Northfield Labs narrows loss in fiscal 1st-qtr

USA-based Northfield Laboratories says that, for its first fiscal quarter ended August 31, 2007, it saw a net loss of $4.8 million, or $0.18 per share, compared with a net loss of $7.6 million, or $0.28 per share, for the corresponding period last year. At the close of the quarter, Northfield reported shareholders' equity of $41.1 million, with $34.2 million in cash and marketable securities. The firm has yet to generate revenues. It is currently developing an oxygen-carrying red blood cell substitute for the treatment of life-threatening blood 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 a shelf life in excess of 12 months.