<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, 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
/s/ Roy Wolvin
--------------------------------
Date: Aug. 9, 1999 (Registrant)
<PAGE> 2
MESSAGE TO SHAREHOLDERS
Nymox is pleased to present its results for the second quarter of 1999.
APPOINTMENTS
In May, Nymox announced the appointment of Hon. W. David Angus, Q.C. as
Non-Executive Chairman and a member of the Corporation's Board of Directors.
Mr. Angus is a member of the Senate of Canada, serving on the Standing Committee
on Banking, Trade and Commerce. He is also a senior partner at the Montreal
office of Stikeman, Elliott, Canada's global law firm, and a director of several
other Canadian corporations and charitable organizations, including Air Canada,
AON Reed Stenhouse Inc., Eastern Canada Towing Ltd. and the McGill University
Health Center.
Nymox also announced the appointment of Hans Black, M.D. as a member of the
Board of Directors. Dr. Black has a doctorate in medicine from McGill
University, and is Chairman and Chief Investment Officer of Interinvest
Consulting Corporation, a Montreal-based global money management firm with
offices in Toronto and Boston and affiliates in Bermuda and Zurich. Dr. Black
appears regularly on the PBS network show, Nightly Business Report, and has been
a guest lecturer at Harvard, Temple and McGill universities.
Nymox also announced that Dr. Colin Bier will assist in Regulatory Affairs. Dr.
Bier has served on the Nymox Board of Directors for over three years. Dr. Bier
brings to Nymox extensive knowledge and expertise in regulatory affairs. He has
a long and distinguished career as a research director, regulatory expert and
consultant, and pharmaceutical executive.
In June, the Company announced two important new scientific appointments. Dr.
Sandra Tanner joined Nymox as Senior Scientist. Dr. Tanner received her Ph.D. in
Biological Sciences and has done advanced neuroscientific work with brain
proteins at the National Institute of Health in Bethesda for the last six years.
Dr. Jay Murthy took charge of the Nymox U.S. Clinical Reference Laboratory. Dr.
Murthy earned his Ph.D. in neurochemistry. Dr. Murthy is certified by the
American Board of Clinical Chemistry, the American Society of Clinical
Pathologists, the National Registry and is a Fellow of the National Academy of
Clinical Biochemistry and the American Association of Clinical Chemistry, and
has been associated with the George Washington University School of Medicine and
the Children's National Medical Center in Washington for the past decade. Dr.
Murthy has numerous important publications in top peer-reviewed journals in
clinical chemistry and clinical biochemistry.
MARKETING
On June 17, Nymox announced that it had signed an agreement with the Laboratorio
de Investigacoes Diagnosticas (LID) in Brazil to provide the AD7C(TM) urine
test from the LID in Brazil. LID is a major clinical reference laboratory in
Brazil, which provides extensive laboratory services, with ten clinical
laboratories throughout Brazil including Sao Paolo and Rio de Janeiro.
<PAGE> 3
On June 22, Nymox announced that it had developed a dramatically improved new
urine test for Alzheimer's disease ("AD"). The new Nymox "7C-Gold" test is in a
format that can easily be packaged for global mass distribution.
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 Company has not yet announced projected dates for
introduction of the new test to the market, but it is expected to be available
for sale in many parts of the world in 1999.
The new technological breakthrough is the outcome of a strategic collaboration
in 1999 between Nymox's new head office assay development team led by Dr. Paul
Averback and Dr. Colin Bier, and an expert team from Serex, Inc. (Maywood,
New Jersey), led by Dr. Judith Fitzpatrick. The new technology utilizes
materials licensed by Nymox from Harvard University, The Massachusetts General
Hospital, and the Research Center at Rhode Island Hospital and Brown University
School of Medicine, and is based on the fundamental research discoveries and
worldwide patents licensed to Nymox from the prestigious laboratories of
Dr. Jack Wands and Dr. Suzanne de la Monte.
On June 29, Nymox announced that it had signed a letter of agreement with
Healthchoice Community Health Care Systems, Inc. of Florida to provide the
AD7C(TM) urine test for the members of this large Florida HMO. The
reimbursement agreement for AD7C(TM) will include the Healthchoice PPO,
Healthchoice Select Commercial HMO, Healthchoice One, Healthchoice Plus,
Prudential/Healthchoice HMO, Healthchoice Cares and Senior Care.
FINANCIAL RESULTS
Sales revenues for the period ended June 30, 1999 increased to CAN$68,539
compared to CAN$29,384 for the same period in 1998, The increase is attributable
to the launch of the AD7C(TM) urine test. Net losses amounted to CAN$733,732 for
the period ending June 30, 1999, or CAN$0.036 per share, compared to
CAN$1,592,013, or CAN$0.082 per share, for the same period in 1998 (or US$0.025
per share compared to US$0.056 per share for the same period in 1998).
Research & Development expenses in the second quarter of 1999 were CAN$327,464
compared to CAN$645,638 for the same period last year. Marketing expenses during
this period were CAN$205,437, compared to CAN$678,864 for the second quarter
last year. General and Administrative expenses were CAN$298,984 in the second
quarter of 1999 compared to CAN$335,609 for the same period last year.
Management is extremely pleased with its successful efforts in the second
quarter (loss of US$0.025 per share) of moving toward the goal of cashflow
neutrality.
Paul Averback MD - President
August 9, 1999
<PAGE> 4
Consolidated Financial Statements of
(Unaudited)
NYMOX PHARMACEUTICAL CORPORATION
Periods ended June 30, 1999, 1998 and 1997
<PAGE> 5
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Financial Statements
(Unaudited)
Periods ended June 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)
June 30, 1999 and 1998, with comparative figures as at December 31, 1998
(in Canadian dollars)
<TABLE>
<CAPTION>
June 30, June 30, December 31,
1999 1998 1998
----------- ----------- ------------
(Unaudited) (Unaudited) (Audited)
<S> <C> <C> <C>
Assets
Current assets:
Cash $1,469,431 $2,980,030 $ 714,298
Short-term investments 262,350 2,896,925 2,113,907
Accrued interest 16,819 89,775 46,082
Accounts receivable 64,488 -- 74,653
Notes receivable 264,448 82,000 273,995
Research tax credits receivable 7,644 155,347 5,778
Other receivables 20,231 55,545 43,028
Receivable from a financial institution -- -- 637,500
Prepaid expenses 146,300 13,115 --
---------- ---------- ----------
2,251,711 6,272,737 3,909,241
Capital assets 1,619,631 1,559,554 1,846,979
---------- ---------- ----------
$3,871,342 $7,832,291 $5,756,220
========== ========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and
accrued liabilities $ 88,503 $ 158,239 $ 434,440
Shareholders' equity:
Capital stock 23,767,980 21,831,103 23,011,556
Deficit (19,985,141) (14,157,051) (17,689,776)
---------- ---------- ----------
3,782,839 7,674,052 5,321,780
---------- ---------- ----------
$ 3,871,342 $ 7,832,291 $ 5,756,220
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statement s.
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<PAGE> 7
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Earnings
(Unaudited)
Periods ended June 30, 1999, 1998 and 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended June 30, Six months ended June 30,
---------------------------------------- -----------------------------------------
1999 1998 1997 1999 1998 1997
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Revenues:
Service fees $ 68,539 $ 29,384 $ 18,919 $ 151,492 $ 33,373 $ 18,919
Interest 8,896 85,875 17,251 25,892 98,626 21,478
----------- ----------- ----------- ----------- ----------- -----------
77,435 115,259 36,170 177,384 131,999 40,397
Expenses:
Research and development 329,330 648,985 430,164 851,318 1,274,182 1,013,079
Less investment tax credits (1,866) (3,347) (32,000) (1,866) (5,347) (98,000)
----------- ----------- ----------- ----------- ----------- -----------
327,464 645,638 398,164 849,452 1,268,835 915,079
General, administrative and
cost of sales 298,984 335,609 274,863 775,550 474,906 393,138
Marketing 205,437 678,864 612,547 764,219 1,667,997 1,072,127
Depreciation and amortization 44,781 44,451 40,415 97,125 86,571 78,947
Interest and bank charges 1,880 2,710 2,264 3,207 4,576 5,761
----------- ----------- ----------- ----------- ----------- -----------
878,546 1,707,272 1,328,253 2,489,553 3,502,885 2,465,052
Gain on disposal of capital assets 67,379 -- -- 67,379 -- --
----------- ----------- ----------- ----------- ----------- -----------
Net loss $ (733,732) $(1,592,013) $(1,292,083) $(2,244,790) $(3,370,886) $(2,424,655)
=========== =========== =========== =========== =========== ===========
Loss per share $ (0.04) $ (0.08) $ (0.07) $ (0.11) $ (0.18) $ (0.13)
----------- ----------- ----------- ----------- ----------- -----------
Weighted average number of common
shares outstanding 19,837,354 19,383,390 18,135,172 19,799,854 19,052,938 18,033,270
=========== =========== =========== =========== =========== ===========
</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, 1999, 1998 and 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended June 30, Six months ended June 30,
----------------------------------------- -----------------------------------------
1999 1998 1997 1999 1998 1997
------------ ------------ ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Deficit, beginning of period $(19,251,409) $(12,565,038) $(6,605,282) $(17,689,776) $(10,703,165) $(5,472,710)
Net loss (733,732) (1,592,013) (1,292,083) (2,244,790) (3,370,886) (2,424,655)
Share issue costs -- -- (110,000) (50,575) (83,000) (110,000)
------------ ------------ ----------- ------------ ------------ -----------
Deficit, end of period $(19,985,141) $(14,157,051) $(8,007,365) $(19,985,141) $(14,157,051) $(8,007,365)
============ ============ =========== ============ ============ ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
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<PAGE> 9
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
Periods ended June 30, 1999, 1998 and 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
Three months ended June 30, Six months ended June 30,
------------------------------------------- -------------------------------------------
1999 1998 1997 1999 1998 1997
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Cash provided by (used in):
Operations:
Net loss $ (733,732) $(1,592,013) $(1,292,083) $(2,244,790) $(3,370,886) $(2,424,655)
Items not involving cash:
Depreciation and
amortization 44,781 44,451 40,415 97,125 86,571 78,947
Gain on disposal of
capital assets (67,379) -- -- (67,379) -- --
Net change in non-cash
operating working
capital items (248,883) 603,870 (89,369) 190,044 (290,883) (166,675)
----------- ----------- ----------- ----------- ----------- -----------
$(1,005,213) (943,692) (1,341,037) (2,025,000) (3,575,198) (2,512,383)
Financing:
Issuance of capital stock 223,925 3,833,357 4,533,213 756,425 7,474,471 4,549,463
Share issue costs -- -- (110,000) (50,575) (83,000) (110,000)
----------- ----------- ----------- ----------- ----------- -----------
223,925 3,833,357 4,423,213 705,850 7,391,471 4,439,463
Investment:
Additions to capital assets (9,715) (40,777) (152,939) (69,674) (226,663) (215,036)
Proceeds on disposal of
capital assets 292,400 -- -- 292,400 -- --
----------- ----------- ----------- ----------- ----------- -----------
282,685 (40,777) (152,939) 222,726 (226,663) (215,036)
(Decrease) increase in cash
and short-term investments (498,603) 2,848,888 2,929,237 (1,096,424) 3,589,610 1,712,044
Cash and short-term
investments, beginning
of period 2,230,384 3,028,067 1,289,734 2,828,205 2,287,345 2,506,927
----------- ----------- ----------- ----------- ----------- -----------
Cash and short-term
investment, end of period $ 1,731,781 $ 5,876,955 $ 4,218,971 $ 1,731,781 $ 5,876,955 $ 4,218,971
=========== =========== =========== =========== =========== ===========
Supplemental disclosure to
statements of cash flows:
Income taxes paid $ -- $ -- $ -- $ -- $ -- $ --
Interest paid 1,880 2,710 2,264 3,207 4,576 5,761
=========== =========== =========== =========== =========== ===========
</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, 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. Management is confident that
it will be able to obtain the continued financial support of its shareholders
and/or new external financing to pursue its development.
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 June 30, 1999 and 1998 and
the unaudited consolidated statements of earnings, deficit and cash flows
for the periods ended June 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.
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<PAGE> 11
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended June 30, 1999, 1998 and 1997
(in Canadian dollars)
2. CANADIAN/US REPORTING DIFFERENCES:
(a) Consolidated statements of earnings:
The reconciliation of earnings reported in accordance with Canadian
GAAP with US GAAP is as follows:
<TABLE>
<CAPTION>
Three months ended June 30, Six months ended June 30,
-------------------------------------------- ----------------------------------------------
1999 1998 1997 1999 1998 1997
---------- ----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net loss, Canadian GAAP $(733,732) $(1,592,013) $(1,292,083) $(2,244,790) $(3,370,886) $(2,424,655)
Adjustments:
Amortization of patents (19,656) (15,276) (13,761) (39,170) (29,989) (23,631)
--------- ----------- ----------- ----------- ----------- -----------
Net loss, US GAAP $(753,388) $(1,607,289) $(1,305,844) $(2,283,960) $(3,400,875) $(2,448,286)
========= =========== ============ =========== =========== ===========
Loss per share, US GAAP $ (0.04) $ (0.08) $ (0.07) $ (0.12) $ (0.18) $ (0.13)
========= =========== =========== =========== =========== ===========
</TABLE>
(b) Consolidated shareholders' equity:
The reconciliation of shareholders' equity reported in accordance with
Canadian GAAP with US GAAP is as follows:
<TABLE>
<CAPTION>
June 30,
-------------------------- December 31,
1999 1998 1998
---------- ---------- ------------
<S> <C> <C> <C>
Shareholders' equity, Canadian GAAP $3,782,839 $7,674,052 $5,321,780
Adjustments:
(i) Amortization of patents:
Cumulative effect to beginning
of the period (255,216) (180,139) (180,139)
Current period (39,170) (29,989) (75,077)
---------- --------- ----------
(294,386) (210,128) (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 (1,442,886) (952,128) (1,403,716)
---------- ---------- ----------
Shareholders' equity, US GAAP $2,339,953 $6,721,924 $3,918,064
========== ========== ==========
</TABLE>
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<PAGE> 12
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended June 30, 1999, 1998 and 1997
(in Canadian dollars)
3. SEGMENT DISCLOSURES:
Geographic segment information was as follows:
<TABLE>
<CAPTION>
United
Canada States
----------- -----------
<S> <C> <C>
Revenues:
1999 $ 25,867 $ 151,517
1998 98,626 33,373
1997 21,478 18,919
Net loss:
1999 (1,324,459) (920,331)
1998 (1,466,043) (1,904,843)
1997 (1,287,629) (1,137,026)
Identifiable assets:
June 30, 1999 3,126,949 744,393
June 30, 1998 7,248,451 583,840
December 31, 1998 4,940,335 815,885
=========== ===========
</TABLE>
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