Nventa Biopharmaceuticals Corporation announces 2006 financial results

    - Company Poised to Re-enter Clinic with Lead Candidate HspE7 plus
    Adjuvant -

    SAN DIEGO, CA, March 14 /CNW/ - Nventa Biopharmaceuticals Corporation
(TSX:NVN) announced today financial results for the year ended December 31,
2006. All amounts, unless specified otherwise, are in Canadian dollars.
    Nventa reported a net loss from continuing operations of $10.1 million or
$0.12 (US$0.11) per share, for the year ended December 31, 2006, compared to a
net loss from continuing operations of $27.1 million, or $0.37 (US$0.31) per
share, for the same period in 2005. The Company had cash and cash equivalents
related to continuing operations of $3.0 million as of December 31, 2006.
During January 2007, the Company completed an equity offering resulting in
gross proceeds of $16.2 million.
    Gregory M. McKee, President and Chief Executive Officer at Nventa
commented on the year: "2006 was a year of significant achievement at Nventa.
As a result of encouraging preclinical data on our lead program, positive
interactions with the U.S. Food and Drug Administration (FDA), and successful
fundraising, we are now poised to advance our lead candidate into clinical
development." Mr. McKee continued, "If all of our corporate and clinical
initiatives continue to go well, 2007 promises to be a year that should build
additional shareholder value."


    Corporate and Financial Achievements:

    -   Received $9 million in non-dilutive capital from corporate
    -   Strengthened Board of Directors, adding Robert Rieder and electing
        Dr. Jay Short Chairman
    -   Hired Peter Emtage, Ph.D. as new head of Research and Development
    -   Decreased overall spend by over 62 percent as a result of corporate
        restructuring and implementation of refocused product development
    -   Created new corporate identity coinciding with new corporate vision
        and clinical strategy
    -   Raised $16.2 million in additional capital

    Progress on Lead Candidate HspE7:

    -   Presented twelve-month development strategy for new formulation:
        HspE7 plus adjuvant
    -   Signed Supply Agreement for proprietary adjuvant that activates
        innate immunity and targets the Toll-like receptor 3 (TLR-3) pathway
    -   Presented preclinical data demonstrating greater potency and specific
        activation of the immune response with HspE7 in combination with
    -   Announced clinical trial data with original HspE7 demonstrating
        complete response or marked improvement in 81 percent of patients
        with genital warts
    -   Announced clinical trial data with original HspE7 from NCI-sponsored
        study in patients with cervical dysplasia showing 78 percent complete
        response or reduction of lesion size by more than fifty percent
    -   Announced positive clinical trial data with original HspE7 in
        patients with HIV published in the journal AIDS
    -   Provided clinical development strategy update and positive outcome
        from interactions with the FDA outlining strategy for development of
        new formulation of HspE7 plus adjuvant

    Strengthened Intellectual Property Portfolio:

    -   Granted European patent covering CoVal(TM) fusion proteins to treat
    -   Granted two European patents covering HspE7 for HPV-related diseases

    About Nventa Biopharmaceuticals Corporation:

    Nventa is developing innovative therapeutics for the treatment of viral
infections and cancer, with a focus on diseases caused by the human
papillomavirus (HPV). The Company is publicly traded on the Toronto Stock
Exchange under the symbol NVN. For more information about Nventa
Biopharmaceuticals Corporation, please visit the Company's website located at
    The Audit Committee of the Company has reviewed and approved of the
contents of this Press Release. Summary financials are attached below. The
full financial statements and MD&A for the year ended December 31, 2006, can
be found on SEDAR at http://www.sedar.com.

    This press release contains statements which, to the extent that they are
not recitations of historical fact may constitute forward-looking information
under applicable Canadian securities legislation or forward-looking statements
within the meaning of the Unites States Private Securities Litigation Reform
Act of 1995. Such forward-looking statements or information may include
financial and other projections as well as statements regarding the Company's
future plans, objectives, performance, revenues, growth, profits, operating
expenses or the Company's underlying assumptions. The words "may", "would",
"could", "will", "likely", "expect," "anticipate," "intend", "estimate",
"intend", "plan", "forecast", "project", "estimate" and "believe" or other
similar words and phrases are intended to 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: advancing our
lead candidate into clinical development and building significant shareholder
value in 2007.
    Such forward-looking statements or information involve known and unknown
risks, uncertainties and other factors that may cause our actual results,
events or developments, or industry results, to be materially different from
any future results, events or developments expressed or implied by such
forward-looking statements or information. Such factors include, among others,
our ability to continue as a going concern; 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 and ultimately marketed;
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 and/or market the product successfully;
risks associated with the requirement that a drug be found safe and effective
after extensive clinical trials and the possibility that the results of such
trials, if commenced and completed, will not establish the safety or efficacy
of our products; 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; our ability to protect and practice our intellectual
property; the risk that competitors may develop and market drugs that are less
expensive, more effective or safer than ours; and other factors as described
in detail in our filings with the Canadian securities regulatory authorities
at www.sedar.com. Given these risks and uncertainties, you are cautioned not
to place undue reliance on such forward-looking statements and information,
which are qualified in their entirety by this cautionary statement.
    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 in a timely manner; that enough HspE7 will be
available to conduct planned trials; that we will be able to procure the
necessary amount of adjuvant to conduct planned trials; that if conducted, the
results of our Phase I trial will be favorable; that we will obtain timely
approval from IRB; that the results from additional pre-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 a successful
clinical trial; that sufficient data will be generated to support an IND.
    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, or at all.
    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 2006 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, including Stressgen's 2005 Annual Information
Form dated March 16, 2006 may be reviewed on SEDAR at http://www.sedar.com
under the SEDAR profile GVIC Publications Ltd.
    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.

         (Canadian dollars) (In thousands, except per share amounts)

                                                         For the year ended
                                                            December 31,
                                                           2006         2005
                                                      ----------   ----------

      Collaborative R&D revenue                       $     621    $     645

    Operating expenses:
      Research and development                            7,351       20,766
      Selling, general and administrative                 3,565        5,891
      Restructuring                                           -        1,370
                                                      ----------   ----------
                                                         10,916       28,027
                                                      ----------   ----------

    Operating loss                                      (10,295)     (27,382)

    Other income (expense):
      Interest and other income, net                        138        1,092
      Net foreign exchange gain (loss)                       90         (560)
      Interest expense                                        -          (37)
                                                      ----------   ----------
                                                            228          495
                                                      ----------   ----------
    Net loss from continuing operations before
     tax expense                                        (10,067)     (26,887)

    Income tax expense                                        -         (187)
                                                      ----------   ----------

    Net loss from continuing operations                 (10,067)     (27,074)

    Net income from discontinued operations                   -        7,460
                                                      ----------   ----------

    Net loss                                          $ (10,067)   $ (19,614)
                                                      ----------   ----------
                                                      ----------   ----------

    Basic and diluted (loss) income per common share
      From continuing operations                      $   (0.12)   $   (0.37)
      From discontinued operations                    $       -    $    0.10
                                                      ----------   ----------
                                                      $   (0.12)   $   (0.27)
                                                      ----------   ----------
                                                      ----------   ----------

    Weighted average common shares outstanding
     (in thousands)                                      83,440       73,928
                                                      ----------   ----------
                                                      ----------   ----------

                       (Canadian dollars in thousands)

                                                    December 31, December 31,
                                                           2006         2005
                                                      ----------   ----------
    Cash and short-term investments                   $   2,972        4,361
    Total assets                                          4,619        7,598
    Stockholders' equity                                  2,303        3,521

      Total shares outstanding (in thousands)            83,669       83,036
    %SEDAR: 00023483E

For further information:

For further information: Gregory McKee, President and Chief Executive
Officer, 6055 Lusk Boulevard, San Diego, CA, USA, 92121, Dir: (858) 202-4940,
gmckee@nventacorp.com; Donna Slade, Director, Investor Relations, 6055 Lusk
Boulevard, San Diego, CA, USA, 92121, Dir: (858) 202-4945,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890