Neurochem's 2nd-qtr losses up 9%

Canadian drugmaker Neurochem says that it suffered a net loss of C$20.4 million ($18.2 million), or $0.53 per share, for the second quarter ended June 30, 2006. The firm said that the increased loss, up 9.1% on the comparable period last year, was due to its higher R&D costs relating to ongoing European and US Phase III assessment of the developmental Alzheimer's disease treatment Alzhemed (tramiprosate).

Neurochem also reported that, as of June 30, its cash, cash equivalents and marketable securities stood at C$41.9 million, a drop of some 41.1% from December 31 last year. The firm attributed the decrease to increased operational costs, but added that the decline had been partially offset by the C$9.1 million in proceeds it received following fellow Canadian company Picchio Pharma's decision to exercise a 2003 warrant entitlement earlier this year (Marketletter February 27).

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