Northfield Laboratories ends first quarter with $34.5 million of cash

By Angela McDaniels

Seattle, Oct. 10 - Northfield Laboratories Inc.'s cash and cash equivalents shrank by $4.805 million, or roughly 12%, during the first quarter of fiscal 2007 ended Aug. 31, according to a company news release.

The company ended the quarter with $34.5 million of cash and cash equivalents, compared with $39.3 million of cash and cash equivalents at May 31.

Marketable securities decreased by 29% during the quarter to $23.78 million at Aug. 31 from $33.68 million at May 31.

Northfield reported a net loss of $7.6 million, or $0.28 cents per share, for the first quarter compared with a net loss of $5.8 million, or $0.22 cents per share, for the same period of last year.

As a development-stage company, Northfield noted it does not generate revenues.

Research and development costs increased slightly to $5.83 million for the first quarter from $5.09 million for the fourth quarter.

Northfield will host a conference call to discuss first-quarter financial results at 11 a.m. ET on Wednesday.

Northfield is an Evanston, Ill.-based company developing an oxygen-carrying red blood cell substitute for the treatment of life-threatening blood loss.

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