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Nymox Pharmaceutical Corp · 6-K · For 6/30/99

Filed On 8/10/99 · SEC File 1-12033 · Accession Number 950123-99-7363

  As Of               Filer                 Filing     On/For/As Docs:Pgs              Issuer               Agent

 8/10/99  Nymox Pharmaceutical Corp         6-K         6/30/99    1:12                                     950123

Report of a Foreign Private Issuer · Form 6-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 6-K         Nymox Pharmaceutical Corporation                      12     47K 

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934 

For the month of June 30, 1999  

Nymox Pharmaceutical Corporation

9900 Cavendish Blvd., St. Laurent, QC, Canada H4M 2V2 

  (indicate by check mark whether the registrant files or will file annual
reports under cover Form 20F or Form 40F)                                       

Form 20 F [X]     Form 40 F [ ]   

(Indicate by check mark whether the registrant by furnishing the      
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of  
1934)                                                                           

Yes [ ]      No [X]   

SIGNATURES

  Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the        
undersigned, thereunto duly authorized.                                         

                                      NYMOX PHARMACEUTICAL CORPORATION

                                      /s/ Roy Wolvin
                                      --------------------------------
Date: Aug. 9, 1999                                   (Registrant)               

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MESSAGE TO SHAREHOLDERS                                                         

Nymox is pleased to present its results for the second quarter of 1999.         

APPOINTMENTS                                                                    

In May, Nymox announced the appointment of Hon. W. David Angus, Q.C. as         
Non-Executive Chairman and a member of the Corporation's Board of Directors.    
Mr. Angus is a member of the Senate of Canada, serving on the Standing Committee
on Banking, Trade and Commerce.  He is also a senior partner at the Montreal    
office of Stikeman, Elliott, Canada's global law firm, and a director of several
other Canadian corporations and charitable organizations, including Air Canada, 
AON Reed Stenhouse Inc., Eastern Canada Towing Ltd. and the McGill University   
Health Center.                                                                  

Nymox also announced the appointment of Hans Black, M.D. as a member of the     
Board of Directors. Dr. Black has a doctorate in medicine from McGill           
University, and is Chairman and Chief Investment Officer of Interinvest         
Consulting Corporation, a Montreal-based global money management firm with      
offices in Toronto and Boston and affiliates in Bermuda and Zurich.  Dr. Black  
appears regularly on the PBS network show, Nightly Business Report, and has been
a guest lecturer at Harvard, Temple and McGill universities.                    

Nymox also announced that Dr. Colin Bier will assist in Regulatory Affairs. Dr. 
Bier has served on the Nymox Board of Directors for over three years.  Dr. Bier 
brings to Nymox extensive knowledge and expertise in regulatory affairs. He has 
a long and distinguished career as a research director, regulatory expert and   
consultant, and pharmaceutical executive.                                       

In June, the Company announced two important new scientific appointments. Dr.   
Sandra Tanner joined Nymox as Senior Scientist. Dr. Tanner received her Ph.D. in
Biological Sciences and has done advanced neuroscientific work with brain       
proteins at the National Institute of Health in Bethesda for the last six years.
Dr. Jay Murthy took charge of the Nymox U.S. Clinical Reference Laboratory. Dr. 
Murthy earned his Ph.D. in neurochemistry. Dr. Murthy is certified by the       
American Board of Clinical Chemistry, the American Society of Clinical          
Pathologists, the National Registry and is a Fellow of the National Academy of  
Clinical Biochemistry and the American Association of Clinical Chemistry, and   
has been associated with the George Washington University School of Medicine and
the Children's National Medical Center in Washington for the past decade.  Dr.  
Murthy has numerous important publications in top peer-reviewed journals in     
clinical chemistry and clinical biochemistry.                                   

MARKETING                                                                       

On June 17, Nymox announced that it had signed an agreement with the Laboratorio
de Investigacoes Diagnosticas (LID) in Brazil to provide the AD7C(TM) urine     
test from the LID in Brazil. LID is a major clinical reference laboratory in    
Brazil, which provides extensive laboratory services, with ten clinical         
laboratories throughout Brazil including Sao Paolo and Rio de Janeiro.          

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On June 22, Nymox announced that it had developed a dramatically improved new   
urine test for Alzheimer's disease ("AD"). The new Nymox "7C-Gold" test is in a 
format that can easily be packaged for global mass distribution.                

The new patented "7C-Gold" test uses special gold particles in a liquid phase   
system.  The test will be manufactured in a format that requires no special     
expertise to execute and that will provide rapid results that are easy to read. 
The test has been designed for widespread use, in the doctor's office or in the 
clinical lab setting. The Company has not yet announced projected dates for     
introduction of the new test to the market, but it is expected to be available  
for sale in many parts of the world in 1999.                                    

The new technological breakthrough is the outcome of a strategic collaboration  
in 1999 between Nymox's new head office assay development team led by Dr. Paul  
Averback and Dr. Colin Bier, and an expert team from Serex, Inc. (Maywood,      
New Jersey), led by Dr. Judith Fitzpatrick.  The new technology utilizes        
materials licensed by Nymox from Harvard University, The Massachusetts General  
Hospital, and the Research Center at Rhode Island Hospital and Brown University 
School of Medicine, and is based on the fundamental research discoveries and    
worldwide patents licensed to Nymox from the prestigious laboratories of        
Dr. Jack Wands and Dr. Suzanne de la Monte.                                     

On June 29, Nymox announced that it had signed a letter of agreement with       
Healthchoice Community Health Care Systems, Inc. of Florida to provide the      
AD7C(TM) urine test for the members of this large Florida HMO.  The             
reimbursement agreement for AD7C(TM) will include the Healthchoice PPO,         
Healthchoice Select Commercial HMO, Healthchoice One, Healthchoice Plus,        
Prudential/Healthchoice HMO, Healthchoice Cares and Senior Care.                

FINANCIAL RESULTS                                                               

Sales revenues for the period ended June 30, 1999 increased to CAN$68,539       
compared to CAN$29,384 for the same period in 1998, The increase is attributable
to the launch of the AD7C(TM) urine test. Net losses amounted to CAN$733,732 for
the period ending June 30, 1999, or CAN$0.036 per share, compared to            
CAN$1,592,013, or CAN$0.082 per share, for the same period in 1998 (or US$0.025 
per share compared to US$0.056 per share for the same period in 1998).          

Research & Development expenses in the second quarter of 1999 were CAN$327,464  
compared to CAN$645,638 for the same period last year. Marketing expenses during
this period were CAN$205,437, compared to CAN$678,864 for the second quarter    
last year. General and Administrative expenses were CAN$298,984 in the second   
quarter of 1999 compared to CAN$335,609 for the same period last year.          
Management is extremely pleased with its successful efforts in the second       
quarter (loss of US$0.025 per share) of moving toward the goal of cashflow      
neutrality.                                                                     

Paul Averback MD - President                                                    
August 9, 1999                                                                  

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Consolidated Financial Statements of
(Unaudited) 

NYMOX PHARMACEUTICAL CORPORATION

Periods ended June 30, 1999, 1998 and 1997

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NYMOX PHARMACEUTICAL CORPORATION                                                
Consolidated Financial Statements                                               
(Unaudited)                                                                     

Periods ended June 30, 1999, 1998 and 1997                                      

                                                                · Download Table
                                                                    
FINANCIAL STATEMENTS                                                

     Consolidated Balance Sheets ..........................        1

     Consolidated Statements of Earnings ..................        2

     Consolidated Statements of Deficit ...................        3

     Consolidated Statements of Cash Flows ................        4

     Notes to Consolidated Financial Statements ...........        5


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NYMOX PHARMACEUTICAL CORPORATION                                                
Consolidated Balance Sheets                                                     
(Unaudited)                                                                     

June 30, 1999 and 1998, with comparative figures as at December 31, 1998        
(in Canadian dollars)                                                           

                                                                · Download Table

                                            June 30,     June 30,    December 31, 
                                              1999         1998          1998     
                                          -----------   -----------  ------------ 
                                          (Unaudited)   (Unaudited)    (Audited)  
                                                                                  
Assets                                                                            

Current assets:                                                                   
   Cash                                    $1,469,431    $2,980,030    $  714,298 
   Short-term investments                     262,350     2,896,925     2,113,907 
   Accrued interest                            16,819        89,775        46,082 
   Accounts receivable                         64,488            --        74,653 
   Notes receivable                           264,448        82,000       273,995 
   Research tax credits receivable              7,644       155,347         5,778 
   Other receivables                           20,231        55,545        43,028 
   Receivable from a financial institution         --            --       637,500 
   Prepaid expenses                           146,300        13,115            -- 
                                           ----------    ----------    ---------- 
                                            2,251,711     6,272,737     3,909,241 

Capital assets                              1,619,631     1,559,554     1,846,979 
                                           ----------    ----------    ---------- 
                                           $3,871,342    $7,832,291    $5,756,220 
                                           ==========    ==========    ========== 

Liabilities and Shareholders' Equity                                              

Current liabilities:                                                              
   Accounts payable and                                                           
   accrued liabilities                    $    88,503   $   158,239   $   434,440 

Shareholders' equity:                                                             
   Capital stock                           23,767,980    21,831,103    23,011,556 
   Deficit                                (19,985,141)  (14,157,051)  (17,689,776)
                                           ----------    ----------    ---------- 
                                            3,782,839     7,674,052     5,321,780 
                                           ----------    ----------    ---------- 
                                          $ 3,871,342   $ 7,832,291   $ 5,756,220 
                                          ===========   ===========   =========== 

See accompanying notes to unaudited consolidated financial statement   s.       

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NYMOX PHARMACEUTICAL CORPORATION                                                
Consolidated Statements of Earnings                                             
(Unaudited)                                                                     

Periods ended June 30, 1999, 1998 and 1997                                      
(in Canadian dollars)                                                           

                                                        · Enlarge/Download Table

                                              Three months ended June 30,               Six months ended June 30,         
                                     ----------------------------------------   ----------------------------------------- 
                                         1999          1998           1997          1999           1998           1997    
                                    -----------    -----------    -----------   -----------    -----------    ----------- 
                                                                                                                          
Revenues:                                                                                                                 
   Service fees                     $    68,539    $    29,384    $    18,919   $   151,492    $    33,373    $    18,919 
   Interest                               8,896         85,875         17,251        25,892         98,626         21,478 
                                    -----------    -----------    -----------   -----------    -----------    ----------- 
                                         77,435        115,259         36,170       177,384        131,999         40,397 

Expenses:                                                                                                                 
   Research and development             329,330        648,985        430,164       851,318      1,274,182      1,013,079 
   Less investment tax credits           (1,866)        (3,347)       (32,000)       (1,866)        (5,347)       (98,000)
                                    -----------    -----------    -----------   -----------    -----------    ----------- 
                                        327,464        645,638        398,164       849,452      1,268,835        915,079 
   General, administrative and                                                                                            
     cost of sales                      298,984        335,609        274,863       775,550        474,906        393,138 
   Marketing                            205,437        678,864        612,547       764,219      1,667,997      1,072,127 
   Depreciation and amortization         44,781         44,451         40,415        97,125         86,571         78,947 
   Interest and bank charges              1,880          2,710          2,264         3,207          4,576          5,761 
                                    -----------    -----------    -----------   -----------    -----------    ----------- 
                                        878,546      1,707,272      1,328,253     2,489,553      3,502,885      2,465,052 

Gain on disposal of capital assets       67,379             --             --        67,379             --             -- 
                                    -----------    -----------    -----------   -----------    -----------    ----------- 
Net loss                            $  (733,732)   $(1,592,013)   $(1,292,083)  $(2,244,790)   $(3,370,886)   $(2,424,655)
                                    ===========    ===========    ===========   ===========    ===========    =========== 
Loss per share                      $     (0.04)   $     (0.08)   $     (0.07)  $     (0.11)   $     (0.18)   $     (0.13)
                                    -----------    -----------    -----------   -----------    -----------    ----------- 
Weighted average number of common                                                                                         
     shares outstanding              19,837,354     19,383,390     18,135,172    19,799,854     19,052,938     18,033,270 
                                    ===========    ===========    ===========   ===========    ===========    =========== 

See accompanying notes to unaudited consolidated financial statements.          

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NYMOX PHARMACEUTICAL CORPORATION                                                
Consolidated Statements of Deficit                                              
(Unaudited)                                                                     

Periods ended June 30, 1999, 1998 and 1997                                      
(in Canadian dollars)                                                           

                                                        · Enlarge/Download Table

                                     Three months ended June 30,                  Six months ended June 30,         
                              -----------------------------------------   ----------------------------------------- 
                                   1999           1998          1997         1999            1998           1997    
                              ------------   ------------   -----------   ------------   ------------   ----------- 
                                                                                                                    
Deficit, beginning of period  $(19,251,409)  $(12,565,038)  $(6,605,282)  $(17,689,776)  $(10,703,165)  $(5,472,710)

Net loss                          (733,732)    (1,592,013)   (1,292,083)    (2,244,790)    (3,370,886)   (2,424,655)

Share issue costs                       --             --      (110,000)       (50,575)       (83,000)     (110,000)
                              ------------   ------------   -----------   ------------   ------------   ----------- 
Deficit, end of period        $(19,985,141)  $(14,157,051)  $(8,007,365)  $(19,985,141)  $(14,157,051)  $(8,007,365)
                              ============   ============   ===========   ============   ============   =========== 

See accompanying notes to unaudited consolidated financial statements.          

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NYMOX PHARMACEUTICAL CORPORATION                                                
Consolidated Statements of Cash Flows                                           
(Unaudited)                                                                     

Periods ended June 30, 1999, 1998 and 1997                                      
(in  Canadian dollars)                                                          

                                                        · Enlarge/Download Table

                                          Three months ended June 30,                     Six months ended June 30,        
                                 -------------------------------------------   ------------------------------------------- 
                                     1999            1998            1997          1999            1998            1997    
                                 -----------     -----------     -----------   -----------     -----------     ----------- 
                                                                                                                           
Cash provided by (used in):                                                                                                

Operations:                                                                                                                
    Net loss                     $  (733,732)    $(1,592,013)    $(1,292,083)  $(2,244,790)    $(3,370,886)    $(2,424,655)
    Items not involving cash:                                                                                              
         Depreciation and                                                                                                  
         amortization                 44,781          44,451          40,415        97,125          86,571          78,947 
         Gain on disposal of                                                                                               
         capital assets              (67,379)             --              --       (67,379)             --              -- 
    Net change in non-cash                                                                                                 
    operating working                                                                                                      
    capital items                   (248,883)        603,870         (89,369)      190,044        (290,883)       (166,675)
                                 -----------     -----------     -----------   -----------     -----------     ----------- 
                                 $(1,005,213)       (943,692)     (1,341,037)   (2,025,000)     (3,575,198)     (2,512,383)

Financing:                                                                                                                 
    Issuance of capital stock        223,925       3,833,357       4,533,213       756,425       7,474,471       4,549,463 
    Share issue costs                     --              --        (110,000)      (50,575)        (83,000)       (110,000)
                                 -----------     -----------     -----------   -----------     -----------     ----------- 
                                     223,925       3,833,357       4,423,213       705,850       7,391,471       4,439,463 

Investment:                                                                                                                
    Additions to capital assets       (9,715)        (40,777)       (152,939)      (69,674)       (226,663)       (215,036)
    Proceeds on disposal of                                                                                                
    capital assets                   292,400              --              --       292,400              --              -- 
                                 -----------     -----------     -----------   -----------     -----------     ----------- 
                                     282,685         (40,777)       (152,939)      222,726        (226,663)       (215,036)

(Decrease) increase in cash                                                                                                
and short-term investments          (498,603)      2,848,888       2,929,237    (1,096,424)      3,589,610       1,712,044 

Cash and short-term                                                                                                        
investments, beginning                                                                                                     
of period                          2,230,384       3,028,067       1,289,734     2,828,205       2,287,345       2,506,927 
                                 -----------     -----------     -----------   -----------     -----------     ----------- 
Cash and short-term                                                                                                        
investment, end of period        $ 1,731,781     $ 5,876,955     $ 4,218,971   $ 1,731,781     $ 5,876,955     $ 4,218,971 
                                 ===========     ===========     ===========   ===========     ===========     =========== 
Supplemental disclosure to                                                                                                 
statements of cash flows:                                                                                                  
    Income taxes paid            $        --     $        --     $        --   $       --      $        --     $        -- 
    Interest paid                      1,880           2,710           2,264         3,207           4,576           5,761 
                                 ===========     ===========     ===========   ===========     ===========     =========== 

See accompanying notes to unaudited consolidated financial statements.          

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NYMOX PHARMACEUTICAL CORPORATION                                                
Notes to Consolidated Financial Statements                                      
(Unaudited)                                                                     

Periods ended June 30, 1999, 1998 and 1997                                      
(in Canadian dollars)                                                           

Nymox Pharmaceutical Corporation (the "Corporation"), incorporated under the    
Canada Business Corporations Act, is a development stage biopharmaceutical      
corporation which specializes in the research and development of neurological   
therapeutics and diagnostics for the aging population, with an emphasis on      
Alzheimer's disease.                                                            

Since inception, the Corporation's activities have been primarily focused on    
developing certain pharmaceutical technologies and obtaining outside funding to 
support the continued development of its technologies.  The Corporation is      
subject to a number of risks, including the successful development and marketing
of its technologies.  In order to achieve its business plan, the Corporation    
anticipates the need to raise additional capital.  Management is confident that 
it will be able to obtain the continued financial support of its shareholders   
and/or new external financing to pursue its development.                        

The Corporation is listed on the Montreal Exchange and on the NASDAQ Stock      
Market.                                                                         

1. BASIS OF PRESENTATION:                                                       

(a)  Consolidation:                                                     

   The consolidated financial statements of the Corporation have been prepared
under Canadian generally accepted accounting principles and include the 
accounts of its wholly-owned US subsidiary.  Significant intercompany   
balances and transactions have been eliminated on consolidation.        

(b)  Interim financial statements:                                      

  The unaudited consolidated balance sheets as at June 30, 1999 and 1998 and
 the unaudited consolidated statements of earnings, deficit and cash flows
  for the periods ended June 30, 1999, 1998 and 1997 reflect all adjustments
 which are, in the opinion of management, necessary to a fair statement of
  the results of the interim periods presented.  There are no adjustments in
   these interim financial statements other than normal recurring adjustments.

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NYMOX PHARMACEUTICAL CORPORATION                                                
Notes to Consolidated Financial Statements, Continued                           
(Unaudited)                                                                     

Periods ended June 30, 1999, 1998 and 1997                                      
(in Canadian dollars)                                                           

2.   CANADIAN/US REPORTING DIFFERENCES:                                         

(a)  Consolidated statements of earnings:                             

       The reconciliation of earnings reported in accordance with Canadian
GAAP with US GAAP is as follows:                            

                                                        · Enlarge/Download Table

                                      Three months ended June 30,                       Six months ended June 30,          
                              --------------------------------------------   ----------------------------------------------
                                 1999           1998            1997            1999            1998             1997      
                              ----------     -----------     -----------    -----------     ------------     ------------  
                                                                                                                           
Net loss, Canadian GAAP        $(733,732)    $(1,592,013)    $(1,292,083)   $(2,244,790)     $(3,370,886)     $(2,424,655) 
Adjustments:                                                                                                               
     Amortization of patents     (19,656)        (15,276)        (13,761)       (39,170)         (29,989)         (23,631) 
                               ---------     -----------     -----------    -----------      -----------      -----------  
     Net loss, US GAAP         $(753,388)    $(1,607,289)    $(1,305,844)   $(2,283,960)     $(3,400,875)     $(2,448,286) 
                               =========     ===========     ============   ===========      ===========      ===========  
     Loss per share, US GAAP   $   (0.04)    $     (0.08)    $     (0.07)   $     (0.12)     $     (0.18)     $     (0.13) 
                               =========     ===========     ===========    ===========      ===========      ===========  

(b)  Consolidated shareholders' equity:                               

          The reconciliation of shareholders' equity reported in accordance with
Canadian GAAP with US GAAP is as follows:                   

                                                        · Enlarge/Download Table

                                                    June 30,                         
                                           --------------------------   December 31, 
                                              1999            1998          1998     
                                           ----------      ----------   ------------ 
                                                                                     
Shareholders' equity, Canadian GAAP        $3,782,839      $7,674,052     $5,321,780 

Adjustments:                                                                         
     (i)   Amortization of patents:                                                  
           Cumulative effect to beginning                                            
             of the period                   (255,216)       (180,139)      (180,139)
           Current period                     (39,170)        (29,989)       (75,077)
                                           ----------       ---------     ---------- 
                                             (294,386)       (210,128)      (255,216)

     (ii)  Stock-based compensation:                                                 
           Cumulative effect to beginning                                            
             of period                     (1,148,500)       (742,000)      (742,000)
           Current period                          --              --       (406,500)
                                           ----------      ----------     ---------- 

                                           (1,148,500)       (742,000)    (1,148,500)
                                           ----------      ----------     ---------- 
           Increase in deficit             (1,442,886)       (952,128)    (1,403,716)
                                           ----------      ----------     ---------- 
Shareholders' equity, US GAAP              $2,339,953      $6,721,924     $3,918,064 
                                           ==========      ==========     ========== 

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NYMOX PHARMACEUTICAL CORPORATION                                                
Notes to Consolidated Financial Statements, Continued                           
(Unaudited)                                                                     

Periods ended June 30, 1999, 1998 and 1997                                      
(in Canadian dollars)                                                           

3.   SEGMENT DISCLOSURES:                                                       

Geographic segment information was as follows:                        

                                                                · Download Table

                                                          United    
                                         Canada           States    
                                      -----------       ----------- 
                                                                    
Revenues:                                                           
     1999                             $    25,867       $   151,517 
     1998                                  98,626            33,373 
     1997                                  21,478            18,919 

Net loss:                                                           
     1999                              (1,324,459)         (920,331)
     1998                              (1,466,043)       (1,904,843)
     1997                              (1,287,629)       (1,137,026)

Identifiable assets:                                                
     June 30, 1999                      3,126,949           744,393 
     June 30, 1998                      7,248,451           583,840 
     December 31, 1998                  4,940,335           815,885 
                                      ===========       =========== 


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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This 6-K Filing	Date	First	Last	Other Filings

	6/30/97	4	12	6-K
	6/30/98	4	12	6-K
	12/31/98	6		20-F
For The Period Ended	6/30/99	1	12
	8/9/99	1	3
Filed On / Filed As Of	8/10/99

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Nymox Pharmaceutical Corp · 6-K · For 6/30/99

Filed On 8/10/99 · SEC File 1-12033 · Accession Number 950123-99-7363

Report of a Foreign Private Issuer · Form 6-KFiling Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Report of a Foreign Private Issuer · Form 6-K
Filing Table of Contents