<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, 2000
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: August 14, 2000 /s/ Paul Averback
------------------------------------------
Paul Averback, MD - President
<PAGE> 2
MESSAGE TO SHAREHOLDERS
-----------------------
Nymox is pleased to present its results for the second quarter of 2000.
A peer-reviewed publication in the April issue of Neurology again independently
verified the utility of Nymox's AD7CTM test as an aid to the diagnosis of
Alzheimer's disease. Neurology is the official journal of the American Academy
of Neurology. The clinical researchers in this independent study, led by Dr.
Philipp Kahle of Stanford, were from the Departments of Neurobiology,
Psychiatry, Behavioral Sciences, and Neurosurgery at Stanford, the Parkinson's
Institute of Sunnyvale California, and the Department of Psychiatry of
Ludwig-Maximilians-University School of Medicine in Munich, Germany. The study
found that neural thread protein (AD7C-NTP), a brain protein, was significantly
elevated in patients with Alzheimer's disease compared to controls. AD7C-NTP
levels also were found to correlate significantly with the severity of dementia
symptoms. The article stated "levels of AD7C-NTP correlated with severity of
dementia as assessed by MMSE (mini mental status examination), consistent with
the previous study using the Blessed dementia scale".
In June, Nymox announced that it had completed the development stage for its 7C
Gold kit for urine and was proceeding to the manufacturing stage and the
obtaining of regulatory approvals where needed. The 7C Gold test is designed as
an aid to the physician in the diagnosis of Alzheimer's disease. The test
provides a simple and accurate means to determine from a urine sample whether a
patient has an elevated level of neural thread protein (AD7C-NTP), a brain
protein that has extensively been proven in the past decade as a peripheral
marker for Alzheimer's disease. Fourteen peer-reviewed studies published in
medical journals have documented the usefulness and relevance of testing for
AD7C-NTP, including the recent confirmatory independent study published in
Neurology in April and described above.
The 7C Gold kit will be in packaged units consisting of monoclonal antibody
bound to colloidal gold particles and special membranes with coated antibodies
and relands. The test measures gold particle migration after treatment with the
patient's urine. The gold migrates further where the urine sample contains
elevated levels of AD7C-NTP. The unique and patented test is easy to perform and
produces visible results in less than half an hour.
In April, Nymox announced the appointment of Michael R. Sonnenreich to the Board
of Directors. Mr. Sonnenreich has vast experience in the global pharmaceutical
industry. He is a graduate of Harvard University Law School, and is currently
Chairman and CEO of Kikaku America International, Senior Partner of Sonnenreich,
Roccograndi & Woo P.C., President and CEO of Glocal Communications Corp. Ltd. of
London, Vice Chairman of PharMa International Corporation of Tokyo, Director of
Asset Advisory Services of Zurich, Member of the Board of Advisors of John
Hopkins University School of Advanced International Studies and Member of the
Board of Overseers of Tufts University Medical School. Mr. Sonnenreich has in
the past been a Board Member and a Trustee of numerous important companies and
universities, such as ABD American Capital Market Funds, the Integra Fund,
Continental Steel Inc., Scientific American, Medical Tribune International,
Clark University, the Maret School and has long-term involvements with many
non-profit institutions such as the Smithsonian Institution, the Washington
Opera, the New England Conservatory of Music, the North Carolina Museum of Art
Foundation, the University of Virginia Art Museum, the Richard Tucker Music
Foundation, and served as President of the National Coordinating Council on Drug
Education.
In May, Nymox announced the appointment of Professor Walter P. von Wartburg to
the Board of Directors. Professor von Wartburg is an international authority on
biotechnology and the pharmaceutical industry. He was a Member of the Executive
Committee of Novartis Inc. and was Chief Communications Officer of Novartis
until 1999. He is a graduate of the Universities of Basel, Paris, Princeton,
Stanford and Harvard Law School; Professor on public health policy at the Saint
Gall Graduate School of Economics, Business and Public Administration, and
author of various books and articles on drug abuse, pharmaceutical legislation,
biotechnology, and on issues of management, communications and business
administration. Professor von Wartburg is a Partner in the private law practice
of Law & Life Sciences in Basel; the Founder-President of the Swiss Foundation
for the Mentally Handicapped "PRO MENTE SANA"; Member of the National Advisory
Board of the Bioethics Institute of the Johns Hopkins University; Member of the
Advisory Council of the Bologna Center of the Paul H Nitze School of Advanced
International Studies, Bologna (Italy); Chairman of the Board of Directors of
the Basel Opera and Theatre, and Chairman of the Board of the University
Hospital of Basel.
Also in June, Nymox announced that Mizuho Medy Co. Ltd. of Japan had signed a
memorandum of agreement with Serex Inc. (majority owned by Nymox) for the
manufacture of Serex's nicotine test for tobacco exposure by Mizuho's American
subsidiary, Mizuho USA. Mizuho Medy Co. Ltd. will market Serex's nicotine tests
in Japan, and will be responsible for packaging and labeling in the Japanese
market. The nicotine test is a urinary assay for determination of tobacco
product exposure. The nicotine test uses Serex's unique patented reland LabtabTM
point of care quantitative immunoassay platform. The LabtabTM platform system
can be used for a broad range of point of care quantitative tests for diagnostic
applications, therapeutic drug monitoring, and toxic exposures. The test will be
marketed to individuals, laboratories, and insurance companies.
/s/ Paul Averback
-------------------------------------
Paul Averback MD - President & C.E.O.
August 15, 2000
<PAGE> 3
MANAGEMENT'S DISCUSSION AND ANALYSIS
(IN US DOLLARS)
REVENUES
Total revenues amounted to $107,720 for the six months ended June 30, 2000,
compared with $122,901 for the same period in 1999. Sales revenues amounted to
$73,488 for the six months ended June 30, 2000, compared with $104,962 for the
same period last year. All of the sales revenue was derived in the United States
from our various products and services. Interest revenue was $34,232 for the
period ended June 30, 2000 compared to $17,939 for the same period in 1999,
derived from interest earned on the cash received from the private placements.
RESEARCH AND DEVELOPMENT
Research and development expenditures were $797,366 for the six month period
ended June 30, 2000, compared with $588,548 for the same period in 1999.
Expenses in this area were budgeted to increase in 2000 with the new financing
secured by the Company.
MARKETING EXPENSES
Marketing expenses were $454,863 for the first half of 2000 compared to $529,494
for the same period in 1999. Increased expenditures are also budgeted in this
area in 2000.
ADMINISTRATIVE EXPENSES AND COST OF SALES
General, administrative and cost of sales expenses were $850,109 for the period
ended June 30, 2000, compared with $537,345 for the same period in 1999. The
increase is principally attributable to professional fees.
LONG-TERM COMMITMENTS
Nymox has no financial obligations of significance other than long-term lease
commitments for its premises in the United States and Canada of $16,203 per
month and ongoing research funding payments to a U.S. medical facility totaling
$172,000 for 2000.
RESULTS OF OPERATIONS
Net losses for the six months ended June 30, 2000 were $2,090,596, or $0.10 per
share, compared to $1,555,318, or $0.08 per share, for the same period in 1999.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2000, cash totaled $1,551,074. In November 1999, the Corporation
signed a common stock purchase agreement whereby the investor is committed to
purchase up to $12 million of the Corporation's common shares over a
thirty-month period commencing March 2000, when our F-1 registration statement
was declared effective. The Company also completed a private placement in March
2000 comprising 666,667 common shares at $6.00 per share, for total proceeds of
$4,000,000. A total of 93,334 warrants were issued as well, exercisable at a
price of $9.375 per share (66,667) and $7.8125 per share (26,667). These
warrants expire on March 6, 2004.
<PAGE> 4
Consolidated Financial Statements of
(Unaudited)
NYMOX PHARMACEUTICAL
CORPORATION
Periods ended June 30, 2000, 1999 and 1998
<PAGE> 5
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Financial Statements
(Unaudited)
Periods ended June 30, 2000, 1999 and 1998
FINANCIAL STATEMENTS
<TABLE>
<S> <C>
Consolidated Balance Sheets............................................ 1
Consolidated Statements of Operations.................................. 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, 2000 and 1999, with comparative figures as at December 31, 1999
(in US dollars)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
June 30, June 30, December 31,
2000 1999 1999
--------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited) (Audited)
<S> <C> <C> <C>
Assets
Current assets:
Cash $ 1,551,074 $ 1,018,105 $ 449,363
Short-term investments - 181,771 -
Accounts receivable 54,693 56,334 24,611
Research tax credits receivable 10,818 5,296 3,180
Notes receivable - 183,225 181,280
Other receivables 80,030 14,017 18,390
Prepaid expenses 128,500 101,365 100,000
--------------------------------------------------------------------------------------------------------------
1,825,115 1,560,113 776,824
Capital assets 1,296,022 1,122,172 1,168,316
Deferred share issuance costs 242,732 - 195,351
Intellectual property rights acquired (note 2)720,602 - -
--------------------------------------------------------------------------------------------------------------
$ 4,084,471 $ 2,682,285 $ 2,140,491
--------------------------------------------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and
accrued liabilities $ 513,078 $ 61,320 $ 486,916
Note payable - - 346,428
--------------------------------------------------------------------------------------------------------------
513,078 61,320 833,344
Shareholders' equity:
Share capital 21,570,789 16,467,803 16,912,963
Deficit (17,999,396) (13,846,838) (15,605,816)
--------------------------------------------------------------------------------------------------------------
3,571,393 2,620,965 1,307,147
--------------------------------------------------------------------------------------------------------------
$ 4,084,471 $ 2,682,285 $ 2,140,491
--------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
<PAGE> 7
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Operations
(Unaudited)
Periods ended June 30, 2000, 1999 and 1998
(in US dollars)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
Three months ended June 30, Six months ended June 30,
----------------------------------------- ------------------------------------------
2000 1999 1998 2000 1999 1998
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Revenue:
Service fees $ 35,227 $ 47,487 $ 20,360 $ 73,488 $ 104,962 $ 23,123
Interest 32,159 6,164 59,499 34,232 17,939 68,334
-----------------------------------------------------------------------------------------------------------------------------
67,386 53,651 79,859 107,720 122,901 91,457
Expenses:
Research and development 522,852 228,178 449,653 805,019 589,841 882,825
Less investment tax credits (4,115) (1,293) (2,319) (7,653) (1,293) (3,705)
-----------------------------------------------------------------------------------------------------------------------------
518,737 226,885 447,334 797,366 588,548 879,120
Marketing 232,973 142,338 470,356 454,863 529,494 1,155,683
General, administrative
and costs of sales 525,540 207,154 232,529 850,109 537,345 329,042
Depreciation and amortization 44,694 31,027 30,798 93,128 67,294 59,981
Interest and bank charges 1,018 1,303 1,878 2,850 2,222 3,171
-----------------------------------------------------------------------------------------------------------------------------
1,322,962 608,707 1,182,895 2,198,316 1,724,903 2,426,997
Gain on disposal of capital assets - 46,684 - - 46,684 -
-----------------------------------------------------------------------------------------------------------------------------
Net loss $ (1,255,576) $ (508,372) $ (1,103,036) $ (2,090,596) $ (1,555,318) $ (2,335,540)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Loss per share $ (0.06) $ (0.03) $ (0.06) $ (0.10) $ (0.08) $ (0.12)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Weighted average number of common
shares outstanding 20,858,422 19,837,354 19,383,390 20,582,761 19,799,854 19,052,938
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
<PAGE> 8
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Deficit
(Unaudited)
Periods ended June 30, 2000, 1999 and 1998
(in US dollars)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Three months ended June 30, Six months ended June 30,
---------------------------------- ---------------------------------
2000 1999 1998 2000 1999 1998
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Deficit, beginning of
period $(16,743,820) $(13,338,466) $ (8,705,770) $(15,605,816) $(12,256,479) $(7,415,759)
Net loss (1,255,576) (508,372) (1,103,036) (2,090,596) (1,555,318) (2,335,540)
Share issue costs - - - (302,984) (35,041) (57,507)
------------------------------------------------------------------------------------------------------------------------------------
Deficit, end of period $(17,999,396) $(13,846,838) $ (9,808,806) $(17,999,396) $(13,846,838) $ (9,808,806)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
<PAGE> 9
NYMOX PHARMACEUTICAL CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
Periods ended June 30, 2000, 1999 and 1998
(in US dollars)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
Three months ended June 30, Six months ended June 30,
----------------------------------------------------------------------------------------------------------------------
2000 1999 1998 2000 1999 1998
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (1,255,576) $ (508,372) $ (1,103,036) $ (2,090,596) $ (1,555,318) $ (2,335,540)
Adjustments for:
Depreciation and
amortization 44,694 31,027 30,798 93,128 67,294 59,981
Gain on disposal
of capital assets - (46,684) - - (46,684) -
Change in operating
assets and liabilities 69,451 (172,440) 418,395 (38,716) 131,673 (201,540)
---------------------------------------------------------------------------------------------------------------------------------
(1,141,431) (696,469) (653,843) (2,036,184) (1,403,035) (2,477,099)
Cash flows from financing activities:
Proceeds from issuance
of share capital - 155,148 2,655,967 4,000,000 524,094 5,178,737
Share issue costs (10,338) - (350,365) (35,041) (57,507)
Repayment of note
payable - - - (346,428) - -
---------------------------------------------------------------------------------------------------------------------------------
(10,338) 155,148 2,655,967 3,303,207 489,053 5,121,230
Cash flows from investing activities:
Additions to capital
assets (108,198) (6,730) (28,253) (165,312) (48,274) (157,046)
Proceeds on disposal
of capital assets - 202,591 - - 202,591 -
Net proceeds on
maturity of (purchases
of) short-term
investments - 195,359 (2,007,154) - 1,282,864 (773,810)
----------------------------------------------------------------------------------------------------------------------------------
(108,198) 391,220 (2,035,407) (165,312) 1,437,181 (930,856)
----------------------------------------------------------------------------------------------------------------------------------
(Decrease) increase in
cash (1,259,967) (150,101) (33,283) 1,101,711 523,199 1,713,275
Cash, beginning of period 2,811,041 1,168,206 2,098,016 449,363 494,906 351,458
----------------------------------------------------------------------------------------------------------------------------------
Cash, end of period $ 1,551,074 $ 1,018,105 $ 2,064,733 $ 1,551,074 $ 1,018,105 $ 2,064,733
----------------------------------------------------------------------------------------------------------------------------------
Supplemental disclosure to statements of cash flows:
(a) Interest paid $ 1,018 $ 1,303 $ 1,878 $ 2,850 $ 2,222 $ 3,171
(b) Non-cash
transaction:
Acquisition of
Serex, Inc. by
issuance of
common shares - - - 657,825 - -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
<PAGE> 10
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
Periods ended June 30, 2000, 1999 and 1998
(in US 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 NASDAQ Stock Market.
1. BASIS OF PRESENTATION:
(a) Consolidation and change in measurement currency:
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 subsidiaries. Significant
intercompany balances and transactions have been eliminated on
consolidation.
Effective January 1, 2000, the Corporation adopted the United States
dollar as its measurement currency as a result of the significance of
business activities conducted in the United States and the increasing
proportion of operating, financing and investing transactions in the
Canadian operations that are denominated in U.S. dollars. In
accordance with Canadian GAAP, comparative figures for 1999 and 1998
included in these consolidated financial statements have been
presented in US dollars using the convenience translation method
whereby all Canadian dollar amounts were converted into US dollars at
the closing exchange rate at December 31, 1999, which was $1.4433
Canadian dollar per US dollar.
(b) Interim financial statements:
The unaudited consolidated balance sheets as at June 30, 2000 and 1999
and the unaudited consolidated statements of operations, deficit and
cash flows for the periods ended June 30, 2000, 1999 and 1998 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.
<PAGE> 11
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended June 30, 2000, 1999 and 1998
(in US dollars)
--------------------------------------------------------------------------------
2. BUSINESS ACQUISITION:
On January 8, 2000, the Corporation entered into a share purchase agreement
to acquire a controlling interest in Serex, Inc. ("Serex"), a
privately-held development stage corporation based in New Jersey. The
Corporation acquired 72.3% of the issued and outstanding common stock of
Serex in exchange for 187,951 common shares of the Corporation having a
fair value of approximately $657,825, and a warrant to purchase 115,662 of
the Corporation's common shares at a price of $3.70 per share exercisable
on the following dates: (i) January 8, 2001 - 35,783 shares, (ii) January
8, 2002 - 30,000 shares, (iii) January 8, 2003 - 30,000 shares, (iv)
January 8, 2004 - 19,879 shares. In connection with this acquisition, the
Corporation also issued 40,000 options to the selling shareholder to
purchase the Corporation's shares. The options are exercisable at a price
of $3.70/share over a four-year period.
Details of the acquisition are as follows:
<TABLE>
---------------------------------------------------------------------------
<S> <C>
Assets acquired:
Current assets $ 98,746
Capital assets 19,056
Current liabilities (217,369)
---------------------------------------------------------------------------
(99,567)
Patents, technological platform and know-how acquired
("intellectual property rights") 757,392
---------------------------------------------------------------------------
Value of assets acquired $ 657,825
---------------------------------------------------------------------------
Consideration:
Common shares $ 657,825
---------------------------------------------------------------------------
At June 30, 2000, the balance of intellectual property rights consisted of:
---------------------------------------------------------------------------
Intellectual property rights, at cost $ 757,392
Less amortization (36,790)
---------------------------------------------------------------------------
$ 720,602
---------------------------------------------------------------------------
</TABLE>
<PAGE> 12
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended June 30, 2000, 1999 and 1998
(in US dollars)
--------------------------------------------------------------------------------
3. CANADIAN/US 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,
---------------------------------------- --------------------------------------------
2000 1999 1998 2000 1999 1998
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net loss, Canadian
GAAP $(1,255,576) $(508,372) $(1,103,036) $(2,090,596) $(1,555,318) $(2,335,540)
Adjustments:
Amortization of patents (i) 2,343 (13,619) (10,585) 4,392 (27,139) (20,779)
Change in reporting currency (iii) -- (1,501) 9,334 -- 45,606 (1,781)
Intellectual property rights (iv) -- -- -- (757,392) -- --
Amortization of intellectual
property rights (iv) 17,855 -- -- 36,790 -- --
-----------------------------------------------------------------------------------------------------------------------------------
20,198 (15,120) (1,251) (716,210) 18,467 (22,560)
-----------------------------------------------------------------------------------------------------------------------------------
Net loss, U.S. GAAP $(1,235,378) $(523,492) $(1,104,287) $(2,806,806) $(1,536,851) $(2,358,100)
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Loss per share, U.S. GAAP $ (0.06) $ (0.03) $ (0.06) $ (0.14) $ (0.08) $ (0.12)
-----------------------------------------------------------------------------------------------------------------------------------
</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>
-------------------------------------------------------------------------------------------------------------------------
June 30,
------------------------------------------------------------
2000 1999 1998
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Shareholders' equity, Canadian GAAP $3,571,393 $2,620,965 $5,317,018
Adjustments:
Amortization of patents (i) (163,025) (193,588) (146,706)
Stock-based compensation -- options
granted to non-employees (ii):
Cumulative compensation expense (1,000,416) (749,038) (518,700)
Additional paid-in capital 1,000,416 785,031 506,070
Change in reporting currency (iii) -- (45,558) 33,417
Intellectual property rights (iv) (757,392) -- --
Amortization of intellectual property rights (iv) 36,790 -- --
-------------------------------------------------------------------------------------------------------------------------
(883,627) (203,153) (125,919)
-------------------------------------------------------------------------------------------------------------------------
Shareholders' equity, U.S. GAAP $2,687,766 $2,417,812 $5,191,099
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 13
NYMOX PHARMACEUTICAL CORPORATION
Notes to Consolidated Financial Statements, Continued
(Unaudited)
Periods ended June 30, 2000, 1999 and 1998
(in US dollars)
--------------------------------------------------------------------------------
3. CANADIAN/US REPORTING DIFFERENCES (CONTINUED):
(i) In accordance with APB Opinion 17, INTANGIBLE ASSETS, the patents
are amortized using the straight-line method over the legal life
of the patents from the date the patent was secured. For
Canadian GAAP purposes, the patents are amortized commencing in
the year of commercial production of the developed products.
(ii) In accordance with FAS 123, ACCOUNTING FOR STOCK-BASED
COMPENSATION, compensation related to the stock options granted to
non-employees has been recorded in the accounts based on the fair
value of the stock options at the grant date. There are no comparable
Canadian standards.
(iii) As explained in note 1 (a), the Company adopted the US dollar as its
reporting currency effective January 1, 2000. For Canadian
GAAP purposes, the financial information for 1999 and 1998
has been translated into US dollars at the December 31, 1999
exchange rate. For United States GAAP reporting purposes, assets
and liabilities for all periods presented have been translated
into US dollars at the ending exchange rate for the respective
period and the statement of earnings at the average exchange rate for
the respective period.
(iv) Under U.S. GAAP, purchased research and development with no
alternative future uses is expensed in the year of acquisition. In
Canada, the acquisition of intellectual property rights and know-how
is capitalized and amortized using the straight-line basis over the
period of intended benefit, which was determined to be ten years.
4. SEGMENT DISCLOSURES:
Geographic segment information was as follows:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
United
Canada States
--------------------------------------------------------------------------------------
<S> <C> <C>
Revenues:
2000 $ 34,232 $ 73,488
1999 17,939 104,962
1998 68,334 23,123
Net loss:
2000 (1,247,918) (842,678)
1999 (917,661) (637,657)
1998 (1,015,757) (1,319,783)
Identifiable assets:
June 30, 2000 3,681,646 402,825
June 30, 1999 2,166,527 515,758
December 31, 1999 1,714,416 426,075
--------------------------------------------------------------------------------------
</TABLE>
