<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of June 30, 1997
Nymox Pharmaceutical Corporation
(Translation of registrant's name into English)
175 Bouchard Blvd., Dorval, Quebec, Canada, H9S 1A9
(Address of principal executive offices)
[Indicate by check mark whether the registrant files or
will file annual reports under over Form 20-F or Form 40-F.]
Form 20-F [ X ] Form 40-F _____
[Indicate by check mark whether the registrant by
furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]
Yes [ X ] No _____
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: August 12, 1997 NYMOX PHARMACEUTICAL CORPORATION
--------------------------------
(Registrant)
BY: /s/ Roy Wolvin
--------------------------------
Roy Wolvin
<PAGE> 2
MESSAGE TO SHAREHOLDERS
Nymox is pleased to present its results for the second quarter of 1997.
MARKETING
Nymox announced in May that it had signed an agreement with Multiplan Inc.
for the provision of Nymox Clinical Reference Laboratory services.
Multiplan Inc. is the largest preferred provider organization in the United
States and has a varied client list of insurance carriers, self-insured employer
groups, union plans, and third-party administrators. Multiplan Inc. serves over
20 million Americans nationwide and its network is comprised of nearly 23,000
facilities and more than 50,000 practitioners.
MANAGEMENT
Nymox announced in June the appointment of Martin H. Barnes to the Nymox
Board of Directors. Mr. Barnes is Managing Editor of The Bank Credit Analyst, a
highly respected and widely read investment publication. Prior to joining The
Bank Credit Analyst Research Group in 1987, Mr. Barnes was the Chief Economist
at Wood Mackenzie, a leading Edinburgh brokerage firm (1977-1987) and an
economist at British Petroleum in London (1973-1977). He has published
extensively and speaks frequently to major investment audiences throughout the
world.
R&D ACTIVITIES
Nymox announced in May that several of its preclinical research projects
had recently been completed. The future product pipeline now includes several
major new entities which are targeted for clinical testing in the next year.
In the field of infectious disease treatments, Nymox has developed three
new entities. The first is NX-B4221 for the treatment of chronic urinary tract
infections. The second is NX-B5886 for the treatment of streptococcal infection.
The third is NX-T1021 for potential use against staphylococcus. NX-B4221,
NX-B5886, and NX-T1021 have all shown dramatic bactericidal effects in culture
and have thus far been non-toxic. Phase 1 testing is targeted in the next 12 to
18 months.
In the field of neurodegenerative disease, including Alzheimer's disease,
Nymox has developed two new entities, NX-D3109 and NX-D1191, in addition to the
lead drug candidate NX-D2858. These entities are each distinctive and are
targeted for Phase 1 testing within one year. They are neurodegeneration
inhibitors which have been designed and tested in Nymox proprietary screening
systems. To date, there has been no significant toxicity demonstrated and animal
testing results have been positive.
<PAGE> 3
In the field of diagnostics, Nymox has two projects in preclinical
development. The first is a new Nymox assay system for Alzheimer's disease which
recognizes a distinctive brain antigen referred to as 35i9. The second
preclinical project concerns the development of a peripheral assay for AD7C(TM).
In total, Nymox currently has six drugs in development, one test being
launched (AD7C(TM)), two tests in development, and several major drug screening
programs, including drug screening related to the NTP gene in association with
the Massachusetts General Hospital. According to Dr. Hossein Ghanbari, Senior
Vice-President of Nymox, "Our drug discovery pipeline activities have been very
productive and we anticipate good progress in the upcoming twelve to eighteen
months". The company plans to release further information on these projects when
relevant and at the time of significant milestone developments.
Nymox successfully completed multicenter coded double-blind clinical trials
involving several hundred patients in 1996. Data from these trials were
presented in part at the Fifth International Conference on Alzheimer's Disease
in Osaka in July 1996 and will be published in more detail later this year. The
AD7C(TM) test is currently being launched from Nymox's Clinical Reference
Laboratory in Rockville, Maryland and in association with Laboratoires J.
Simon/SGS in Belgium. Nymox has a sales force of 16 experienced representatives
in the U.S. involved in launching the product.
FINANCIAL RESULTS
During the second quarter of 1997, Nymox has posted a net loss of
$1,292,083.00 or $0.07 per share. Nymox completed a private placement during
this quarter of 696,491 units for a total consideration of $4,527,191.00 with
institutional and individual investors. Each unit is comprised of one common
share of Nymox and one common share purchase warrant entitling the holder to
subscribe to one common share of Nymox at a price of $8.50 until May 15, 1998.
The management of Nymox wishes to express its appreciation for the support
of its shareholders.
Paul Averback MD - President
August 15, 1997
<PAGE> 4
Consolidated Financial Statements of
(Unaudited)
NYMOX PHARMACEUTICAL CORPORATION
Periods ended June 30, 1997 and 1996
<PAGE> 5
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Financial Statements
(Unaudited)
Periods ended June 30, 1997 and 1996
FINANCIAL STATEMENTS
Consolidated Balance Sheets............................... 1
Consolidated Statements of Earnings....................... 2
Consolidated Statements of Deficit........................ 3
Consolidated Statements of Changes in Financial Position.. 4
Notes to Consolidated Financial Statements................ 5
<PAGE> 6
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Balance Sheets
(Unaudited)
June 30, 1997, with comparative figures as at June 30, 1996
and December 31, 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
June 30, June 30, December 31,
1997 1996 1996
------------ ------------ -------------
(Unaudited) (Unaudited) (Audited)
<S> <C> <C> <C>
ASSETS
Current assets:
Cash............................... $4,218,971 $6,042,006 $ 75,303
Short-term investments............. _ _ 2,431,624
Accounts receivable................ 5,522 _ _
Accrued interest................... _ _ 76,293
Research tax credits receivable.... 338,000 96,500 240,000
Income taxes receivable............ _ _ 17,014
Other receivables.................. 61,756 64,233 _
Advance to director................ 56,000 56,000 56,000
----------- ----------- -----------
4,680,249 6,258,739 2,896,234
Capital assets............................. 1,454,063 558,987 1,317,973
----------- ----------- -----------
$ 6,134,312 $ 6,817,726 $ 4,214,207
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities.... $ 289,523 $ 64,308 $ 384,226
Shareholders' equity:
Capital stock.............. 13,852,154 9,285,494 9,302,691
Deficit.................... (8,007,365) (2,532,076) (5,472,710)
----------- ----------- -----------
5,844,789 6,753,418 3,829,981
----------- ----------- -----------
$ 6,134,312 $ 6,817,726 $ 4,214,207
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
1
<PAGE> 7
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Earnings
(Unaudited)
Periods ended June 30, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
-------------------------- -----------------------------
1997 1996 1997 1996
--------- --------- ----------- ---------
<S> <C> <C> <C> <C>
Revenues:
Interest ........................ $ 17,251 $ 37,301 $ 21,478 $ 72,093
Sales............................ 18,919 _ 18,919 _
---------- --------- ----------- ---------
36,170 37,301 40,397 72,093
Expenses:
Research and development......... 430,164 383,817 1,013,079 669,074
Less investment tax credits...... (32,000) (75,500) (98,000) (96,500)
---------- --------- ----------- ---------
398,164 308,317 915,079 572, 574
General and administrative....... 274,863 173,822 393,138 315,577
Selling.......................... 612,547 _ 1,072,127 _
Depreciation and amortization ... 40,415 7,599 78,947 11,801
Financial........................ 2,264 5,557 5,761 (1,382)
----------- --------- ----------- ---------
1,328,253 495,295 2,465,052 898,570
Net loss................................. $(1,292,083) $(457,994) $(2,424,655) $(826,477)
=========== ========= =========== =========
Loss per share........................... $ (0.07) $ (0.03) $ (0.13) $ (0.05)
=========== ========= =========== =========
Weighted average number of
common shares outstanding........... 18,135,172 17,712,287 18,033,270 17,381,522
=========== ========= =========== =========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
2
<PAGE> 8
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Deficit
(Unaudited)
Periods ended June 30, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
----------------------------- ------------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Deficit, beginning of period........... $(6,605,282) $(1,908,169) $(5,472,710) $(1,539,686)
Net loss............................... (1,292,083) (457,994) (2,424,655) (826,477)
Share issue costs...................... (110,000) (165,913) (110,000) (165,913)
------------ ------------ ------------ ------------
Deficit, end of period................. $(8,007,365) $(2,532,076) $(8,007,365) $(2,532,076)
============ ============ ============ ============
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
3
<PAGE> 9
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Changes in Financial Position
(Unaudited)
Periods ended June 30, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
----------------------------- -----------------------------
1997 1996 1997 1996
------------ ----------- ----------- ----------
<S> <C> <C> <C> <C>
Cash provided by (used in):
Operations:
Net loss........................ $(1,292,083) $ (457,994) $(2,424,655) $ (826,477)
Item not involving cash:
Depreciation and
amortization ........ 40,415 7,599 78,947 11,801
Net change in non-cash
operating working capital
items....................... (89,369) (118,291) (166,675) (203,200)
---------- ---------- ---------- ----------
(1,341,037) (568,686) (2,512,383) (1,017,876)
Financing:
Issue of capital stock.......... 4,533,213 5,262,853 4,549,463 5,262,853
Share issue costs............... (110,000) (165,913) (110,000) (165,913)
---------- ---------- ---------- ----------
4,423,213 5,096,940 4,439,463 5,096,940
Investment:
Purchase of capital assets...... (152,939 ) (127,464) (215,036) (204,633)
---------- ---------- ---------- ----------
Increase in cash and short-term
investments......................... 2,929,237 4,400,790 1,712,044 3,874,431
Cash and short-term
investments, beginning
of period........................... 1,289,734 1,641,216 2,506,927 2,167,575
---------- ---------- ---------- ----------
Cash and term short=term
investments, end of period.......... $4,218,971 $6,042,006 $4,218,971 $6,042,006
========== ========== ========== ==========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
4
<PAGE> 10
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
Periods ended June 30, 1997 and 1996
(in Canadian dollars)
Nymox Pharmaceutical Corporation (the "Corporation"), incorporated under
the Canada Business Corporations Act, is a biopharmaceutical company
with several major pharmaceutical projects in development in addition to
expertise in diagnostic technology. The Corporation specializes in the
research and development of therapeutics and diagnostics for the aging
population, with an emphasis on Alzheimer's disease.
1. Basis of presentation:
(a) Consolidation:
The consolidated financial statements of the Corporation have
been prepared under Canadian generally accepted accounting
principles ("GAAP") and include the accounts of its wholly-owned
US subsidiary. Significant intercompany balances and transactions
have been eliminated on consolidation.
(b) Interim financial statements:
The unaudited consolidated balance sheets as at June 30, 1997 and
1996 and the unaudited consolidated statements of earnings and
deficit and changes in financial position for the three- and six-
month periods ended June 30, 1997 and 1996, respectively, reflect
all adjustments which are, in the opinion of management,
necessary for a fair statement of the results of the interim
periods presented. There are no adjustments in these interim
financial statements other than normal recurring adjustments.
5
<PAGE> 11
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended June 30, 1997 and 1996
(in Canadian dollars)
2. CANADIAN/U.S. REPORTING DIFFERENCES:
(a) Consolidated statements of earnings:
The reconciliation of earnings reported in accordance with
Canadian GAAP with U.S. GAAP is as follows:
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
----------------------------- ------------------------------
1997 1996 1997 1996
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
Net loss, Canadian GAAP................ $(1,292,083) $ (457,994) $(2,424,655) $ (826,477)
Adjustments:
Amortization of patents........ (13,761) (9,292) (23,631) (18,584)
Stock-based
compensation -
options granted
to non-employees........... _ (129,000) _ (223,000)
------------ ----------- ------------ ------------
Net loss, U.S. GAAP.................... $(1,305,844) $ (596,286) $(2,448,286) $(1,068,061)
============ =========== ============ ============
Loss per share, U.S. GAAP.............. $(0.07) $(0.03) $(0.13) $(0.06)
============ =========== ============ ============
</TABLE>
6
<PAGE> 12
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended June 30, 1997 and 1996
(in Canadian dollars)
2. CANADIAN/U.S. REPORTING DIFFERENCES (CONTINUED):
(b) Consolidated shareholders' equity:
The reconciliation of shareholders' equity reported in accordance
with Canadian GAAP with U.S. GAAP is as follows:
<TABLE>
<CAPTION>
Six months ended
June 30,
-------------------------------
1997 1996
----------- ----------
<S> <C> <C>
Shareholders' equity, Canadian GAAP $5,844,789 $6,753,418
Adjustments:
(i) Amortization of patents:
Cumulative effect to beginning of the period (130,606) (91,440)
Current period (23,631) (18,584)
---------- ----------
(154,237) (110,024)
(ii) Stock-based compensation:
Cumulative effect to beginning of period (592,000) _
Current period _ (223,000)
---------- ----------
(592,000) (223,000)
---------- ----------
Increase in deficit (746,237) (333,024)
---------- ----------
Shareholders' equity, U.S. GAAP $5,098,552 $6,420,394
========== ==========
</TABLE>
7
