Nventa Biopharmaceuticals Corporation Announces Second Quarter 2008 Financial Results and Recent Corporate Highlights

    SAN DIEGO, Aug. 12 /CNW/ -- Nventa Biopharmaceuticals Corporation (TSX:
NVN) announced today financial results for the second quarter and six months
ended June 30, 2008, and highlighted several recent product developments and
corporate milestones.
    (Logo:  http://www.newscom.com/cgi-bin/prnh/20080303/LAM023LOGO)
    Recent product and corporate highlights:

    --  Key clinical results from our Phase 1 trial of HspE7, a therapeutic
        treatment for patients with cervical intraepithelial neoplasia, or
        CIN, a precursor to cervical cancer:
        (*)  Completion of safety and tolerability assessment in Phase 1 trial
           found HspE7 to be safe and well tolerated with no serious adverse
           events being reported.
        (*)  Positive immunological data from the third cohort demonstrated
           HPV16 E7-specific T-cell responses were elicited in all patients
           following administration of 500 mcg of HspE7 and 1,000 of
           Poly-ICLC.  All T-cell responses represented significant changes
           from baseline, indicating that responses were a direct result of
           treatment with HspE7.
        (*)  Immunological data from the fourth and final cohort of the Phase 1
           trial demonstrated absolute levels of HPV16 E7-specific T-cells in
           patients were similar to levels observed in the third cohort.
           Patients in the fourth cohort were administered 500 mcg of HspE7
           and 2,000 mcg of Poly-ICLC.  These data support doses of 500 mcg
           of HspE7 and 1,000-2,000 mcg of Poly ICLC as appropriate for
           advancing into Phase 2 studies.
    --  Appointment of John Varian, chief operating officer and chief
        financial officer of ARYx Therapeutics, and Gordon Busenbark, chief
        financial officer of Xytis, to Nventa's  board of directors and audit
    --  Development of a new proprietary vaccine adjuvant, Poly IC-Poly
        Arginine, referred to as Poly-ICR, a potent toll-like receptor 3
        (TLR3) agonist, which appears to have broad potential for use in both
        therapeutic and prophylactic vaccines.  Poly-ICR will be incorporated
        into Nventa's future therapeutic compound programs, and may be
        licensed to other vaccine developers worldwide.
    --  Winning of challenge to our European patent covering the company's
        lead product candidate, HspE7, and other human papillomavirus (HPV)
    "In recent months, Nventa has achieved important clinical milestones with
our lead HspE7 program.  Phase 1 clinical findings demonstrated the
immunologic activity of HspE7 in treating CIN, and allowed us to identify an
optimal dosing range as we advance toward Phase 2 development," said Gregory
M. McKee, president and chief executive officer at Nventa.  "Beyond HspE7, we
made an important addition to the Nventa product pipeline during the quarter
with the development of our proprietary and highly potent adjuvant, Poly-ICR.
As this unique TLR3 agonist may have application in both therapeutic as well
as prophylactic vaccines, it represents a highly valuable asset to the
    Second Quarter and Six Months ended June 30, 2008 Financial Results
    All amounts referenced below are in Canadian dollars.
    Nventa reported a net loss of $3,930,000, or $0.02 per share, for the
second quarter of 2008, compared to a net loss of $3,938,000, or $0.02 per
share, for the second quarter of 2007.  Although the company's net loss was
essentially unchanged in the second quarter of 2008, compared to the second
quarter of 2007, there were significant changes in several income statement
items between the two periods.  Research and development expenses increased by
$1,236,000 in the second quarter of 2008, compared to the second quarter of
2007, principally due to increased clinical development activities.  In
addition, collaborative R&D revenue decreased by $155,000 in the second
quarter of 2008, compared to the second quarter of 2007.  These net loss
increases, however, were partially offset by a reduction in foreign exchange
losses and SG&A expenses in the second quarter of 2008, compared to the second
quarter of 2007, and to the absence of restructuring costs in the second
quarter of 2008, compared to restructuring costs of $794,000 in the second
quarter of 2007.
    Nventa reported a net loss of $5,795,000, or $0.02 per share, for the six
months ended June 30, 2008, compared to a net loss of $7,009,000, or $0.04 per
share, for the same period of 2007.  The $1,214,000 decrease in net loss
during the first six months of 2008, compared to the first six months of 2007,
was principally due to lower SG&A, corporate restructuring and foreign
exchange expenses.  These reduced expenses were partially offset by lower
collaborative research revenues and higher R&D expenses during the first six
months of 2008, compared to the same period of 2007.
    The company had cash and cash equivalents of $8,069,000 as of June 30,
2008, compared to $12,859,000, as of December 31, 2007.
    About Nventa Biopharmaceuticals Corporation:
    Nventa is developing innovative therapeutics incorporating our
proprietary CoVal(TM) fusion technology for the treatment of viral infections
and cancers, with a focus on diseases caused by the human papillomavirus
(HPV); and a Toll-like Receptor 3 (TLR3) agonist for use as a vaccine adjuvant
and as an immunotherapeutic for viral infections and cancer.  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 http://www.nventacorp.com.
    The audit committee of the company has reviewed and approved of the
contents of this press release.  Summary financial statements are attached
below.  The full financial statements and MD&A for the three and six months
ended June 30, 2008 can be found on SEDAR at http://www.sedar.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 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", "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 expectations, 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: the immunologic
activity of HspE7 in treating CIN; that we identified an optimal dosing range
for Phase 2 development and that our TLR3 agonist may have application in both
therapeutic as well as prophylactic vaccines.
    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 possibility that
immunologic activity of HspE7 may not treat CIN; the possibility that
immunology responses may not be a predictor of clinical or therapeutic
benefit; our need for capital; the outcomes of our clinical trials; the
possibility that our drug candidate will not treat target diseases as
intended; the possibility that we will not be successful in licensing our TLR3
agonist to other vaccine developers; 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 candidate 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
    Assumptions underlying our expectations regarding forward-looking
statements or information contained in this press release include, among
others, that HspE7 treats CIN; that immunology responses are a predictor of
clinical and therapeutic benefit; that future clinical trial results will be
favorable; that our drug candidate will treat target diseases as intended;
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 and our adjuvant in a timely manner and
that we will be able to license our TLR3 agonist.
    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.

    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.

                       (financial information attached)

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

                              Three months ended    Six months ended
                                    June 30,             June 30,
                                 2008      2007      2008      2007

      Collaborative research and
       development revenue          $-      $155        $-      $310

    Operating expenses:
      Research and development   2,955     1,719     4,381     3,538
      Selling, general and
       administrative              911     1,090     1,869     2,430
      Corporate restructuring        -       794         -       794
                                 3,866     3,603     6,250     6,762

    Operating loss              (3,866)   (3,448)   (6,250)   (6,452)

    Other income (expenses):
      Interest and other
       income, net                  61       144       172       271
      Net foreign exchange
       (loss) gain                (125)     (634)      283      (828)
                                   (64)     (490)      455      (557)

    Net loss and
     comprehensive loss        $(3,930)  $(3,938)  $(5,795)  $(7,009)

    Basic and diluted loss
     per common share           $(0.02)   $(0.02)   $(0.02)   $(0.04)

    Weighted average number
     of shares used to compute
     basic and diluted loss per
     per common share
     (in thousands)            261,152   191,887   260,938   183,430

                       (Canadian dollars in thousands)

                                        June 30, December 31,
                                          2008      2007

    Cash and cash equivalents            $8,069   $12,859
    Total assets                          9,089    14,471
    Stockholders' equity                  7,366    12,781

    Total shares outstanding
    (in thousands)                      261,211   260,586


For further information:

For further information: Donna Slade, Director, Investor Relations,
+1-858-202-4945, dslade@nventacorp.com; or media, Tim Brons of Vida
Communication, +1-415-675-7402, tbrons@vidacommunication.com; or Michael Moore
of The Equicom Group, +1-416-815-0700, ext. 241, mmoore@equicomgroup.com, both
for Nventa Biopharmaceuticals Corporation Web Site: http://www.nventacorp.com

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