HASBROUCK HEIGHTS, N.J., Nov. 14, 2014 (GLOBE NEWSWIRE) -- Nymox Pharmaceutical Corporation (Nasdaq:NYMX) announced today its financial results for the third quarter of 2014. Nymox reported net losses of $688,206, or $0.02 per share, for the quarter and $4,101,293, or $0.12 per share, for the nine months ended September 30, 2014, compared to net losses of $1,020,387, or $0.03 per share, for the quarter and $3,591,682, or $0.11 per share, for the nine months ended September 30, 2013. The decrease in net losses for the third quarter in 2014 compared to 2013 is mainly due to a reduction of $515,417 in clinical trial expenditures related to NX-1207 studies. The increase in net losses for the nine months ended September 30, 2014 compared to 2013 is mainly due to an increase of stock compensation charges of $1,261,367 relating to the grant of options offset by a decrease of $1,023,460 in clinical trial expenditures.
Revenues from sales amounted to $81,129 for the quarter and $257,172 for the nine months ended September 30, 2014, compared to $88,888 for the quarter and $458,320 for the nine months ended September 30, 2013. The decrease for the first nine-months of 2014 compared to the same period in 2013 is due to the non-recurrence of the sale of goods of $157,679 in 2013 under our licensing agreement with Recordati as well as a decrease in sales of NicAlertTM/TobacAlertTM.
Additionally, for the nine months ended September 30, 2014 and 2013, amounts of $1,963,200 respectively were recognized as revenue relating to the upfront payment received in December 2010 under the licensing agreement. The weighted average number of common shares for the nine months ended September 30, 2014 was 35,088,887, compared to 34,006,597 for the same period in 2013.
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. Since 2002, the Corporation has been developing its novel proprietary drug candidate, NX-1207, for the treatment of benign prostatic hyperplasia (BPH) and, since 2012, for the treatment of low-grade localized prostate cancer. The Company's U.S. BPH program is currently on hold, pending further evaluation of data, following the November 2, 2014, announcement that the two Phase 3 U.S. BPH studies had failed to meet their primary efficacy endpoints. The program for low grade localized prostate cancer, which recently completed a large Phase 2 study, continues in testing in the U.S. The Company has an extensive patent portfolio covering its marketed products, its investigational drug as well as other therapeutic and diagnostic indications.
More information about Nymox is available at www.nymox.com, email: info@nymox.com, or 800-936-9669.
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.