HASBROUCK HEIGHTS, N.J., March 15, 2011 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation (Nasdaq:NYMX) announced today its financial results for the year ended December 31, 2010. Nymox reported a net loss of $6,956,033, or $0.22 per share for the year ended December 31, 2010, compared to $5,130,074, or $0.17 per share for same period in 2009. The increase of the net loss for the year is attributable to expenses relating to the Phase 3 clinical trials for NX-1207. Net losses include stock compensation charges of $898,585 in 2010 and $1,085,164 in 2009. The Company's cash position as of December 31, 2010 was $13,174,999 compared to $668,702 as of December 31, 2009, as a result of an upfront payment of €10,000,000 pursuant to a licensing agreement signed in December 2010. Product sales amounted to $582,383 for the year ended December 31, 2010, compared to $415,980 for the same period in 2009. The weighted average number of common shares outstanding for the year ended December 31, 2010 was 31,940,584, compared to 30,717,822 for the same period in 2009.
On December 16, 2010, Nymox signed a license and collaboration agreement with Recordati, a European pharmaceutical group, for the development and commercialization of NX-1207 in Europe including Russia and the CIS, the Middle East, the Maghreb area of North Africa and South Africa. The license and collaboration agreement covers the use of NX-1207 for the treatment of BPH as the initial indication for development and commercialization. Recordati made an upfront payment to Nymox of €10 million (approximately $13 million) and will make regulatory approval and sales milestones payments; and tiered supply and royalty payments of a minimum of 26% to increase progressively up to 40% of total net sales in the case specific contractual conditions are achieved. Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), with a total staff of over 2,800, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. It has headquarters in Milan, Italy, operations in the main European countries, and a growing presence in the new markets of Central and Eastern Europe. A European field force of around 1,400 medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases.
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