Nventa Biopharmaceuticals Reports Full Year 2007 and Fourth Quarter Financial Results



    
    - Company Advancing Lead Candidate HspE7 into Phase 2 Clinical Trial in
    2008 -
    

    SAN DIEGO, March 13 /CNW/ -- Nventa Biopharmaceuticals Corporation
announced today financial results for the year ended December 31, 2007, and
highlighted the corporate milestones achieved during the period.
    (Logo: http://www.newscom.com/cgi-bin/prnh/20080303/LAM023LOGO)

    During 2007, the Company achieved the following corporate milestones:

    
    Progress on Lead Candidate HspE7:
    -- Made significant progress on the Company's Phase 1 cervical dysplasia
       clinical trial examining the safety of new HspE7 leading to the recent
       completion of enrollment and initial dosing of the last cohort in this
       trial
    -- Presented preclinical data at International Papillomavirus conference
       demonstrating that co-administering HspE7 with certain adjuvants
       promotes more potent responses than HspE7 alone
    -- Demonstrated ability to elicit long-lasting tumor protection in vivo
       suggesting that HspE7 may have utility in HPV-related diseases
    -- Announced data from NCI-sponsored trial in cervical dysplasia showing
       78 percent of patients achieved complete response or reduction of
       lesion size by more than 50 percent
    


    
    Corporate and Financial Achievements:
    -- Strengthened the Management team with the addition of Richard Lai Fatt,
       Ph.D., as Vice President of Corporate Development, and David Duncan,
       Jr., as Vice President of Finance
    -- Appointed Sandford D. Smith, President of the International Group and
       Executive Vice President of Genzyme Corporation, to the Board of
       Directors
    -- Assembled a distinguished group of international experts for the
       Company's Clinical and Scientific Advisory Board
    -- Raised $24.8 million in two successful public offerings
    


    
    Strengthened Intellectual Property Portfolio:
    -- Granted a U.S. patent for HPV fusions to treat patients with HPV-
       related diseases
    -- Granted a U.S. patent covering heat shock protein fusions to treat
       anogenital warts
    -- Won an important challenge to two U.S. patents; U.S. Patent and
       Trademark Office reissued composition of matter and methods of use for
       Company's CoVal(TM) fusions
    -- Granted European patent covering CoVal(TM) fusion proteins to treat
       influenza
    
    Gregory M. McKee, President and Chief Executive Officer at Nventa
commented on the year:  "2007 was a year of significant events at Nventa.  We
are very pleased with the progress we made during the past year as we advanced
new HspE7 (HspE7 + Poly-ICLC) into a Phase 1 clinical trial and completed the
safety evaluation for three of the four cohorts in the trial.  We anticipate
completing the evaluation of the remaining cohort by the end of the second
quarter of 2008, and are working diligently to design the Phase 2 clinical
program, expected to begin shortly after this Phase 1 trial, to test new HspE7
in a larger population of patients with cervical dysplasia."  Mr. McKee
continued, "With the strength of our Directors, the addition of two new senior
managers and the creation of a distinguished board of international experts,
we look forward to building additional value for our shareholders through the
continued advancement of new HspE7 for human papillomavirus (HPV)-related
diseases."

    Total Year 2007 and Fourth Quarter Financial Results:

    
    All amounts, unless specified otherwise, are in Canadian dollars.
    
    Nventa reported a net loss of $12,413,000, or $0.06 per share, for the
year ended December 31, 2007, compared to a net loss of $10,067,000, or $0.12
per share, for the same period in 2006.  The increase in net loss in 2007 from
2006 is principally related to a $1,726,000 increase in foreign exchange
losses, due to the strength of the Canadian dollar against the U.S. dollar,
and to $844,000 of restructuring expenses incurred in 2007.  These two factors
were partially offset in 2007 by an increase in interest income of $433,000
relating to the completion of the Company's two equity offerings, which
generated gross proceeds of $24,807,000.
    Nventa also reported a net loss of $2,319,000, or $0.01 per share, for
the three months ended December 31, 2007, compared to a net loss of
$2,043,000, or $0.02 per share, for the fourth quarter of 2006.  The $276,000
increase in the net loss in the fourth quarter of 2007, compared to 2006, is
principally related to a $200,000 increase in foreign exchange losses and to
restructuring expenses incurred during 2007.  These expense increases were
partially offset by an increase in interest income of $124,000 during the
fourth quarter of 2007, as a result of receiving the proceeds from the
Company's two public equity offerings in 2007.
    The Company had cash and cash equivalents of $12,859,000 as of December
31, 2007, compared to $2,972,000, as of December 31, 2006.
    
    About New HspE7
    
    The Company's lead candidate, new HspE7 (HspE7 + Poly-ICLC), is a novel
therapeutic candidate intended for the treatment of precancerous and cancerous
lesions caused by the human papillomavirus (HPV), one of the most common
sexually transmitted diseases in the world.  New HspE7 contains the novel
CoVal(TM) fusion protein, HspE7 co-administered with the adjuvant Poly-ICLC, a
toll-like receptor-3 (TLR3) agonist.  An adjuvant is a substance added to
vaccines to improve immune responses against target antigens.  HspE7 is
derived from Nventa's proprietary CoVal(TM) fusion platform, which uses
recombinant DNA technology to covalently fuse stress proteins to target
antigens, thereby stimulating cellular immune responses to the target
antigens.  Nventa is developing new HspE7 for multiple indications.
    
    About Nventa Corporation:
    
    Nventa is developing innovative therapeutics for the treatment of viral
infections and cancer, with a focus on diseases caused by the human
papillomavirus, or HPV.  The corporation is publicly traded on the Toronto
Stock Exchange under the symbol NVN.  For more information about Nventa,
please visit http://www.nventacorp.com.
    This press release contains statements which may constitute
forward-looking information under applicable Canadian securities legislation
or forward-looking statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995.  Such forward-looking statements or
information may include clinical development and other projections as well as
statements regarding the Company's future plans, objectives, performance,
operating expenses, revenues, growth, profits, operating expenses or the
Company's underlying assumptions.  The words "may", "would", "could", "will",
"likely", "expect," "anticipate," "intend", "plan", "forecast", "project",
"estimate" and "believe" or other similar words and phrases may identify
forward-looking statements or information.  Persons reading this press release
are cautioned that such statements or information are only predictions, and
that the Company's actual future results or performance may be materially
different.
    Forward-looking statements or information in this press release include,
but are not limited to, statements or information concerning: evaluation of
the remaining cohort by the end of the second quarter; the beginning of our
Phase 2 clinical program; and continued advancement of HspE7 for HPV-related
diseases.
    Such forward-looking statements or information involve known and unknown
risks, uncertainties and other factors that may cause our actual results,
events or developments to be materially different from results, events or
developments expressed or implied by such forward-looking statements or
information.  Such factors include, among others, the availability of clinical
trial materials; the possibility that we will not be able to recruit patients
for our planned trials in a timely manner; our need for capital, risks
associated with requirements for approvals by government agencies such as the
FDA before products can be tested in clinical trials; the possibility that
such government agency approvals will not be obtained in a timely manner or at
all or will be conditioned in a manner that would impair our ability to
advance development; risks associated with the requirement that a drug be
found safe and effective after extensive clinical trials: our dependence on
suppliers, collaborative partners and other third parties and the prospects
and timing for negotiating supply agreements, corporate collaborations or
licensing arrangements; our ability to attract and retain key personnel; and
other factors as described in detail in our filings with the Canadian
securities regulatory authorities at http://www.sedar.com.
    Assumptions underlying our expectations regarding forward-looking
statements or information contained in this press release include, among
others, that we will raise enough capital, on reasonable terms and in a timely
manner; that we will retain our key personnel; that we will obtain the
necessary regulatory approvals related to HspE7 + Poly-ICLC in a timely
manner; that enough HspE7 and Poly-ICLC will be available to conduct our
planned trials; that we will obtain timely approval from additional IRBs; that
the results from additional preclinical and clinical work, if any, will be
consistent with the results we have already obtained; that a sufficient number
of patients will be available to conduct our planned trials; and that
sufficient data will be generated to support our BLA.  In the event that any
of these assumptions prove to be incorrect, or in the event that we are
impacted by any of the risks identified above, we may not be able to continue
in our business as planned.
    For a complete discussion of the assumptions, risks and uncertainties
related to our business, you are encouraged to review our filings with
Canadian securities regulatory authorities, including our 2007 Annual
Information Form filed on SEDAR at http://www.sedar.com.  Historical filings
relating to the Company prior to the completion of the Company's March 23,
2006 corporate reorganization may be reviewed on SEDAR at http://www.sedar.com
under the SEDAR profile GVIC Communications Corp.

    All forward-looking statements and information made herein are based on
our current expectations as of the date hereof and we disclaim any intention
or obligation to revise or update such forward-looking statements and
information to reflect subsequent events or circumstances, except as required
by law.




    
                        Nventa Biopharmaceuticals Corp
                Condensed Consolidated Statement of Operations
                                 (Unaudited)
          (Canadian dollars)(In thousands, except per share amounts)
    

    
                                  Three Months Ended     Twelve Months Ended
                                      December 31,           December 31,
                                  2007          2006      2007          2006
    

    
    Revenue:
     Collaborative research
      and development revenue     $156          $156      $621          $621
    

    
    Operating expenses:
     Research and development    1,549         1,587     6,596         7,351
     Selling, general and
      administrative               922           714     4,529         3,565
     Corporate restructuring        30             -       844             -
                                 2,501         2,301    11,969        10,916
    

    Operating loss              (2,345)       (2,145)  (11,348)      (10,295)

    
    Other income (expenses):
     Interest and other
      income, net                  141            17       571           138
    Net foreign exchange
     (loss) gain                  (115)           85    (1,636)           90
                                    26           102    (1,065)          228
    

    
    Net loss and
     comprehensive loss        $(2,319)      $(2,043) $(12,413)     $(10,067)
    

    
    Basic and diluted
     loss per common share:     $(0.01)       $(0.02)   $(0.06)       $(0.12)
    

    
    Weighted average number of
     shares used to compute
     basic and diluted loss
     per common share
     (in thousands)            260,836        83,669    212,449       83,440
    



    
               Condensed Consolidated Balance Sheet Information
                                 (Unaudited)
          (Canadian dollars)(In thousands, except per share amounts)
    

    
                                               December 31,       December 31,
                                                  2007                2006
    

    
    Cash and cash equivalents                   $12,859              $2,972
    Total assets                                 14,471               4,619
    Stockholders equity                          12,781               2,303
    

    Total shares outstanding (in thousands)     260,586              83,669




For further information:

For further information: Gregory M. McKee, President and Chief Executive
 Officer, +1-858-202-4940, gmckee@nventacorp.com, or Donna Slade, Director, 
Investor Relations, +1-858-202-4945, dslade@nventacorp.com, both of Nventa 
Biopharmaceuticals Corporation Web Site: http://www.nventacorp.com/

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