Neurochem's 2nd-qtr loss widens to C$33.8M

Canadian drugmaker Neurochem says that, for the three months ended June 30, 2007, its saw a net loss of C$33.8 million ($32.1 million), or C$0.83 per share, versus C$20.4 million, or C$0.53 per share, in the comparable period last year.

According to the firm, the wider loss was caused by a non-cash charge under Canadian Generally-Accepted Accounting Principles of C$11.6 million relating to the C$40.0 million 5% senior subordinated convertible notes which were converted into common shares during the current quarter at C$9 per share.

During the period, Neurochem's R&D expenses amounted to C$16.1 million vs C$14.3 million due to greater costs incurred in relation to the development of Alzhemed (tramiprosate), primarily in respect to the ongoing Phase III clinical trial in Europe and the North American open-label extension of a Phase III study, as well as the conduct of a QT cardiac status Phase I study. The agent is the company's product candidate for Alzheimer's disease.