<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, 1999
Nymox Pharmaceutical Corporation
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: May 15, 1999 BY: /s/ ROY WOLVIN
-----------------------------
Roy Wolvin
<PAGE> 2
MESSAGE TO SHAREHOLDERS
Nymox is pleased to present its quarterly financial statements for the period
ended March 31, 1999.
Total revenues amounted to CAN$102,217, compared to CAN$16,740 last year. This
increase is attributable to the launch of the AD7C(TM) urine test. Net losses
for the period ended March 31, 1999 amounted to CAN$1,511,058, or CAN$0.08 per
share, compared to CAN$1,778,873, or CAN$0.10 per share, for the same period in
1998.
Research & Development expenses in the first quarter of 1999 were CAN$533,128
compared to CAN$625,197 for the same period last year. Marketing expenses during
this period were CAN$565,599, compared to CAN$989,133 for the first quarter last
year. General and Administrative expenses were CAN$461,188 in the first quarter
of 1999 compared to CAN$139,297 for the same period last year. The increase was
attributable mainly to higher expenditures in professional fees (CAN$93,053),
salaries (CAN$106,264) and the Nymox clinical reference laboratory
(CAN$122,615).
We wish to thank our shareholders for their continued support and look forward
to seeing many of you at our annual meeting on June 30, 1999.
Paul Averback, M.D.
President
May 15, 1999
<PAGE> 3
Consolidated Financial Statements of
(Unaudited)
NYMOX PHARMACEUTICAL CORPORATION
Three-month periods ended March 31, 1999, 1998 and 1997
<PAGE> 4
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Financial Statements
(Unaudited)
Three-month periods ended March 31, 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> 5
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Balance Sheets
(Unaudited)
March 31, 1999 and 1998, with comparative figures as at December 31, 1998
(in Canadian dollars)
<TABLE>
<CAPTION>
March 31, March 31, December 31,
1999 1998 1998
----------- ----------- ------------
(Unaudited) (Unaudited) (Audited)
<S> <C> <C> <C>
Assets
Current assets:
Cash $1,686,072 $3,028,067 $714,298
Short-term investments 544,312 -- 2,113,907
Accrued interest 33,758 -- 46,082
Accounts receivable 68,243 -- 74,653
Receivable from a financial institution -- 723,600 637,500
Research tax credits receivable 5,778 152,000 5,778
Notes receivable 270,960 56,000 273,995
Other receivables 57,914 59,205 43,028
---------- ---------- ----------
2,667,037 4,018,872 3,909,241
Capital assets 1,854,905 1,563,228 1,846,979
---------- ---------- ----------
$4,521,942 $5,582,100 $5,756,220
=========== =========== ===========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and
accrued liabilities $229,296 $149,392 $434,440
Shareholders' equity:
Capital stock 23,544,055 17,997,746 23,011,556
Deficit (19,251,409) (12,565,038) (17,689,776)
---------- ---------- ----------
4,292,646 5,432,708 5,321,780
---------- ---------- ----------
$4,521,942 $5,582,100 $5,756,220
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
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NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Earnings
(Unaudited)
Three-month periods ended March 31, 1999, 1998 and 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
1999 1998 1997
----------- ----------- -----------
<S> <C> <C> <C>
Revenue:
Service fees $ 85,239 $ 3,989 $ --
Interest 16,978 12,751 4,227
----------- ----------- -----------
102,217 16,740 4,227
Expenses:
Research and development 533,128 625,197 582,915
Less investment tax credits -- (2,000) (66,000)
----------- ----------- -----------
533,128 623,197 516,915
Marketing 565,599 989,133 459,580
General, administrative and
cost of sales 461,188 139,297 118,275
Depreciation and amortization 52,033 42,120 38,532
Interest and bank charges 1,327 1,866 3,497
----------- ----------- -----------
1,613,275 1,795,613 1,136,799
Net loss $(1,511,058) $(1,778,873) $(1,132,572)
=========== =========== ===========
Loss per share $ (0.08) $ (0.10) $ (0.06)
----------- ----------- -----------
Weighted average number of common
shares outstanding 19,765,404 18,718,815 17,931,049
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
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NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Deficit
(Unaudited)
Three-month periods ended March 31, 1999, 1998 and 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
1999 1998 1997
------------ ----------- ------------
<S> <C> <C> <C>
Deficit, beginning of period $(17,689,776) $(10,703,165) $(5,472,710)
Net loss (1,511,058) (1,778,873) (1,132,572)
Share issue costs (50,575) (83,000) --
------------ ------------ -----------
Deficit, end of period $(19,251,409) $(12,565,038) $(6,605,282)
============ ============ ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
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NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
Three-month periods ended March 31, 1999, 1998 and 1997
(in Canadian dollars)
<TABLE>
<CAPTION>
1999 1998 1997
----------- ----------- -----------
<S> <C> <C> <C>
Cash flows from:
Operations:
Net loss $(1,511,058) $(1,778,873) $(1,132,572)
Item not involving cash:
Depreciation and amortization 52,033 42,120 38,532
Net change in non-cash operating
working capital items 439,239 (894,753) (77,305)
----------- ----------- -----------
(1,019,786) (2,631,506) (1,171,345)
Financing:
Proceeds from issuance of capital stock 532,499 3,641,114 16,250
Share issue costs (50,575) (83,000) --
----------- ----------- -----------
481,924 3,558,114 16,250
Investment:
Additions to capital assets (59,959) (185,886) (62,098)
----------- ----------- -----------
(Decrease) increase in cash and short-term
investments (597,821) 740,722 (1,217,193)
Cash and short-term investments,
beginning of period 2,828,205 2,287,345 2,506,927
----------- ----------- -----------
Cash and short-term investments,
end of period $2,230,384 $3,028,067 $1,289,734
=========== =========== ===========
Supplemental disclosure to statements of
cash flows:
Income taxes paid $ -- $ -- $ --
Interest paid 1,327 1,866 3,497
=========== =========== ===========
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
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NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
Three-month periods ended March 31, 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 March 31, 1999 and 1998 and
the unaudited consolidated statements of earnings, deficit and cash flows for
the three-month periods ended March 31, 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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NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Three-month periods ended March 31, 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>
1999 1998 1997
---------- ---------- ----------
<S> <C> <C> <C>
Net loss, Canadian GAAP $(1,511,058) $(1,778,873) $(1,132,572)
Adjustments:
Amortization of patents (19,514) (14,713) (9,870)
---------- ---------- ----------
Net loss, U.S. GAAP $(1,530,572) $(1,793,586) $(1,142,442)
========== ========== ==========
Loss per share, U.S. GAAP $ (0.08) $ (0.10) $ (0.06)
========== ========== ==========
</TABLE>
(b) Consolidated shareholders' equity:
The reconciliation of shareholders' equity reported in accordance with
Canadian GAAP with U.S. GAAP is as follows:
<TABLE>
<CAPTION>
1999 1998 1997
---------- ---------- ----------
<S> <C> <C> <C>
Shareholders' equity, Canadian GAAP $4,292,646 $5,432,708 $2,713,659
Adjustments:
(i) Amortization of patents:
Cumulative effect to beginning
of the period (255,216) (180,139) (130,606)
Current period (19,514) (14,713) (9,870)
---------- ---------- ----------
(274,730) (194,852) (140,476)
(ii) Stock-based compensation:
Cumulative effect to beginning
of period (1,148,500) (742,000) (592,000)
---------- ---------- ----------
Increase in deficit (1,423,230) (936,852) (732,476)
---------- ---------- ----------
Shareholders' equity, U.S. GAAP $2,869,416 $4,495,856 $1,981,183
========== ========== ==========
</TABLE>
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NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Three-month periods ended March 31, 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 $16,978 $85,239
1998 12,751 3,989
1997 4,227 --
Net loss:
1999 (767,359) (743,699)
1998 (964,445) (814,428)
1997 (689,283) (443,289)
Identifiable assets:
March 31, 1999 3,675,478 846,464
March 31, 1998 5,235,864 346,236
December 31, 1998 4,940,335 815,885
========= =======
</TABLE>
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