Northfield Laboratories Inc. Reports Fiscal 2009 Second Quarter Financial Results

  
    
  
  
    
      Northfield Laboratories Inc. (Nasdaq: NFLD) announced today financial 
      results for the second fiscal quarter ended November 30, 2008.
    
    
      For the second fiscal quarter, Northfield reported a net loss of $5.6 
      million, or $0.21 per share, compared with a net loss of $5.0 million, 
      or $0.19 per share, for the corresponding period last year. At the close 
      of the quarter, Northfield reported shareholders’ equity of $16.5 
      million, with $10.1 million in cash and marketable securities. As a 
      development stage company, Northfield does not generate revenues.
    
    
      Recent and Upcoming Events
    
    
      
        Northfield announced that its BLA for PolyHeme was accepted for filing 
        and that FDA has designated the submission for Priority Review, with a 
        review goal date of April 30, 2009.
      
      
        Northfield announced the manuscript entitled Human Polymerized 
        Hemoglobin for the Treatment of Hemorrhagic Shock when Blood Is 
        Unavailable: The USA Multicenter Trial was published in the 
        January 2009 print edition of the Journal of the American College of 
        Surgeons. The paper appeared in the on-line version in November 2008.
      
    
    
      
        Northfield’s Chairman and CEO Steven A. Gould, M.D., presented at the 
        Rodman and Renshaw 10th Annual Healthcare Conference in New 
        York in November.
      
      
        Dr. Gould has also accepted the invitation of BIO to present at the 
        upcoming BIO CEO & Investor conference in New York.
      
    
    
      Conference Call
    
    
      Northfield will host its second quarter 2009 earnings conference call 
      with the financial community on Monday, January 12, 2009 at 11:00 a.m. 
      Eastern Time (10 a.m. Central Time).
    
    
      This call is being webcast by Thomson Reuters and can be accessed at 
      Northfield’s Web site at http://www.northfieldlabs.com. 
      A replay will be available in the same location for two weeks following 
      the call.
    
    
      The webcast is also being distributed through the Thomson StreetEvents 
      Network to both institutional and individual investors. Individual 
      investors may listen to the call at http://www.fulldisclosure.com, 
      the Thomson Reuters individual investor portal powered by StreetEvents. 
      Institutional investors may access the call via Thomson’s 
      password-protected event management site, StreetEvents (http://www.streetevents.com).
    
    
      Investors may also dial 866.783.2139 and enter the passcode 97752406. A 
      replay of the call will be available for two weeks by dialing 
      888.286.8010 and entering the passcode 34016526.
    
    
      About Northfield Laboratories
    
    
      Northfield Laboratories is a leader in developing a hemoglobin-based 
      oxygen-carrying red blood cell substitute. The initial indication we are 
      seeking for our investigational product PolyHeme is the treatment of 
      life-threatening red blood cell loss when an oxygen-carrying fluid is 
      required and red blood cells are not available. PolyHeme is a solution 
      of chemically modified human hemoglobin that requires no cross-matching 
      and is therefore compatible with all blood types. It has an extended 
      shelf life in excess of 12 months. For further information, visit http://www.northfieldlabs.com.
    
    
      Forward Looking Statement
    
    
      This press release may contain forward-looking statements concerning, 
      among other things, Northfield’s future business plans and strategies 
      and clinical and regulatory developments affecting our PolyHeme red 
      blood cell substitute product. These forward-looking statements are 
      identified by the use of such terms as "intends," "expects," "plans," 
      "estimates," "anticipates," "should," "believes" and similar terms. 
      These forward-looking statements involve inherent risks and 
      uncertainties. Our actual results may therefore differ materially from 
      those predicted by the forward-looking statements because of various 
      factors and possible events, including the possibility that FDA may not 
      meet the required time periods for the review of our BLA 
      under applicable laws, regulations and guidances, our potential 
      inability to obtain FDA approval to market PolyHeme commercially based 
      on our BLA, our potential inability to regain compliance with applicable 
      Nasdaq listing standards, our need to obtain additional capital to 
      finance our ongoing business operations and the construction of an 
      expanded commercial-scale manufacturing facility, our potential 
      inability to obtain adequate supplies of raw materials and to 
      manufacture PolyHeme in commercial quantities, our potential inability 
      to market PolyHeme successfully, the possibility that competitors will 
      develop products that will render PolyHeme obsolete or non-competitive, 
      our potential inability to protect our intellectual property rights, the 
      outcome of a purported class action lawsuit as described in our most 
      recently filed quarterly report on Form 10-Q, the possibility that we 
      may be subject to product liability claims and other legal actions, our 
      dependency on a limited number of key personnel, the uncertainty of 
      third party reimbursement for our product and other risks and 
      uncertainties described from time to time in our periodic reports filed 
      with the Securities and Exchange Commission, including our most recently 
      filed annual report on Form 10-K and quarterly report on Form 10-Q. 
      These forward-looking statements speak only as of the date of this press 
      release. We do not undertake any obligation to update or publicly 
      release any revisions to forward-looking statements to reflect events, 
      circumstances or changes in expectations after the time such statement 
      is made. All subsequent written and oral forward-looking statements 
      attributable to Northfield or any person acting on our behalf are 
      qualified by this cautionary statement.
    
    
      
        
          NORTHFIELD LABORATORIES INC.
        
      
      
        
          (a company in the development stage)
        
      
      
        
           
        
      
      
        
          Balance Sheets
        
      
      
        
          November 30, 2008 and May 31, 2008
        
      
      
        
          (In thousands)
        
      
      
        
           
        
        
        
        
        
        
        
        
        
        
        
        
           
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
          Nov 31,
        
        
        
        
        
        
          May 31,
        
      
      
        
        
        
        
        
        
        
        
        
        
        
          2008
        
        
        
        
        
        
          2008
        
      
      
        
          Assets
        
        
        
        
        
        
        
        
          (unaudited)
        
        
        
        
        
        
        
      
      
        
          Current assets:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Cash
        
        
        
        
        
        
        
        
          $5,030
        
        
        
        
        
        
          $12,747
        
      
      
        
        
        
          Restricted cash
        
        
        
        
        
        
          77
        
        
        
        
        
        
          301
        
      
      
        
        
        
          Short-term marketable securities
        
        
          4,998
        
        
        
        
        
        
          7,980
        
      
      
        
        
        
          Prepaid expenses
        
        
        
        
        
        
          466
        
        
        
        
        
        
          696
        
      
      
        
        
        
          Other current assets
        
        
        
        
        
        
          306
        
        
        
        
        
        
          -
        
      
      
        
          Total current assets
        
        
        
        
        
        
          10,877
        
        
        
        
        
        
          21,724
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Plant and equipment, net
        
        
        
        
        
        
          8,436
        
        
        
        
        
        
          8,241
        
      
      
        
          Other assets
        
        
        
        
        
        
        
        
          20
        
        
        
        
        
        
          20
        
      
      
        
          Total assets
        
        
        
        
        
        
        
        
          $19,333
        
        
        
        
        
        
          $29,985
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Liabilities and Shareholders’ Equity
          
        
        
        
        
        
        
        
        
        
      
      
        
          Current liabilities:
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Accounts payable
        
        
        
        
        
        
          $1,655
        
        
        
        
        
        
          $1,917
        
      
      
        
        
        
          Accrued expenses
        
        
        
        
        
        
          72
        
        
        
        
        
        
          112
        
      
      
        
        
        
          Government grant liability
        
        
        
        
          77
        
        
        
        
        
        
          301
        
      
      
        
        
        
          Accrued compensation and benefits
        
        
          710
        
        
        
        
        
        
          658
        
      
      
        
        
        
          Other current liabilities
        
        
        
        
        
        
          306
        
        
        
        
        
        
          -
        
      
      
        
          Total current liabilities
        
        
        
        
        
        
          2,820
        
        
        
        
        
        
          2,988
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other liabilities
        
        
        
        
        
        
        
        
          15
        
        
        
        
        
        
          14
        
      
      
        
          Total liabilities
        
        
        
        
        
        
        
        
          2,835
        
        
        
        
        
        
          3,002
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Shareholders’ equity:
          
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Capital stock
        
        
        
        
        
        
          270
        
        
        
        
        
        
          270
        
      
      
        
        
        
          Additional paid-in capital
        
        
        
        
          247,960
        
        
        
        
        
        
          246,929
        
      
      
        
        
        
          
            Deficit accumulated during the development stage
          
        
        
          -231,732
        
        
        
        
        
        
          -220,216
        
      
      
        
          
            Total shareholders’ equity
          
        
        
        
        
        
        
          16,498
        
        
        
        
        
        
          26,983
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Total liabilities and shareholders’ equity
          
        
        
        
        
          $19,333
        
        
        
        
        
        
          $29,985
        
      
      
        
           
        
      
      
        
           
        
      
      
        
           
        
      
      
        
           
        
      
      
        
           
        
      
      
        
          NORTHFIELD LABORATORIES INC.
        
      
      
        
          (a company in the development stage)
        
      
      
        
           
        
      
      
        
          Statements of Operations
        
      
      
        
          Three months ended November 30, 2008 and November 30, 2007
        
      
      
        
          (In thousands except per share data)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
          Three Months Ended
        
      
      
        
        
        
        
        
        
        
        
        
        
        
          Nov 30,
        
        
        
        
        
        
          Nov 30,
        
      
      
        
        
        
        
        
        
        
        
        
        
        
          2008
        
        
        
        
        
        
          2007
        
      
      
        
        
        
        
        
        
        
        
        
        
        
          (unaudited)
        
        
        
        
        
        
          (unaudited)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Revenues - license income
        
        
        
        
          $
        
        
          -
        
        
        
        
          $
        
        
          -
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Costs and expenses:
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Research and development
        
        
        
        
          4,271
        
        
        
        
        
        
          3,940
        
      
      
        
        
        
          General and administrative
        
        
        
        
          1,377
        
        
        
        
        
        
          1,482
        
      
      
        
        
        
        
        
        
        
        
        
        
        
          5,648
        
        
        
        
        
        
          5,422
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income and expense:
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Interest income
        
        
        
        
        
        
          54
        
        
        
        
        
        
          401
        
      
      
        
        
        
          Interest expense
        
        
        
        
        
        
          -
        
        
        
        
        
        
          -
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Cumulative effect of change in accounting principle
          
        
        
        
        
          -
        
        
        
        
        
        
          -
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net loss
        
        
        
        
        
        
          $
        
        
          -5,594
        
        
        
        
          $
        
        
          -5,021
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net loss per basic share
        
        
        
        
          $
        
        
          -0.21
        
        
        
        
          $
        
        
          -0.19
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Shares used in calculation of per share data
          
        
        
        
        
        
        
          26,959
        
        
        
        
        
        
          26,938