|
MICROLOGIX REPORTS MBI 226 CLINICAL PROGRAM UPDATE
AND
THIRD QUARTER RESULTS
Vancouver, March 20, 2001 - Micrologix Biotech Inc. today
reported an update on its clinical strategy for MBI 226 and financial
results for the third quarter and first nine months of fiscal 2001.
"This quarter was highlighted by the initiation of a US Phase II clinical
trial for MBI 594AN in the treatment of acne," said Bud Foran, Chairman,
President and CEO of Micrologix. "Additionally during the quarter, the
Company continued to enroll patients in its US FDA fast-tracked pivotal
Phase III clinical trial of MBI 226 for the prevention of catheter-related
bloodstream infections. Currently, there are 10 sites geographically
dispersed throughout the United States participating in the study".
"We have reviewed our original strategy of commencing a second pivotal
Phase III trial for MBI 226 before having results from the first trial,"
said David Friedland, Director of Clinical Development of Micrologix.
"We are confident that positive results from a single pivotal Phase
III study will be sufficient to support a New Drug Application for marketing
approval of MBI 226 in the US. As such, we are focussing our resources
on the current Phase III study and we will not be starting a second
Phase III study in the second quarter of calendar 2001 as originally
planned".
For the three months ended January 31, 2001, Micrologix reported a loss
of $2.9 million or $0.08 per share, compared to $1.8 million or $0.07
per share for the same period in 2000. The loss for the nine months
ended January 31, 2001 was $7.5 million or $0.20 per share, compared
to a loss of $5.7 million or $0.22 per share for the same period in
2000. Interest income for the nine months increased to $2.4 million
compared with $0.5 million in 2000, principally due to higher average
cash balances. Total operating expenses for the nine months increased
59% to $9.9 million compared with $6.2 million in 2000.
The increase in operating expenses and loss is due to the advancement
of the Company's three drug candidates to later stage clinical trials.
Research and development expenses for the nine months increased 62%
to $7.3 million compared with $4.5 million in 2000.
At January 31, 2001, the Company's cash, cash equivalents and marketable
securities were $57.9 million, an increase of $1.3 million from April
30, 2000. This increase consists of $9.3 million received from the exercise
of warrants, after-market support options and stock options, less $6.8
million used for operating activities, $1.0 million to fund capital
expenditures and $0.2 million to fund financing activities. There are
currently 39,349,059 common shares (January 31, 2001 - 39,348,184) issued
and outstanding.
Selected Financial Highlights (Canadian
dollars) 1
|
|
|
Balance Sheets
|
January
31, 2001
|
April
30,
2000
|
|
ASSETS
|
|
|
|
Cash, cash equivalents
and marketable securities
|
$57,928,986
|
$56,609,832
|
|
Other current assets
|
690,868
|
167,351
|
|
Total current assets
|
58,619,854
|
56,777,183
|
|
Capital assets
|
3,296,763
|
2,156,795
|
|
Total assets
|
$61,916,617
|
$58,933,978
|
|
|
|
|
|
|
$2,669,320
|
$2,050,438
|
|
Shareholders’ equity(2)
|
59,247,297
|
56,883,540
|
|
Total liabilities
and shareholders’ equity
|
$61,916,617
|
$58,933,978
|
|
Statements of Loss and
Deficit
|
Three months
ended
January 31
|
Nine months ended
January 31
|
|
2001
|
2000
|
2001
|
2000
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
Interest and sundry
|
$792,234
|
246,878
|
$2,455,481
|
$554,763
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
Research and development
|
2,501,240
|
1,446,473
|
7,281,374
|
4,506,475
|
General and corporate
|
1,178,060
|
614,904
|
2,625,626
|
1,732,251
|
|
|
$3,679,300
|
$2,061,377
|
$9,907,000
|
$6,238,726
|
|
|
|
|
|
|
|
Loss
|
$(2,887,066)
|
$(1,814,499)
|
$(7,451,519)
|
$(5,683,963)
|
|
|
|
|
|
|
|
Deficit, beginning
of period
|
(34,165,153)
|
(24,810,291)
|
(29,600,700)
|
(20,940,827)
|
|
Deficit, end of period
|
$(37,052,219)
|
$(26,624,790)
|
$(37,052,219)
|
$(26,624,790)
|
|
Loss per common share(3)
|
$(0.08)
|
$(0.07)
|
$(0.20)
|
$(0.22)
|
|
Weighted average
number of common shares outstanding
|
39,345,934
|
30,901,099
|
38,126,295
|
25,772,766
|
1 Condensed from
the Company's unaudited financial statements.
2 As at March 16, 2001 there were 39,349,059 common shares outstanding,
after-market support options to acquire 200,000 common shares, options
to acquire 1,608,075 common shares and other commitments to issue approximately
172,000 common shares outstanding.
3 Loss per share is based on the weighted average number of common shares
outstanding during the period including shares held in escrow. Since
the company's after-market support options and stock options are anti-dilutive,
fully diluted loss per common share has not been presented.
About Micrologix
Micrologix develops novel drugs targeted at severe and life-threatening
diseases - particularly those caused by antibiotic-resistant bacteria.
The Company's portfolio of antibiotic drug candidates is based on improved
analogs of naturally occurring cationic peptides found in the host defense
systems of most life forms. Micrologix currently has three drugs in
clinical trials in the United States: MBI 226 for preventing catheter-related
bloodstream infections in Phase III clinical trials; MBI 594AN for treating
acne in Phase II; and MBI 853NL for preventing hospital-acquired Staphylococcus
aureus infections in Phase I. The Company's common shares are included
in the TSE 300 Composite Index.
|
