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HASBROUCK HEIGHTS, N.J., May 15, 2015 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation (Nasdaq:NYMX) announced today its financial results for the first quarter of 2015 prepared in accordance with International Financial Reporting Standards. Nymox reported a net income of $1,576,551, or $0.04 per share for the quarter ended March 31, 2015, compared to a net loss of $2,592,816, or $0.07 per share for same period in 2014. The net income in 2015 is attributable to the recognition of $2,508,533 as revenue relating to the upfront payment received from Recordati in December 2010 compared with $654,400 for the quarter ended March 31, 2014. The increase of $1,854,133 in the first quarter of 2015 is due to the fact that the initial estimated service period of five years to recognize the upfront payment was modified following Recordati's termination of the European clinical trial. Consequently, the Corporation recognized, as revenue, an amount of $2,508,533 which represented the remaining deferred revenue relating to the upfront payment received in December 2010.
Excluding the additional $1,854,133 deferred revenue recognized as revenue, the Corporation would have incurred a net loss of $277,582 for the quarter ended March 31, 2015 compared to net loss of $2,592,816 for the same period in 2014. The decrease is mainly due to stock compensation charges of $16,551 in 2015 compared to $1,420,185 in 2014 combined to a reduction of $492,432 in clinical trial expenditures related to NX-1207 studies. The basic and diluted weighted average number of common shares outstanding for the quarter ended March 31, 2015 were 36,272,978 and 38,280,483 respectively, compared to basic and diluted weighted average number of common shares of 34,797,302 at March 31, 2014.
Revenues from sales amounted to $75,387 for the quarter ended March 31, 2015, compared to $78,164 for the same period in 2014.
Nymox Pharmaceutical Corporation is engaged in the research and development of therapeutics and diagnostics, with an emphasis on products for the unmet needs of the aging population. The Corporation is developing its novel proprietary drug candidate, NX-1207, for the treatment of benign prostatic hyperplasia (BPH) and for the treatment of low-grade localized prostate cancer. The Company has an extensive patent portfolio covering its investigational drugs as well as other therapeutic and diagnostic technologies.
This press release contains certain "forward-looking statements" as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in Nymox's filings with the United States Securities and Exchange Commission and other regulatory authorities.
CONTACT: For Further Information Contact: Paul Averback Nymox Pharmaceutical Corporation 1-800-93NYMOX www.nymox.comSource:Nymox Pharmaceutical Corporation