SAN DIEGO, May 13 Nventa BiopharmaceuticalsCorporation (TSX: NVN) announced today financial results for the first quarterended March 31, 2008, and highlighted several important product developmentsand corporate milestones achieved since the beginning of the year.
"We are extremely pleased with the advancement made thus far in 2008 onHspE7, our lead product candidate for human papillomavirus (HPV)-relateddiseases," said Gregory M. McKee, president and chief executive officer ofNventa. "We are particularly encouraged that early immunological datacollected from our Phase 1 study of HspE7 demonstrated a T-cell response inpatients, highlighting the compound's therapeutic potential in treatingcervical intraepithelial neoplasia (CIN), a known precursor to cervicalcancer. Based on these findings, and earlier reported safety profile ofHspE7, we are taking steps to initiate a large Phase 2 trial and expect tobegin dosing patients by mid-year."
Mr. McKee concluded: "With the recent addition of John Varian to ourboard of directors and continued success with HspE7, we very much look forwardto reporting on progress throughout the rest of the year."
First Quarter 2008 Financial Results
All amounts referenced below are in Canadian dollars.
Nventa reported a net loss of $1,865,000, or $0.01 per share, for thefirst quarter of 2008, compared to a net loss of $3,071,000, or $0.02 pershare, for the first quarter of 2007. The $1,206,000 decrease in net loss inthe first quarter of 2008, compared to the first quarter of 2007, wasprincipally due to the favorable impact of foreign exchange and to lowerexpenses in 2008 for employee compensation and legal fees.
The company had cash and cash equivalents of $10,782,000 as of March 31,2008, compared to $12,859,000, as of December 31, 2007.
About Nventa Biopharmaceuticals Corporation:
Nventa is developing innovative therapeutics for the treatment of viralinfections and cancer, with a focus on diseases caused by the humanpapillomavirus (HPV). The company is publicly traded on the Toronto StockExchange under the symbol "NVN". For more information about NventaBiopharmaceuticals Corporation, please visit the company's website located athttp://www.nventacorp.com.
The audit committee of the company has reviewed and approved of thecontents of this press release. Summary financials are attached below. Thefull financial statements and MD&A for the three months ended March 31, 2008can 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 orforward-looking statements within the meaning of the United States PrivateSecurities Litigation Reform Act of 1995. Such forward-looking statements orinformation may include financial and other projections as well as statementsregarding 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 othersimilar words and phrases may identify forward-looking statements orinformation. Persons reading this press release are cautioned that suchstatements or information are only expectations, and that the company's actualfuture 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: thatadministration of HspE7 results in an E7-specific T-cell immune response; thatsuch an immune response may be associated with objective clinical responses inpatients with CIN; the belief that HspE7 may successfully induce a targetedimmune response to effectively treat CIN; the c