<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, 1999
Nymox Pharmaceutical Corporation
9900 Cavendish Blvd., St. Laurent, QC, Canada, H4M 2V2
(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20F or Form 40F)
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 [ ] No [X]
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: November 15, 1999
<PAGE> 2
MESSAGE TO SHAREHOLDERS
Nymox is pleased to present its results for the third quarter of 1999.
In July, Nymox made a presentation at the annual meeting of the American
Association for Clinical Chemistry in New Orleans. Results of double-blind
clinical trials involving more than 200 patients confirmed that AD7C(TM), a
painless urine test for Alzheimer's Disease (AD) developed by Nymox
Pharmaceutical Corp., is highly accurate and has significant clinical
usefulness. The studies showed that urinary AD7C(TM) is an accurate marker for
AD, and that urinary AD7C(TM) correlates strongly with cerebrospinal fluid
AD7C(TM), the Nymox paper reported. The spinal fluid test has been previously
shown to be 85% to 90% accurate, with post-mortem verification, in confirming
the presence of Alzheimer's Disease. The clinical studies also demonstrated
that first-morning urine for AD7C(TM) is as accurate as 24-hour urine AD7C(TM).
Normal age-matched control subjects tested negative with urinary AD7C(TM), the
paper also reported, confirming that the AD7C(TM) test reliably produces
acceptably few false positive readings. Nymox's AD7C(TM) urine test was
performed on samples from patients with AD and from age-matched control subjects
with and without other neurological diseases. The urine test was compared with
results from cerebrospinal fluid AD7C(TM) tests on the same subjects. First
morning urine samples were compared with 24-hour urine samples. Urine and
spinal fluid samples were provided by independent physicians from multiple
centers in the U.S. and were tested without knowledge of diagnosis, the paper
reported.
Clinical Laboratory News, the leading professional journal for clinical
laboratories, published by the American Association for Clinical Chemistry, has
described the AD7C(TM) test offered by Nymox Pharmaceutical Corp. as "a
successful in vitro diagnostic" to aid physicians in the diagnosis of AD. The
test was the subject of an article in the publication's September 1999 issue,
"Diagnosing Alzheimer's Disease; Promising New Test May be a Marker" (Vol. 25,
Number 9, pages 4-6). The Clinical Laboratory News article described the
AD7C(TM) test as an effective alternative to other tests that have been marketed
for Alzheimer's disease. Another test exists for a specific gene, but it is
meaningful only to a small minority of patients with a specific and rare form of
early-onset Alzheimer's disease, the article noted. An available alternative, a
spinal tap test for beta-amyloid protein, is "plagued by overlap between AD and
non-AD patients," the article said. AACC is an international scientific/medical
society of clinical laboratory professionals, physicians, research scientists
and other individuals involved with clinical chemistry and other clinical
laboratory science-related disciplines.
Nymox announced, in September, that initial key validation studies of the
company's new "7C Gold" test had been successfully completed. The company's new
"7C Gold" test is a unique proprietary urine test that measures neuronal thread
protein, a distinctive protein that is selectively increased in the brain,
spinal fluid and urine of individuals with Alzheimer's disease.
The new patented "7C Gold" test uses special gold particles in a liquid phase
system. The test will be manufactured in a format that requires no special
expertise to execute and that will provide rapid results that are easy to read.
The test has been designed for widespread use, in the doctor's office or in the
clinical lab setting. The new technological breakthrough is the outcome of a
strategic collaboration in 1999 between Nymox's new head office assay
development team and an expert team from Serex Inc. (Maywood, New Jersey). The
new technology utilizes materials licensed by Nymox from Harvard University, the
Massachusetts General Hospital and the Research Center at Rhode Island Hospital
and
<PAGE> 3
Brown University School of Medicine, and is based on the fundamental research
discoveries and worldwide patents licensed to Nymox.
Nymox Pharmaceutical Corp. was invited to present data on its new Alzheimer's
disease test at a meeting of the National Institute on Aging on Sept. 28 in
Bethesda. At the Imaging and Biological Markers for Diagnosis and Progression of
Alzheimer's Disease Meeting, the company presented new data on its 7C Gold test.
There was also an invited speech on the fundamental biology of the brain protein
detected by Nymox's test, given by Dr. S. de la Monte of Brown University.
Nymox announced in October that a method for treating Alzheimer's Disease to
which it has certain proprietary rights showed promise in early studies
conducted by Dr. Ben Wolozin, M.D., Ph.D., of the Loyola University Medical
Center in Chicago, IL. Dr. Wolozin has licensed the commercial rights to his
discoveries in this area to Nymox.
Dr. Wolozin presented the results of a study tracking the rates of Alzheimer's
Disease among some 50,000 patients at three major U.S. medical centers at the
annual meeting of the Society for Neuroscience in Miami Beach, FL, on October
24, 1999. "We found that the rate of Alzheimer's Disease for patients taking two
kinds of a type of an anti-cholesterol known as statin, lovastatin (Mevacor) and
pravastatin (Pravachol), was reduced by 60 percent to 73 percent compared to a
total patient population or compared to patients taking other medications
typically used to treat cardiovascular disease or hypertension," said Dr.
Wolozin. "Our studies suggests that these two drugs may protect against
Alzheimer's Disease."
This appears to be the first time that a statin drug has been demonstrated in a
large study to be associated with reduced Alzheimer's Disease incidence. The
reduction in the rate of Alzheimer's Disease among the patients taking these two
drugs is greater than other proposed therapeutics for the disease investigated
to date. An additional positive feature is that these drugs are FDA approved, in
common medical use, and well-tolerated by patients.
FINANCIAL RESULTS
Sales revenues for the nine months ended September 30, 1999 increased to
US$120,120 compared to US$40,800 for the same period in 1998. The increase is
attributable to the launch of the AD7C(TM) urine test. Net losses amounted to
US$2,370,900 for the period ending September 30, 1999, or US$0.11 per share,
compared to US$3,755,301, or US$0.18 per share, for the same period in 1998.
Research & Development expenses in the third quarter of 1999 were US$265,567
compared to US$630,122 for the same period last year. Marketing expenses
during this quarter were US$199,895, compared to US$615,099 for the third
quarter last year. General and Administrative expenses were US$360,973 in the
third quarter of 1999 compared to US$91,310 for the same period last year.
Paul Averback MD - President
November 15, 1999
<PAGE> 4
Consolidated Financial Statements of
(Unaudited)
NYMOX PHARMACEUTICAL CORPORATION
Periods ended September 30, 1999, 1998 and 1997
<PAGE> 5
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Financial Statements
(Unaudited)
Periods ended September 30, 1999, 1998 and 1997
<TABLE>
<S> <C>
FINANCIAL STATEMENTS
Consolidated Balance Sheets ......................... 1
Consolidated Statements of Earnings ................. 2
Consolidated Statements of Deficit .................. 3
Consolidated Statements of Cash Flows ............... 4
Notes to Consolidated Financial Statements .......... 5
</TABLE>
<PAGE> 6
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Balance Sheets
(Unaudited)
September 30, 1999 and 1998, with comparative figures as at December 31, 1998
(in Canadian dollars)
<TABLE>
<CAPTION>
September 30, September 30, December 31,
1999 1998 1998
------------- ------------- ------------
(Unaudited) (Unaudited) (Audited)
<S> <C> <C> <C>
Assets
Current assets:
Cash $ 663,415 $ 837,253 $ 714,298
Short-term investments 262,350 2,942,572 2,113,907
Accrued interest 22,641 119,262 46,082
Receivable from a financial
institution 410,000 -- 637,500
Accounts receivable 60,822 56,042 74,653
Notes receivable 265,075 278,024 273,995
Research tax credits receivable 24,923 5,347 5,778
Other receivables -- 26,000 43,028
Prepaid expenses 146,740 -- --
----------- ----------- -----------
1,855,966 4,264,500 3,909,241
Capital assets 1,610,772 1,606,675 1,846,979
----------- ----------- -----------
$ 3,466,738 $ 5,871,175 $ 5,756,220
=========== =========== ===========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and
accrued liabilities $ 275,667 $ 89,166 $ 434,440
Shareholders' equity:
Capital stock 24,410,480 21,831,103 23,011,556
Deficit (21,219,409) (16,049,094) (17,689,776)
----------- ----------- -----------
3,191,071 5,782,009 5,321,780
----------- ----------- -----------
$ 3,466,738 $ 5,871,175 $ 5,756,220
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
-1-
<PAGE> 7
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Earnings
(Unaudited)
Periods ended September 30, 1999, 1998 and 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended September 30, Six months ended September 30,
---------------------------------------- -----------------------------------------
1999 1998 1997 1999 1998 1997
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Revenues:
Service fees $ 27,004 $ 26,762 $ -- $ 178,496 $ 60,135 $ 18,927
Interest 16,524 88,838 25,386 42,416 187,464 46,855
----------- ----------- ----------- ----------- ----------- -----------
43,528 115,600 25,386 220,912 247,599 65,782
Expenses:
Research and development 389,693 924,641 1,026,682 1,241,011 2,198,823 2,039,761
Less investment tax credits (17,279) (13,315) (46,500) (19,145) (18,662) (144,500)
----------- ----------- ----------- ----------- ----------- -----------
372,414 911,326 980,182 1,221,866 2,180,161 1,895,261
General, administrative and
cost of sales 529,692 133,988 77,645 1,305,242 608,894 470,783
Marketing 293,326 902,597 370,512 1,057,545 2,570,594 1,442,639
Depreciation and amortization 71,013 41,659 40,834 168,138 128,230 119,781
Interest and bank charges 11,351 18,073 5,310 14,558 22,649 11,070
----------- ----------- ----------- ----------- ----------- -----------
1,277,796 2,007,643 1,474,483 3,767,349 5,510,528 3,939,534
Gain on disposal of capital assets -- -- -- (67,379) -- --
----------- ----------- ----------- ----------- ----------- -----------
Net loss $(1,234,268) $(1,892,043) $(1,449,097) $(3,479,058) $(5,262,929) $(3,873,752)
=========== =========== =========== =========== =========== ===========
Loss per share $ (0.06) $ (0.10) $ (0.08) $ (0.17) $ (0.27) $ (0.21)
----------- ----------- ----------- ----------- ----------- -----------
Weighted average number of common
shares outstanding 19,932,804 19,592,274 18,631,783 19,847,612 19,239,411 18,234,967
=========== =========== =========== =========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
-2-
<PAGE> 8
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Deficit
(Unaudited)
Periods ended September 30, 1999, 1998 and 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended September 30, Nine months ended September 30,
--------------------------------------------- ---------------------------------------------
1999 1998 1997 1999 1998 1997
------------ ------------ ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Deficit, beginning of period $(19,985,141) $(14,157,051) $(8,007,365) $(17,689,776) $(10,703,165) $(5,472,710)
Net loss (1,234,268) (1,892,043) (1,449,097) (3,479,058) (5,262,929) (3,873,752)
Share issue costs -- -- (121,000) (50,575) (83,000) (231,000)
------------ ------------ ----------- ------------ ------------ -----------
Deficit, end of period $(21,219,409) $(16,049,094) $(9,577,462) $(21,219,409) $(16,049,094) $(9,577,462)
============ ============ =========== ============ ============ ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
-3-
<PAGE> 9
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
Periods ended September 30, 1999, 1998 and 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended September 30, Nine months ended September 30,
------------------------------------------- -------------------------------------------
1999 1998 1997 1999 1998 1997
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Cash flows from operating
activities:
Net loss $(1,234,268) $(1,892,043) $(1,449,097) $(3,479,058) $(5,262,929) $(3,873,752)
Items not involving cash:
Depreciation and
amortization 71,013 41,659 40,834 168,138 128,230 119,781
Gain on disposal of
capital assets -- -- -- (67,379) -- --
Net change in non-cash
operating working
capital items (197,982) (156,387) (119,645) (7,938) (447,270) (286,320)
----------- ----------- ----------- ----------- ----------- -----------
(1,361,237) (2,006,771) (1,527,908) (3,386,237) (5,581,969) (4,040,291)
Cash flows from financing
activities:
Issuance of capital stock 642,499 -- -- 1,398,924 7,474,471 4,549,463
Share issue costs -- -- (121,000) (50,575) (83,000) (231,000)
----------- ----------- ----------- ----------- ----------- -----------
642,499 -- (121,000) 1,348,349 7,391,471 4,318,463
Cash flows from investing
activities:
Additions to capital assets (87,278) (90,359) (41,119) (137,457) (317,022) (256,155)
Proceeds on disposal
of capital assets -- -- -- 272,905 -- --
----------- ----------- ----------- ----------- ----------- -----------
(87,278) (90,359) (41,119) 135,448 (317,022) (256,155)
----------- ----------- ----------- ----------- ----------- -----------
(Decrease) increase in cash and
short-term investments (806,016) (2,097,130) (1,690,027) (1,902,440) 1,492,480 22,017
Cash and short-term investments,
beginning of period 1,731,781 5,876,955 4,218,971 2,828,205 2,287,345 2,506,927
----------- ----------- ----------- ----------- ----------- -----------
Cash and short-term investments,
end of period $ 925,765 $ 3,779,825 $ 2,528,944 $ 925,765 $ 3,779,825 $ 2,528,944
=========== =========== =========== =========== =========== ===========
Supplemental disclosure to
statement of cash flows:
Income taxes paid $ -- $ -- $ -- $ -- $ -- $ --
Interest paid 11,351 18,073 5,310 14,558 22,649 11,070
=========== =========== =========== =========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
-4-
<PAGE> 10
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
Periods ended September 30, 1999, 1998 and 1997
(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.
Since inception, the Corporation's activities have been primarily focused on
developing certain pharmaceutical technologies and obtaining outside funding to
support the continued development of its technologies. The Corporation is
subject to a number of risks, including the successful development and marketing
of its technologies. In order to achieve its business plan, the Corporation
anticipates the need to raise additional capital.
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 September 30, 1999 and
1998, and the unaudited consolidated statements of earnings and deficit and
cash flows for the periods ended September 30, 1999, 1998 and 1997 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.
-5-
<PAGE> 11
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended September 30, 1999, 1998 and 1997
(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 September 30, Nine months ended September 30,
-------------------------------------------- -------------------------------------------
1999 1998 1997 1999 1998 1997
------------ ----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Net loss, Canadian GAAP $(1,234,268) $(1,892,043) $(1,449,097) $(3,479,058) $(5,262,929) $(3,873,752)
Adjustments:
Amortization of patents (26,066) (16,429) (12,322) (72,082) (46,418) (36,967)
------------ ------------ ------------ ----------- ----------- -----------
Net loss, U.S. GAAP $(1,260,334) $(1,908,472) $(1,461,419) $(3,551,140) $(5,309,347) $(3,910,719)
=========== =========== =========== =========== =========== ===========
Loss per share, US GAAP $ (0.06) $ (0.10) $ (0.08) $ (0.18) $ (0.28) $ (0.21)
=========== =========== =========== =========== =========== ===========
</TABLE>
-6-
<PAGE> 12
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended September 30, 1999, 1998 and 1997
(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>
September 30, December 31,
------------------------- ------------
1999 1998 1998
<S> <C> <C> <C>
Shareholders' equity, Canadian GAAP $ 3,191,071 $ 5,782,009 $ 5,321,780
Adjustments:
(i) Amortization of patents:
Cumulative effect to
beginning of the period (255,216) (180,139) (180,139)
Current period (72,082) (46,418) (75,077)
----------- ----------- -----------
(327,298) (226,557) (255,216)
(ii) Stock-based compensation:
Cumulative effect to
beginning of period (1,148,500) (742,000) (742,000)
Current period -- -- (406,500)
---------- ---------- ----------
(1,148,500) (742,000) (1,148,500)
---------- ---------- ----------
Increase in deficit (1,475,798) (968,557) (1,403,716)
---------- ---------- ----------
Shareholders' equity, U.S. GAAP $1,715,273 $4,813,452 $3,918,064
========== ========== ==========
</TABLE>
3. SEGMENT DISCLOSURES:
Geographic segment information was as follows:
<TABLE>
<CAPTION>
United
Canada States
---------- ----------
<S> <C> <C>
Revenues:
1999 $ 42,416 $ 178,496
1998 187,464 60,135
1997 46,855 18,927
Net loss:
1999 (2,597,630) (881,428)
1998 (1,958,719) (3,304,210)
1997 (2,049,373) (1,824,379)
Identifiable assets:
September 30, 1999 2,900,575 566,163
September 30, 1998 5,160,095 711,080
December 31, 1998 4,940,335 815,885
========== ==========
</TABLE>
-7-
