<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, 1998
Nymox Pharmaceutical Corporation
(Translation of registrant's name into English)
9900 Cavendish Blvd., St. Laurent, PQ, 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.
NYMOX PHARMACEUTICAL CORPORATION
--------------------------------
(Registrant)
Date: July 31, 1998 BY: /s/ ROY WOLVIN
-----------------------------
Roy Wolvin
<PAGE> 2
MESSAGE TO SHAREHOLDERS
Nymox is pleased to present its results for the second quarter of 1998.
R&D ACTIVITIES
Nymox announced in June 1998 that a Medical Advisory Board has been formed for
AD7C(TM), Nymox's diagnostic aid to physicians for Alzheimer's disease. The new
board consists of experienced experts in the field who will function as
spokespersons to other doctors for Nymox's testing technology, and who will
advise on the latest developments in the field. The members of the Board
include: Christopher Kircher, MD, Neurologist, Christ Hospital, Cincinnati;
George Perry, Ph.D., Professor of Neuropathology, Case Western Reserve
University; Philipp Kahle, Ph.D., Neuroscientist, Department of Neurobiology,
Stanford University School of Medicine; Douglas M. Brandt, MD, Psychiatrist,
Clinical Assistant Professor, Department of Neuropsychiatry & Behavioral
Research, University of South Carolina School of Medicine; Ira J. Goodman, MD,
Neurologist, Associate Professor of Medicine, University of Florida School of
Medicine; Garth Bissette, Ph.D., Professor, Division of Neurobiology &
Behavioral Research, University of Mississippi Medical Center; Robert Tureen,
Ph.D., Adjunct Associate Professor of Psychology, Miami University of Ohio, and
University of Cincinnati; Steven J. Gulevich, MD, Neurologist, Director of
Colorado Neurological Institute; John J. Feibel, MD, Neurologist, Associate
Clinical Professor of Neurology, Riverhills Healthcare, Cincinnati, Ohio.
In July 1998, Nymox announced that a new independent study has confirmed the
accuracy of Nymox's AD7C(TM) test. The peer-review study was published in the
June issue of the Journal of Contemporary Neurology. The study compared
Alzheimer's disease (AD) patients with age matched normal control individuals
and also with age matched demented patients with conditions other than AD, such
as Creutzfeldt-Jakob disease, Lewy Body disease, depression, stroke, and other
diseases which can produce symptoms similar to AD. The AD patients were readily
distinguished from the control patients on the basis of their AD7C measurements
which are significantly higher in AD. The non-AD dementia control group scored
similarly to the normal controls, and thus the AD patients could also be
distinguished from the non-AD dementia cases. The specificity, or lack of false
positives in the non-AD dementia group, was over 90%.
The study also found that the AD7C test is able to identify positively the true
AD cases with the similar excellent percentage accuracy to that shown in
previous trials of AD7C(TM), such as the landmark studies of AD7C published in
the December 15, 1997 issue of the Journal of Clinical Investigation (vol.100;
pages 3093-3104).
At the 6th International Conference on Alzheimer's Disease and Related
Disorders, in Amsterdam in July, 1998 and at a Satellite Symposium sponsored by
Nymox, the Company announced that researchers from Massachusetts General
Hospital (MGH), Harvard University, Stanford University and Nymox Corporation
released new data
<PAGE> 3
confirming the accuracy, utility, and specificity of the Company's AD7C(TM)
test. Dr. Philip Kahle presented the results of a study comparing AD7C to
several other measurements. The researchers at Stanford University found that
AD7C was substantially more accurate than any of the other markers studied.
In papers presented at the Conference and at the Symposium, Dr. Suzanne de la
Monte, a neuropathologist from MGH, discussed data demonstrating how neuronal
thread protein, the marker in the AD7C test, is implicated in the
pathophysiology of AD. Dr. Hossein Ghanbari, Senior Vice President of Nymox,
presented studies supporting the diagnostic and therapeutic applications of
AD7C-NTP in AD.
In a separate area of Nymox R&D, Nymox announced work on "spherons", which was
published in the March 1998 issue of The Journal of Alzheimer's Disease (vol.1;
pages 1-35, also available at http://www.nymox.com). The Nymox researchers
believe that "spherons" satisfy 20 criteria of validity as a causal entity in
AD. Nymox has drug candidates for AD targeted at spherons, which are expected
to begin human testing within one year. Nymox is also active in other
therapeutic areas, with pre-clinical antibacterial drug candidates.
FINANCIAL RESULTS
Revenues for the 3 months ended June 30, 1998 were Can$115,259 versus
Can$36,170 for the comparable prior year period. The Company also reported a
net loss of Can$1,592,013 or Can$0.08 per share, as compared to a net loss of
Can$1,292,083 or Can$0.07 per share for the same period last year. The net loss
is due primarily to expenditures in research and development, and marketing.
Since the end of December 1997, the Corporation has completed private
placements totaling 217,000 common shares, and all of its 696,491 Series A
warrants were exercised for total proceeds to the Company of Can$7,787,273. The
proceeds will be used for working capital and general corporate purposes. At
June 30, 1998, cash and cash equivalents totaled Can$5,876,955, a significant
improvement from December 31, 1997.
The management of Nymox wishes to express its appreciation to our shareholders
for their continued support.
Paul Averback MD - President
July 31, 1998
<PAGE> 4
Consolidated Financial Statements of
(Unaudited)
NYMOX PHARMACEUTICAL CORPORATION
Periods ended June 30, 1998, 1997 and 1996
<PAGE> 5
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Financial Statements
(Unaudited)
Periods ended June 30, 1998, 1997 and 1996
<TABLE>
<CAPTION>
<S> <C>
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
</TABLE>
<PAGE> 6
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Balance Sheets
(Unaudited)
June 30, 1998 and 1997, with comparative figures as at December 31, 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
June 30, June 30, December 31,
1998 1997 1997
----------- ----------- -----------
(Unaudited) (Unaudited) (Audited)
<S> <C> <C> <C>
Assets
Current assets:
Cash $2,980,030 $4,218,971 $ 507,259
Short-term investments 2,896,925 - 1,780,086
Accrued interest 89,775 - 4,200
Accounts receivable and other 55,545 67,278 28,790
Subscriptions receivable 26,000 - -
Research tax credits receivable 155,347 338,000 150,000
Prepaid expenses 13,115 - -
---------- ---------- ----------
6,216,737 4,624,249 2,470,335
Advance to director 56,000 56,000 56,000
Capital assets 1,559,554 1,454,063 1,419,462
---------- ---------- ----------
$7,832,291 $6,134,312 $3,945,797
========== ========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 158,239 $ 289,523 $ 292,330
Shareholders' equity:
Capital stock 21,831,103 13,852,154 13,852,632
Capital stock subscription - - 504,000
Deficit (14,157,051) (8,007,365) (10,703,165)
----------- ----------- -----------
7,674,052 5,844,789 3,653,467
----------- ----------- -----------
$ 7,832,291 $ 6,134,312 $ 3,945,797
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
<PAGE> 7
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Earnings
(Unaudited)
Periods ended June 30, 1998, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended June 30, Six months ended June 30,
--------------------------------------- -------------------------------------
1998 1997 1996 1998 1997 1996
----------- ----------- --------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Revenues:
Interest $ 85,875 $ 17,251 $ 37,301 $ 98,626 $ 21,478 $ 72,093
Service fees 29,384 18,919 - 33,373 18,919 -
----------- ----------- ---------- ----------- ----------- ----------
115,259 36,170 37,301 131,999 40,397 72,093
Expenses:
Research and development 648,985 430,164 383,817 1,274,182 1,013,079 669,074
Less investment tax credits (3,347) (32,000) (75,500) (5,347) (98,000) (96,500)
----------- ----------- ---------- ----------- ----------- ----------
645,638 398,164 308,317 1,268,835 915,079 572,574
General and administrative 335,609 274,863 173,822 474,906 393,138 315,577
Marketing 678,864 612,547 - 1,667,997 1,072,127 -
Depreciation and amortization 44,451 40,415 7,599 86,571 78,947 11,801
Interest and bank charges 2,710 2,264 5,557 4,576 5,761 (1,382)
----------- ----------- ---------- ----------- ----------- ----------
1,707,272 1,328,253 495,295 3,502,885 2,465,052 898,570
----------- ----------- ---------- ----------- ----------- ----------
Net loss $(1,592,013) $(1,292,083) $(457,994) $(3,370,886) $(2,424,655) $(826,477)
=========== =========== ========== =========== =========== ==========
Loss per share $ (0.08) $ (0.07) $ (0.03) $ (0.18) $ (0.13) $ (0.05)
=========== =========== ========= =========== =========== ==========
Weighted average number of
common shares outstanding 19,383,390 18,135,172 17,712,287 19,052,938 18,033,270 17,381,522
=========== =========== ========== =========== =========== ==========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
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<PAGE> 8
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Deficit
(Unaudited)
Periods ended June 30, 1998, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended June 30, Six months ended June 30,
------------------------------------------ ------------------------------------------
1998 1997 1996 1998 1997 1996
------------ ----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Deficit, beginning of period $(12,565,038) $(6,605,282) $(1,908,169) $(10,703,165) $(5,472,710) $(1,539,686)
Net loss (1,592,013) (1,292,083) (457,994) (3,370,886) (2,424,655) (826,477)
Share issue costs - (110,000) (165,913) (83,000) (110,000) (165,913)
------------ ----------- ----------- ------------ ----------- -----------
Deficit, end of period $(14,157,051) $(8,007,365) $(2,532,076) $(14,157,051) $(8,007,365) $(2,532,076)
============ =========== =========== ============ =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
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<PAGE> 9
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Changes in Financial Position
(Unaudited)
Periods ended June 30, 1998, 1997 and 1996
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended June 30, Six months ended June 30,
-------------------------------------------- ------------------------------------------
1998 1997 1996 1998 1997 1996
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Cash provided by (used in):
Operations:
Net loss $(1,592,013) $(1,292,083) $ (457,994) $(3,370,886) $(2,424,655) $ (826,477)
Item not involving cash:
Depreciation and
amortization 44,451 40,415 7,599 86,571 78,947 11,801
Net change in non-cash
operating working
capital items 603,870 (89,369) (118,291) (290,883) (166,675) (203,200)
----------- ----------- ---------- ----------- ----------- ----------
(943,692) (1,341,037) (568,686) (3,575,198) (2,512,383) (1,017,876)
Financing:
Issuance of capital stock 3,833,357 4,533,213 5,262,853 7,978,471 4,549,463 5,262,853
Subscription to capital
stock - - - (504,000) - -
Share issue costs - (110,000) (165,913) (83,000) (110,000) (165,913)
----------- ----------- ---------- ----------- ----------- ----------
3,833,357 4,423,213 5,096,940 7,391,471 4,439,463 5,096,940
Investment:
Additions to capital assets (40,777) (152,939) (127,464) (226,663) (215,036) (204,633)
----------- ----------- ---------- ----------- ----------- ----------
Increase in cash and
short-term investments 2,848,888 2,929,237 4,400,790 3,589,610 1,712,044 3,874,431
Cash and short-term
investments, beginning
of period 3,028,067 1,289,734 1,641,216 2,287,345 2,506,927 2,167,575
----------- ----------- ---------- ----------- ----------- ----------
Cash and short-term
investments, end of period $ 5,876,955 $ 4,218,971 $6,042,006 $ 5,876,955 $ 4,218,971 $6,042,006
=========== =========== ========== =========== =========== ==========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
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<PAGE> 10
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
Periods ended June 30, 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 ("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, 1998 and 1997 and
the unaudited consolidated statements of earnings and deficit and changes in
financial position for the three- and six-month periods ended June 30, 1998,
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.
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<PAGE> 11
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended June 30, 1998, 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 June 30, Six months ended June 30,
--------------------------------------------- -----------------------------------------------
1998 1997 1996 1998 1997 1996
----------- ----------- --------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net loss, Canadian
GAAP $(1,592,013) $(1,292,083) $(457,994) $(3,370,886) $(2,424,655) $(826,477)
Adjustments:
Amortization of
patents (15,276) (13,761) (9,292) (29,989) (23,631) (18,584)
Stock-based
compensation -
options granted
to non-employees - - (129,000) - - (223,000)
----------- ----------- --------- ----------- ----------- -----------
Net loss, U.S. GAAP $(1,607,289) $(1,305,844) $(596,286) $(3,400,875) $(2,448,286) $(1,068,061)
=========== =========== ========= =========== =========== ===========
Loss per share,
U.S. GAAP $ (0.08) $ (0.07) $ (0.03) $ (0.18) $ (0.13) $ (0.06)
=========== =========== ========= =========== =========== ===========
</TABLE>
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<PAGE> 12
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended June 30, 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>
June 30, December 31,
------------------------- ------------
1998 1997 1997
---------- ---------- ----------
<S> <C> <C> <C>
Shareholders' equity, Canadian GAAP $7,674,052 $5,844,789 $3,653,467
Adjustments:
(i) Amortization of patents:
Cumulative effect to beginning
of the period (180,139) (130,606) (130,606)
Current period (29,989) (23,631) (49,533)
---------- ---------- ----------
(210,128) (154,237) (180,139)
(ii) Stock-based compensation:
Cumulative effect to beginning
of period (742,000) (592,000) (592,000)
Current period - - (150,000)
---------- ---------- ----------
(742,000) (592,000) (742,000)
---------- ---------- ----------
Increase in deficit (952,128) (746,237) (922,139)
---------- ---------- ----------
Shareholders' equity, U.S. GAAP $6,721,924 $5,098,552 $2,731,328
========== ========== ==========
</TABLE>
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