<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 March 31, 1998
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: May 15, 1998 NYMOX PHARMACEUTICAL CORPORATION
--------------------------------
(Registrant)
BY: /s/ Roy Wolvin
--------------------------------
Roy Wolvin
<PAGE> 2
Consolidated Financial Statements of
(Unaudited)
NYMOX PHARMACEUTICAL CORPORATION
Three-month periods ended March 31, 1998, 1997 and 1996
<PAGE> 3
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Financial Statements
(Unaudited)
Three-month periods ended March 31, 1998, 1997 and 1996
FINANCIAL STATEMENTS
<TABLE>
<S> <C>
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
</TABLE>
<PAGE> 4
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Balance Sheets
(Unaudited)
March 31, 1998 and 1997, with comparative figures as at December 31, 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
March 31, March 31, December 31,
1998 1997 1997
----------- ----------- -----------
(Unaudited) (Unaudited) (Audited)
<S> <C> <C> <C>
ASSETS
Current assets:
Cash........................... $ 3,028,067 $ 510,633 $ 507,259
Short-term investments......... - 779,101 1,780,086
Accrued interest............... - 18,142 4,200
Subscriptions receivable....... 723,600 - -
Research tax credits
receivable................. 152,000 306,000 150,000
Income taxes receivable........ - 17,014 -
Other receivables.............. 59,205 45,737 28,790
Prepaid expenses............... - 9,000 -
----------- ----------- -----------
3,962,872 1,685,627 2,470,335
Advance to director................ 56,000 56,000 56,000
Capital assets..................... 1,563,228 1,341,539 1,419,462
----------- ----------- -----------
$ 5,582,100 $ 3,083,166 $ 3,945,797
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities....... $ 149,392 $ 369,507 $ 292,330
Shareholders' equity:
Capital stock................ 17,997,746 9,318,941 13,852,632
Capital stock subscription.... - - 504,000
Deficit....................... (12,565,038) (6,605,282) (10,703,165)
----------- ----------- -----------
5,432,708 2,713,659 3,653,467
----------- ----------- -----------
$ 5,582,100 $ 3,083,166 $ 3,945,797
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
1
<PAGE> 5
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Earnings
(Unaudited)
Three-month periods ended March 31, 1998, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
1998 1997 1996
---- ---- ----
<S> <C> <C> <C>
Revenue:
Interest...................... $ 12,751 $ 4,227 $ 34,792
Service fees.................. 3,989 - -
---------- --------- ----------
16,740 4,227 34,792
Expenses:
Research and development...... 625,197 582,915 285,257
Less investment tax credits... (2,000) (66,000) (21,000)
----------- ----------- -----------
623,197 516,915 264,257
Marketing 989,133 459,580 -
General and administrative.... 139,297 118,275 134,166
Depreciation and amortization. 42,120 38,532 4,202
Interest and bank charges..... 1,866 3,497 650
----------- ----------- -----------
1,795,613 1,136,799 403,275
Net loss............................. $(1,778,873) $(1,132,572) $(368,483)
=========== =========== ===========
Loss per share....................... $ (0.10) $ (.06) $ (.02)
=========== =========== ===========
Weighted average number of
common shares outstanding..... 18,718,815 17,931,049 17,047,082
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
2
<PAGE> 6
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Deficit
(Unaudited)
Three-month periods ended March 31, 1998, 1997 and 1996
(in Canadian dollars)
<TABLE>
1998 1997 1996
<S> <C> <C> <C>
Deficit, beginning of period... $(10,703,165) $(5,472,710) $(1,539,686)
Net loss....................... (1,778,873) (1,132,572) (368,483)
Share issue costs.............. (83,000) - -
------------ ----------- -----------
Deficit, end of period......... $(12,565,038) $(6,605,282) $(1,908,169)
============ ========== ==========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
3
<PAGE> 7
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Changes in Financial Position
(Unaudited)
Three-month periods ended March 31, 1998, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
1998 1997 1996
------------ ------------ -----------
<S> <C> <C> <C>
Cash provided by (used in):
Operations:
Net loss.............................. $ (1,778,873) $ (1,132,572) $ (368,483)
Item not involving cash:
Depreciation and amortization.... 42,120 38,532 4,202
Net change in non-cash operating
working capital items............ (894,753) (77,305) (84,908)
------------ ------------ -----------
(2,631,506) (1,171,345) (449,189)
Financing:
Issuance of capital stock............. 4,145,114 16,250 -
Subscription to capital stock......... (504,000) - -
Share issue costs..................... (83,000) - -
------------ ------------ ----------
3,558,114 16,250 -
Investment:
Additions to capital assets........... (185,886) (62,098) (77,169)
Increase (decrease) in cash and short-term
investments........................... 740,722 (1,217,193) (526,358)
Cash and short-term investments,
beginning of period................... 2,287,345 2,506,927 2,167,574
------------ ------------ ----------
Cash and short-term investments,
end of period......................... $ 3,028,067 $ 1,289,734 $ 1,641,216
============ ============ ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
4
<PAGE> 8
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
Three-month periods ended March 31, 1998, 1997 and 1996
(in Canadian dollars)
Nymox Pharmaceutical Corporation (the "Corporation"), incorporated under
the Canada Business Corporations Act, is a development stage
biopharmaceutical corporation which specializes in the research and
development of neurological therapeutics and diagnostics for the aging
population, with an emphasis on Alzheimer's disease.
The Corporation is listed on the Montreal Exchange and on the NASDAQ
Stock Market.
1. Basis of presentation:
(a) Consolidation:
The consolidated financial statements of the Corporation have
been prepared under Canadian generally accepted accounting
principles 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 March 31, 1998,
1997 and 1996 and the unaudited consolidated statements of
earnings and deficit and changes in financial position for the
three-month periods ended March 31, 1998, 1997 and 1996 reflect
all adjustments which are, in the opinion of management,
necessary to 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.
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>
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
Net loss, Canadian GAAP................................ $(1,778,873) $(1,132,572) $(368,483)
Adjustments:
Amortization of patents........................ (14,713) (9,870) (6,128)
Stock-based compensation
- options granted to non-employees......... - - (94,000)
-------------- -------------- --------------
Net loss, U.S. GAAP.................................... $(1,793,586) $(1,142,442) $(468,611)
=============== ============== ==============
Loss per share, U.S. GAAP.............................. $(0.10) $(0.06) $(0.03)
============== ============== ==============
</TABLE>
5
<PAGE> 9
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Three-month periods ended March 31, 1998, 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>
1998 1997 1996
---- ---- ----
<S> <C> <C> <C>
Shareholders' equity, Canadian GAAP............... $5,432,708 $2,713,659 $2,114,472
Adjustments:
(i) Amortization of patents:
Cumulative effect to beginning
of the period........................ (180,139) (130,606) (8,454)
Current period....................... (14,713) (9,870) (6,128)
-------- ------- ------
(194,852) (140,476) (14,582)
(ii) Stock-based compensation:
Cumulative effect to beginning
of period............................ (742,000) (592,000) -
Current period....................... - - (94,000)
-------- -------- -------
(742,000) (592,000) (94,000)
-------- -------- -------
Increase in deficit.................. (936,852) (732,476) (108,582)
-------- -------- --------
Shareholders' equity, U.S. GAAP................... $4,495,856 $1,981,183 $2,005,890
========== ========== ==========
</TABLE>
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