SAN DIEGO, CA, Nov. 7 /PRNewswire-FirstCall/ - Nventa BiopharmaceuticalsCorporation (TSX: NVN) announced today financial results for the third quarterended September 30, 2007. All amounts, unless specified otherwise, are inCanadian dollars.
Nventa reported a net loss of $3.1 million or $0.01 per share, for thethree months ended September 30, 2007, compared to a net loss of $2.3 million,or $0.03 per share, for the same period in 2006. For the nine months endedSeptember 30, 2007, the Company reported a net loss of $10.1 million, or $0.05per share, compared to a net loss of $8.0 million, or $0.10 per share, for thesame period in 2006. The Company's net loss for the nine months endedSeptember 30, 2007 included approximately $0.8 million in one-time corporaterestructuring expenses.
The Company had cash and cash equivalents of $14.3 million as of September30, 2007.
"We achieved many important milestones during this quarter," said GregoryM. McKee, President and Chief Executive Officer at Nventa. "With additionalfinances, depth and experience of the Board and Management team, and animpressive Clinical and Scientific Advisory Board, we are advancing HspE7, ourlead therapeutic vaccine candidate, through clinical trials and are exploringways to expand and progress our preclinical pipeline as well."
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 atwww.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 and nine months endedSeptember 30, 2007 can be found on SEDAR at http://www.sedar.com.
CONTACT: Gregory McKee, President and Chief Executive Officer, 9381Judicial Drive, Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4940,[email protected]
; Donna Slade, Director, Investor Relations, 9381Judicial Drive, Suite 180, San Diego, CA, USA, 92121, Dir: (858) 202-4945,[email protected]
NVENTA HIGHLIGHTS - Initiated and dosed the first cohort of patients in the Company's HspE7 Phase 1 clinical trial in cervical intraepithelial neoplasia; - Raised $8.6 million in additional capital through a Short Form Prospectus Offering; - Strengthened management team with addition of David Duncan Jr., Vice President of Finance; - Assembled distinguished group of international experts for Clinical and Scientific Advisory Board; - Presented additional data at the 24th International Papillomavirus Conference and Clinical Workshop that demonstrate that new HspE7 promotes more potent immune responses; - Granted new U.S. patent for Nventa's CoVal(TM) fusions covering their use in patients with human papillomavirus (HPV)-related diseases; - Published data in Clinical and Vaccine Immunology demonstrating ability of new HspE7 to elicit long-lasting tumor protection in vivo, suggesting that HspE7 may have utility in (HPV)-infected patients with invasive cancer and/or HIV; - Published new immunological data in Gynecologic Oncology from a Phase 2 clinical trial testing previous version of HspE7; 95 percent of cervical dysplasia patients had regression or stable disease in the study.
SOURCE Nventa Biopharmaceuticals Corporation