OTTAWA, March 31 /CNW Telbec/ - Liponex Inc. (TSX:LPX), a
biopharmaceutical company specializing in developing products related to High
Density Lipoprotein (HDL), often called "good cholesterol," today announced
its results for the year ended December 31, 2007.
"2007 was a very significant year for Liponex" said Bill Dickie,
President and CEO. "During the year we announced results from the first Phase
I/II trial of our lead product, CRD5, undertook a reformulation effort
including testing in animal models and, in parallel, evaluated strategic
options for the business. Subsequent to year end we signed a definitive
agreement for a business combination with ImaSight Inc. which we feel will
maximize shareholder value going forward"
Results for the Year Ended December 31, 2007
All amounts are in Canadian dollars unless otherwise noted.
As at December 31, 2007, the Company had cash and short-term investments
of approximately $3.02 million and working capital of approximately
$3.03 million available to fund operations. Considering the discontinuance of
CRD5 animal testing and other cost reduction measures that we have taken since
year end, we anticipate that our cash and short-term investments will be
sufficient to fund our operations through at least 2008.
Liponex is a pre-revenue development stage company and incurred a net
loss of approximately $3.58 million for the year, or $0.16 per share, compared
with a net loss of approximately $3.54 million, or $0.15 per share for 2006.
The net loss was principally caused by Phase I/II clinical trial, follow up
animal trial and other research and development expenditures.
General and administrative expenses were $1.24 million for the year ended
December 31, 2007, similar to 2006 levels. The company has since taken steps
to reduce expenditures and conserve cash in anticipation of the new strategic
Research and development expenses for 2007 were $2.33, net of $216,000 of
investment tax credits, similar to 2006 levels. The company has also since
taken steps to reduce R+D expenditures in anticipation of the new strategic
Interest income for the year ended December 31, 2007 was $187,000
compared with $267,000 in 2006. The majority of interest income relates to
short-term investments held during the respective periods.
Liponex is a biopharmaceutical company specializing in developing
products related to High Density Lipoprotein (HDL), often called "good
cholesterol." Its drug candidates relate to the various roles of HDL as a
transport vehicle, including removing excess cholesterol from the body,
delivering molecules to cells and removing unwanted materials from the body.
Liponex completed its IPO in 2005 and is listed on the TSX under the ticker
"LPX". For more information on Liponex, visit www.liponex.ca.
Certain of the statements contained in this press release contain
forward-looking statements which involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. The Company does not
expect to update forward-looking statements continually as conditions change.
Investors are referred to the full discussion of risk factors associated with
the Company's business contained in the Company's periodic regulatory filings,
which can be found in the SEDAR database at www.sedar.com.
For further information:
For further information: William Dickie, President and Chief Executive
Officer, Liponex Inc., (613) 274-7809 ext. 200, BDickie@liponex.ca