also submitted
for marketing approval for eprodisate (KIACTA(TM)) for the treatment of
AA amyloidosis in the European Union and Switzerland. In September 2006, the
European Medicines Agency (EMEA) confirmed that it had commenced a regulatory
review of eprodisate (KIACTA(TM)). An oral hearing is scheduled with the EMEA
in November 2007 to discuss outstanding issues raised with respect to the
eprodisate (KIACTA(TM)) application and a decision from the EMEA is expected
by year end, or shortly thereafter. The Marketing Authorization Application is
being reviewed under the EMEA's centralized procedure. An authorization from
the EMEA would apply to all 27 European Union member states, as well as Norway
and Iceland.

    Reimbursable costs revenue amounted to $73,000 for the current quarter
($332,000 for the nine-month period), compared to $152,000 for the same period
in the previous year ($534,000 for the nine-month period) and consists of
costs reimbursable by Centocor in respect of eprodisate (KIACTA(TM))-related
activities. The Company earns no margin on these reimbursable costs.

    Research and development expenses, before research tax credits and
grants, amounted to $11,964,000 for the current quarter ($43,533,000 for the
nine-month period), compared to $12,890,000 for the same period in the
previous year ($37,546,000 for the nine-month period). The increase in the
nine-month period compared to the same period the previous year is due to
expenses incurred in relation to the development of tramiprosate
(ALZHEMED(TM)), primarily in respect of the ongoing Phase III clinical trial
in Europe and the North American open-label extension of the Phase III study,
as well as the conduct of a QT cardiac status Phase I study. Tramiprosate
(ALZHEMED(TM)) is the Company's investigational product candidate for the
treatment of Alzheimer's disease (AD), which completed its 18-month North
American Phase III clinical trial during the first quarter of 2007. In August
2007, the Company announced top-line results from this trial, designed to
assess the safety, efficacy and disease modification effect of tramiprosate
(ALZHEMED(TM)) for the treatment of AD. The North American Phase III clinical
trial, despite the descriptive data showing numerical differences in favor of
tramiprosate (ALZHEMED(TM)), did not demonstrate a statistically significant
difference in favor of the product candidate with respect to the primary
endpoints over 18 months of treatment. However, a substantial difference
observed in hippocampal volume did approach statistical significance. Due to
significant interference from high between-site variations that complicated
the statistical analyses beyond expectations, it was not possible to draw
definitive conclusions with respect to the treatment effect of tramiprosate
(ALZHEMED(TM)). Neurochem has established a Special Advisory Board comprised
of regulatory, medical and statistical experts from the fields of AD,
therapeutics for the central nervous system, functional assessments, imaging,
biomarkers, and clinical trial design. The mandate of the Special Advisory
Board is to assist Neurochem in reviewing and analyzing the data from the
North American Phase III clinical trial and to provide advice to Neurochem on
the tramiprosate (ALZHEMED(TM)) program. The North American Phase III clinical
trial included 1,052 patients at 67 clinical centers across the US and Canada.
All patients who completed the North American Phase III clinical trial were
eligible to receive tramiprosate (ALZHEMED(TM)) in an open-label extension of
the Phase III study. Neurochem is also currently conducting a European Phase
III clinical trial for tramiprosate (ALZHEMED(TM)) for the treatment of AD,
with 973 mild-to-moderate AD patients enrolled at 69 clinical centers in
10 European countries. In August 2007, Neurochem stopped patient screening
activities as it had met its recruitment target. For the nine-month period
ended September 30, 2007, research and development expenses also included
costs incurred to support the North American Phase III clinical trial for
tramiprosate (ALZHEMED(TM)), the ongoing open-label extension of the
eprodisate (KIACTA(TM)) Phase II/III study, as well as ongoing drug discovery
programs.

    Research tax credits and grants amounted to $434,000 this quarter
($1,434,000 for the nine-month period), compared to $388,000 for the
corresponding period in the previous year ($1,292,000 for the nine-month
period). Research tax credits represent refundable tax credits earned under
the Quebec Scientific Research and Experimental Development Program for
expenditures incurred in Quebec.

    Other research and development charges amounted to nil for the current
quarter and nine-month period, compared to $1,127,000 for the quarter and
nine-month period ended September 30, 2006. In 2006, the Quebec taxation
authorities confirmed their position in the application of the tax credit
program that denied tax credits on research and development taxable benefits
relating to stock options for 2005 and prior years. Accordingly, management
determined at that time that the criteria for recognition of these credits
were no longer met and recorded a provision for these research tax credits.

    General and administrative expenses totaled $2,559,000 for the current
quarter ($9,184,000 for the nine-month period), compared to $2,723,000 for the
same quarter in the previous year ($8,703,000 for the nine-month period).
These costs are incurred to support the overall activities of the Company.

    Arbitral award amounted to nil for the current quarter and nine-month
period compared to nil for the quarter ended September 30, 2006 and $1,835,000
for the nine-month period ended September 30, 2006. This expense related to
the dispute with Immtech Pharmaceuticals, Inc. (formerly known as Immtech
International, Inc. (Immtech)), which came to a conclusion in January 2007
when Immtech, the University of North Carolina at Chapel Hill (UNC), and
Georgia State University Research Foundation, Inc. filed with the Federal
District Court for the Southern District of New York, U.S.A. a Notice of
Voluntary Dismissal. The plaintiffs voluntarily dismissed their complaint
against Neurochem in the Federal District Court without any payment, license,
business agreement, concession or compromise by Neurochem.

    Reimbursable costs amounted to $73,000 for the current quarter ($332,000
for the nine-month period), compared to $152,000 for the same period in the
previous year ($534,000 for the nine-month period), and consist of costs
incurred on behalf of Centocor in respect of eprodisate (KIACTA(TM))-related
activities and reimbursable by Centocor.

    Stock-based compensation amounted to $998,000 for the current quarter
($2,854,000 for the nine-month period), compared to $948,000 for the
corresponding quarter in the previous year ($2,645,000 for the nine-month
period). This expense relates to stock options and stock-based incentives,
whereby compensation cost in relation to stock options is measured at fair
value at the date of grant and is expensed over the award's vesting period.

    Interest income amounted to $1,021,000 for the current quarter
($2,585,000 for the nine-month period), compared to $429,000 for the same
quarter in the previous year ($1,503,000 for the nine-month period). The
increase is mainly attributable to higher average cash balances during the
current periods, compared to the same periods in the previous year.

    Accretion expense amounted to $1,452,000 for the current quarter
($14,568,000 for the nine-month period), and mainly represents the imputed
interest under GAAP on the $42,085,000 aggregate principal amount of 6%
convertible senior notes issued in November 2006, as well as on the
$40,000,000 6% senior convertible notes (Senior Notes) and $40,000,000 5%
senior subordinated convertible notes (Junior Notes) issued in May 2007. The
Company accretes the carrying values of the convertible notes to their face
value through a charge to earnings over their expected lives of 60 months,
54 months and 1 month, respectively. Of the total accretion expense recorded
in the nine-month period ended September 30, 2007, $10,431,000 relates to
accretion expense on the Junior Notes, which were fully converted during the
second quarter of 2007.

    Change in fair value of derivative-related asset amounted to a gain of
$972,000 for the current quarter (loss of $898,000 for the nine-month period)
and represents the variation in the fair value of the embedded derivatives
included in the aggregate $80,000,000 Senior and Junior Notes issued in May
2007.

    Foreign exchange gain amounted to $565,000 for the current quarter (gain
of $1,184,000 for the nine-month period), compared to a loss of $24,000 for
the same quarter in the previous year (loss of $525,000 for the nine-month
period). Foreign exchange gains or losses arise on the movement in foreign
exchange rates in relation to the Company's net monetary assets held in
currencies other than US dollars, which is its functional and reporting
currency, and consists primarily of assets held in Canadian dollars.

    Other income amounted to $270,000 for the current quarter ($987,000 for
the nine-month period), compared to $545,000 for the same quarter in the
previous year ($1,066,000 for the nine-month period). Other income consists of
non-operating revenue, primarily sub-lease revenue. The previous year's
quarter includes an amount of $293,000 in respect of the recovery of prior
years' property taxes.

    Share of loss in a company subject to significant influence amounted to
nil for the current quarter ($327,000 for the nine-month period), compared to
$452,000 for the corresponding quarter in the previous year ($1,951,000 for
the nine-month period). Non-controlling interest amounted to nil for the
current quarter ($109,000 for the nine-month period), compared to $149,000 for
the corresponding quarter in the previous year ($639,000 for the nine-month
period). These items result from the consolidation of the Company's interest
in a holding company (Innodia Holding) that owns shares of Innodia Inc., for
which Neurochem is the primary beneficiary. The share of loss recorded in the
current year has reduced the Company's long-term investment in Innodia Holding
to a nominal value. Innodia Inc. is a private, development-stage company
engaged in developing novel drugs for the treatment of type 2 diabetes and
underlying diseases.

    Liquidity and Capital Resources

    As at September 30, 2007, the Company had available cash, cash
equivalents and marketable securities of $70,637,000, compared to $48,758,000
at December 31, 2006. The increase is primarily due to proceeds received from
the issue of convertible notes in May 2007 and is partially offset by funds
used in operating activities.
    On May 2, 2007, the Company issued $80,000,000 aggregate principal amount
of convertible notes, consisting of $40,000,000 6% senior convertible notes
due in 2027 and $40,000,000 5% senior subordinated convertible notes due in
2012. The 6% senior convertible notes have an initial conversion price equal
to the lesser of $12.68 or the 5-day weighted average trading price of the
common shares preceding any conversion, subject to adjustments in certain
circumstances. The Company will pay interest on the 6% senior convertible
notes until maturity on May 2, 2027, subject to earlier repurchase, redemption
or conversion. The 5% senior subordinated convertible notes were subject to
mandatory conversion into common shares under certain circumstances. In
connection with this transaction, the Company issued warrants to purchase an
aggregate of 2,250,645 common shares until May 2, 2012, at an initial purchase
price of $12.68 per share, subject to adjustments in certain circumstances.
During the quarter ended June 30, 2007, $10,500,000 of the 6% senior
convertible notes were converted into 1,653,859 common shares and the totality
of the 5% senior subordinated convertible notes were converted into
4,444,449 common shares. During the quarter ended September 30, 2007, an
additional $25,000,000 6% senior convertible notes were converted into
3,965,462 common shares. Net proceeds from the offering were $74,279,000 and,
as of September 30, 2007, $46,239,000 has yet to be spent. The use of proceeds
continues to conform in all material respects with the expectations set forth
in the documents filed publicly.
    In August 2006, the Company entered into a securities purchase agreement
in respect of an equity line of credit facility (ELOC) with Cityplatz Limited
(Cityplatz), that provides the Company up to $60,000,000 of funds in return
for the issuance of common shares at a discount of 3.0% to market price at the
time of draw downs over term, less a placement fee equal to 2.4% of gross
proceeds payable to the placement agent, Rodman & Renshaw, LLC. The ELOC
established by the securities purchase agreement will terminate on February 9,
2009. The ELOC shall also terminate if (i) the Company's common shares are
de-listed from NASDAQ unless the common shares are listed at such time on
another trading market specified in the agreement and such de-listing is in
connection with a subsequent listing on another trading market specified in
the agreement, (ii) the Company is subject to a change of control transaction
or (iii) the Company suffers a material adverse effect which cannot be cured
prior to the next drawdown notice. The Company may terminate the securities
purchase agreement (i) if Cityplatz fails to fund a properly notified drawdown
within five trading days of the end of the applicable settlement period or
(ii) after it has drawn down at least $25,000,000 under the ELOC. Either party
may also terminate the securities purchase agreement if the volume-weighted
average price of the Company's common shares is below $5 per share for more
than 30 consecutive trading days. Given that the current price per share has
been below the minimum price as per the agreement, the agreement may be
terminated at any time. The parties are currently in discussions with respect
to the future prospects of this agreement and no assurance can be given that
any agreement may be reached. As at September 30, 2007, the Company had not
drawn any funds under the ELOC.
    As previously reported, "Restricted Cash" presented on the Consolidated
Balance Sheet represents investments pledged to the bank to secure letters of
credit. As at September 30, 2007, these investments are composed of
Asset-Backed Commercial Paper (ABCP). During the third quarter of 2007, a
disruption in the credit markets, particularly in the ABCP market, resulted in
these investments having matured but not having been paid, and they currently
remain outstanding. At the time these investments were acquired, the ABCP was
rated R1-high by Dominion Bond Rating Service, which is the highest credit
rating for this type of investment. At the present time, the credit rating is
under review by the rating agency. On September 6, 2007, a Pan Canadian
Committee was formed to oversee the proposed restructuring process of the
ABCP. Also during the third quarter of 2007, the $6,000,000 letter of credit
was renewed upon annual expiry and was extended to September 30, 2008, with
the ABCP as collateral. The Company is monitoring the developments and
restructuring process, and potential losses, if any, are presently
indeterminable.
    As at September 30, 2007, the Company's workforce comprised
172 employees.
    As at October 31, 2007, the Company had 48,846,595 common shares
outstanding, 220,000 common shares issuable to the Chief Executive Officer
upon the achievement of specified performance targets, 2,738,934 options
granted under the stock option plan, 2,884,471 shares currently issuable under
the convertible notes, and 2,250,645 warrants outstanding, for a total of
56,940,645 common shares, on a fully diluted basis.
    The Company believes that its available cash and short-term investments,
expected interest income, potential funding from partnerships, research
collaborations and licensing agreements, potential proceeds from the ELOC,
research tax credits, grants, and access to capital markets should be
sufficient to finance the Company's operations and capital needs during the
ensuing year. However, in light of the uncertainties associated with the
regulatory approval process, clinical trial results, and the Company's ability
to secure additional licensing, partnership and/or other agreements, further
financing may be required to support the Company's operations in the future.

    Change in functional and reporting currency
    Effective July 1, 2007, the Company adopted the US dollar as its
functional and reporting currency, as a significant portion of its revenues,
expenses, assets, liabilities and financing are denominated in US dollars.
Prior to that date, the Company's operations were measured in Canadian dollars
and the consolidated financial statements were expressed in Canadian dollars.
The Company followed the recommendations of the Emerging Issues Committee
(EIC) of the Canadian Institute of Chartered Accountants (CICA), set out in
EIC-130, "Translation method when the reporting currency differs from the
measurement currency or there is a change in the reporting currency". In
accordance with EIC-130, assets and liabilities as of June 30, 2007 were
translated in US dollars using the exchange rate in effect on that date;
revenues, expenses and cash flows were translated at the average rate in
effect during the six-month period ended June 30, 2007 and equity transactions
were translated at historical rates. For comparative purposes, historical
financial statements have been restated into US dollars using the current rate
method. Under this method, assets and liabilities are translated at the
closing rate in effect at the end of these periods, revenues, expenses and
cash flows are translated at the average rates in effect during these periods
and equity transactions are translated at historical rates. Any exchange
differences resulting from the translation are included in accumulated other
comprehensive income presented in shareholders' equity.

    
    Neurochem Inc.
    Consolidated Financial Information(1)
    (in thousands of US dollars,
     except per share data)

                                      Three-month             Nine-month
                                      period ended            period ended
                                      September 30            September 30
    -------------------------------------------------------------------------
    Consolidated Statements
    of Operations                   2007        2006        2007        2006
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                              (unaudited) (unaudited) (unaudited) (unaudited)
    Revenues:
      Collaboration agreement       $228        $542        $913      $1,609
      Reimbursable costs              73         152         332         534
    -------------------------------------------------------------------------
                                     301         694       1,245       2,143
    -------------------------------------------------------------------------

    Expenses (Income):
      Research and development    11,964      12,890      43,533      37,546
      Research tax credits and
       grants                       (434)       (388)     (1,434)     (1,292)
      Other research and
       development charges             -       1,127           -       1,127
    -------------------------------------------------------------------------
                                  11,530      13,629      42,099      37,381
      General and administrative   2,559       2,723       9,184       8,703
      Arbitral award                   -           -           -       1 835
      Reimbursable costs              73         152         332         534
      Stock-based compensation       998         948       2,854       2,645
      Depreciation, amortization
       and patent cost write-off     380         377       1,087       1,170
      Interest and bank charges       26          21         150          65
    -------------------------------------------------------------------------
                                  15,566      17,850      55,706      52,333
    -------------------------------------------------------------------------
      Net loss before
       undernoted items          (15,265)    (17,156)    (54,461)    (50,190)

      Interest income              1,021         429       2,585       1,503
      Accretion expense           (1,452)          -     (14,568)          -
      Change in fair value of
       derivative-related asset      972           -        (898)          -
      Foreign exchange gain (loss)   565         (24)      1,184        (525)
      Other income                   270         545         987       1,066
      Share of loss in a company
       subject to significant
       influence                       -        (452)       (327)     (1 951)
      Non-controlling interest         -         149         109         639
    -------------------------------------------------------------------------
      Net loss                  ($13,889)   ($16,509)   ($65,389)   ($49,458)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Net loss per share:
        Basic and diluted         ($0.29)     ($0.43)     ($1.54)     ($1.28)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

      Weighted average number
       of common shares
       outstanding            47,495,376  38,814,360  42,360,279  38,589,402
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                            At            At
                                                  September 30   December 31
    Consolidated Balance Sheets                           2007          2006
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                    (unaudited)     (audited)

      Cash, cash equivalents and
       marketable securities                           $70,637       $48,758
      Other current assets                               5,967        10,460
    -------------------------------------------------------------------------
      Total current assets                              76,604        59,218
      Capital assets and patents                        10,241         8,992
      Other long-term assets                             7,169         3,192
    -------------------------------------------------------------------------
      Total assets                                     $94,014       $71,402
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

      Current liabilities                              $22,142       $22,377
      Long-term liabilities                             52,357        50,017
      Non-controlling interest                             680           725
      Shareholders' equity                              18,835        (1,717)
    -------------------------------------------------------------------------

      Total liabilities and
       shareholders' equity                            $94,014       $71,402
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Condensed from the Company's unaudited consolidated financial
        statements.
    


    About Neurochem

    Neurochem Inc. is focused on the development and commercialization of
innovative therapeutics to address critical unmet medical needs. Eprodisate
(KIACTA(TM)) is currently being developed for the treatment of Amyloid A
amyloidosis, and is under regulatory review for marketing approval by the U.S.
Food and Drug Administration, the European Medicines Agency and Swissmedic.
Tramiprosate (ALZHEMED(TM)), for the treatment of Alzheimer's disease, has
been the subject of a completed Phase III clinical trial in North America and
is currently being studied in a Phase III clinical trial in Europe, while
tramiprosate (CEREBRIL(TM)), for the prevention of hemorrhagic stroke caused
by cerebral amyloid angiopathy, has been studied in a completed Phase IIa
clinical trial.

    To Contact Neurochem

    For additional information on Neurochem and its drug development
programs, please call the North American toll-free number 1 (877) 680-4500 or
visit the Web site at www.neurochem.com.

    Certain statements contained in this news release, other than statements
of fact that are independently verifiable at the date hereof, may constitute
forward-looking statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown, many of which are beyond Neurochem's
control. Such risks include but are not limited to: the impact of general
economic conditions, general conditions in the pharmaceutical industry,
changes in the regulatory environment in the jurisdictions in which Neurochem
does business, stock market volatility, fluctuations in costs, and changes to
the competitive environment due to consolidation, that actual results may vary
once the final and quality-controlled verification of data and analyses has
been completed, as well as other risks disclosed in public filings of
Neurochem. Consequently, actual future results may differ materially from the
anticipated results expressed in the forward-looking statements. The reader
should not place undue reliance, if any, on the forward-looking statements
included in this news release. These statements speak only as of the date made
and Neurochem is under no obligation and disavows any intention to update or
revise such statements as a result of any event, circumstances or otherwise.
Please see the Annual Information Form for further risk factors that might
affect the Company and its business.




For further information:

For further information: Lise Hébert, Ph.D., Vice President, Corporate
Communications, (450) 680-4572, lhebert@neurochem.com


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