<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 September 30, 1997
Nymox Pharmaceutical Corporation
(Translation of registrant's name into English)
9900 Cavendish Blvd., Saint Laurent, Canada, H4M 2V2
(Address of principal executive offices)
[indicate by check mark whether the registrant files or
will file annual reports under cover 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: November 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 third quarter of 1997.
R&D ACTIVITIES
Nymox Corporation announced in September that it has developed a
revolutionary new urinary test for Alzheimer's disease. The new test has been
developed from Nymox's NTP based technologies and is entirely painless and
non-invasive for the patient. The underlying basic NTP technology is derived
from an ongoing licensing collaboration between Nymox Corporation and the
Massachusetts General Hospital.
"This technology represents the peripheral application of our NTP testing
which has already been shown in brain studies and in spinal fluid to be by far
the most accurate and helpful test for this use available in the world today",
said Dr. Hossein Ghanbari, Senior Vice President of Nymox. "It is a spectacular
step forward that we can now detect these critical marker molecules in urine in
a non-invasive fashion. This is truly great news."
The new test technology is currently being assessed in patients. "The full
results from our trials will be made available later at medical conferences",
said Dr. Ghanbari.
In October, Nymox announced promising results in initial double blind
clinical trials of its new urinary test for Alzheimer's disease. The study
includes patients with Alzheimer's disease, normal controls and other
neurological disease controls, from five different academic centers in the U.S.
In addition to the Alzheimer testing technologies, the company has six
treatment entities targeted for Phase One testing in the next 12 to 18 months,
and two new diagnostics in development. Nymox currently has begun to launch its
AD7C(TM) cerebrospinal fluid Reference Laboratory test in the U.S. and in Europe
for use in Alzheimer's disease. The AD7C(TM) test was shown in multicenter
clinical trials in 1996 to be as accurate as an autopsy in Alzheimer's disease.
The full results from the AD7C(TM) spinal fluid studies will be made available
through appropriate publication in a medical journal.
FINANCIAL RESULTS
During the third quarter of 1997, Nymox has posted a net loss of
Can$1,449,097 or Can$0.08 per share.
The management of Nymox wishes to express its appreciation for the support
of its shareholders.
Paul Averback MD - President
November 15, 1997
<PAGE> 3
Consolidated Financial Statements of
(Unaudited)
NYMOX PHARMACEUTICAL CORPORATION
Periods ended September 30, 1997 and 1996
<PAGE> 4
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Financial Statements
(Unaudited)
Periods ended September 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> 5
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Balance Sheets
(Unaudited)
September 30, 1997, with comparative figures as at September 30, 1996
and December 31, 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
September 30, September 30, December 31,
1997 1996 1996
------------- ------------- ------------
(Unaudited) (Unaudited) (Audited)
<S> <C> <C> <C>
ASSETS
Current assets:
Cash............................... $1,875,482 $4,014,580 $ 75,303
Short-term investments............. 653,462 _ 2,431,624
Accrued interest................... _ _ 76,293
Research tax credits receivable.... 384,500 115,500 240,000
Income taxes receivable............ _ _ 17,014
Other receivables.................. 39,942 42,709 _
Advance to director................ 56,000 56,000 56,000
----------- ----------- -----------
3,009,386 4,228,789 2,896,234
Capital assets............................. 1,454,348 1,039,339 1,317,973
----------- ----------- -----------
$ 4,463,734 $ 5,268,128 $ 4,214,207
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities.... $ 189,042 $ 66,314 $ 384,226
Shareholders' equity:
Capital stock.............. 13,852,154 9,302,691 9,302,691
Deficit.................... (9,577,462) (4,100,877) (5,472,710)
----------- ----------- -----------
4,274,692 5,201,814 3,829,981
----------- ----------- -----------
$ 4,463,734 $ 5,268,128 $ 4,214,207
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
1
<PAGE> 6
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Earnings
(Unaudited)
Periods ended September 30, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
------------------------------ -------------------------------
1997 1996 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues:
Interest ........................ $ 25,386 $ 42,463 $ 46,855 $ 114,556
Sales............................ _ _ 18,927 _
----------- ----------- ----------- -----------
25,386 42,463 65,782 114,556
Expenses:
Research and development......... 1,026,682 764,478 2,039,761 1,433,552
Less investment tax credits...... (46,500) (19,000) (144,500) (115,500)
----------- ----------- ----------- -----------
980,182 745,478 1,895,261 1,318,052
General and administrative....... 77,645 756,175 470,783 1,071,752
Marketing........................ 370,512 _ 1,442,639 _
Depreciation and amortization ... 40,834 39,835 119,781 51,636
Financial........................ 5,310 1,729 11,070 347
----------- ----------- ----------- -----------
1,474,483 1,543,217 3,939,534 2,441,787
Net loss................................. $(1,449,097) $(1,500,754) $(3,873,752) $(2,327,231)
=========== =========== =========== ===========
Loss per share........................... $ 0.08 $ 0.08 $ 0.21 $ 0.13
=========== =========== =========== ===========
Weighted average number of
common shares outstanding........... 18,631,783 17,926,882 18,234,967 17,565,306
=========== =========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
2
<PAGE> 7
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Deficit
(Unaudited)
Periods ended September 30, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
----------------------------- ------------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Deficit, beginning of period........... $(8,007,365) $(2,532,076) $(5,472,710) $(1,539,686)
Net loss............................... (1,449,097) (1,500,754) (3,873,752) (2,327,231)
Share issue costs...................... (121,000) (68,047) (231,000) (233,960)
------------ ------------ ------------ ------------
Deficit, end of period................. $(9,577,462) $(4,100,877) $(9,577,462) $(4,100,877)
============ ============ ============ ============
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
3
<PAGE> 8
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Changes in Financial Position
(Unaudited)
Periods ended September 30, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
----------------------------- -----------------------------
1997 1996 1997 1996
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Cash provided by (used in):
Operations:
Net loss........................ $(1,449,097) $(1,500,754) $(3,873,752) $(2,327,231)
Item not involving cash:
Depreciation and
amortization ........ 40,834 39,835 119,781 51,636
Net change in non-cash
operating working capital
items....................... (119,645) 5,477 (286,320) (198,669)
---------- ---------- ---------- ----------
(1,527,908) (1,455,442) (4,040,291) (2,474,264)
Financing:
Options exercised............... - 16,250 - 16,250
Issue of capital stock.......... - - 4,549,463 5,263,800
Share issue costs............... (121,000) (68,047) (231,000) (233,960)
---------- ---------- ---------- ----------
(121,000) (51,797) 4,318,463 5,046,090
Investment:
Purchase of capital assets...... (41,119) (520,187) (256,155) (724,820)
---------- ---------- ---------- ----------
(Decrease) increase in cash and
short-term investments.............. (1,690,027) (2,027,426) 22,017 1,847,006
Cash and short-term
investments, beginning
of period........................... 4,218,971 6,042,006 2,506,927 2,167,574
---------- ---------- ---------- ----------
Cash and short-term
investments, end of period.......... $2,528,944 $4,014,580 $2,528,944 $4,014,580
========== ========== ========== ==========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
4
<PAGE> 9
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
Periods ended September 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 September 30,
1997 and 1996 and the unaudited consolidated statements of
earnings and deficit and changes in financial position for the
three- and nine-month periods ended September 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> 10
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended September 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 Nine months ended
September 30, September 30,
----------------------------- ------------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net loss, Canadian GAAP................ $(1,449,097) $(1,500,754) $(3,873,752) $(2,327,231)
Adjustments:
Amortization of patents........ (12,322) (9,292) (36,967) (27,875)
Stock-based
compensation -
options granted
to non-employees........... _ (172,000) _ (395,000)
------------ ------------ ------------ ------------
Net loss, U.S. GAAP.................... $(1,461,419) $(1,682,046) $(3,910,719) $(2,750,106)
============ ============ ============ ============
Loss per share, U.S. GAAP.............. $(0.08) $(0.09) $(0.21) $(0.16)
============ ============ ============ ============
</TABLE>
6
<PAGE> 11
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended September 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
September 30,
-------------------------------
1997 1996
----------- ----------
<S> <C> <C>
Shareholders' equity, Canadian GAAP $4,274,692 $5,201,814
Adjustments:
(i) Amortization of patents:
Cumulative effect to beginning of the period (130,606) (91,440)
Current period (36,967) (27,875)
---------- ----------
(167,573) (119,315)
(ii) Stock-based compensation:
Cumulative effect to beginning of period (592,000) _
Current period _ (395,000)
---------- ----------
(592,000) (395,000)
---------- ----------
Increase in deficit (759,573) (514,315)
---------- ----------
Shareholders' equity, U.S. GAAP $3,515,119 $4,687,499
========== ==========
</TABLE>
7
<TABLE> <S> <C>
<ARTICLE> 5
<CURRENCY> CANADIAN DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JUL-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1.3776
<CASH> 1,875,482
<SECURITIES> 653,462
<RECEIVABLES> 480,442
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 3,009,386
<PP&E> 1,654,434
<DEPRECIATION> (200,086)
<TOTAL-ASSETS> 4,463,734
<CURRENT-LIABILITIES> 189,042
<BONDS> 0
0
0
<COMMON> 13,852,154
<OTHER-SE> (9,577,462)
<TOTAL-LIABILITY-AND-EQUITY> 4,463,734
<SALES> 0
<TOTAL-REVENUES> 25,386
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,474,483
<LOSS-PROVISION> (1,449,097)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> (12,322)
<NET-INCOME> (1,461,419)
<EPS-PRIMARY> (0.08)
<EPS-DILUTED> 0
</TABLE>
