Adherex Technologies Reports Year-End Results for Fiscal 2002

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Adherex Technologies Reports Year-End Results for Fiscal 2002

9/27/2002 6:14:00 PM
OTTAWA, Sep 27, 2002 (BUSINESS WIRE) -- Adherex Technologies Inc. (CA:AHX) , an Ottawa-based biotechnology company developing novel therapeutics based on cell adhesion technologies, reported its year-end results today for the fiscal year ended June 30, 2002.

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At year-end, Adherex had $8.8 million in cash, cash equivalents and short-term investments compared to $14.2 million for the year ended June 30, 2001. Operating expenses were $6.1 million in fiscal 2002 versus $4.0 million for fiscal 2001, a 53% increase. This increase is due to pre-clinical development of the Company's lead compound, EXHERIN(TM). The net loss for fiscal 2002 was $5.6 million compared to $3.7 million for fiscal 2001.

"This is an exciting time for Adherex," said John Brooks, Chief Executive Officer of Adherex Technologies. "We are pleased to have completed the pre-clinical development of EXHERIN(TM) with more than sufficient funds to move into the clinical development phase, and expect rapid advancements in both our drug development programs and in value for our shareholders."

Over the last year, significant progress was made in the development of EXHERIN(TM), with completion of manufacturing, formulation, pre-clinical toxicology, clinical protocol development and efficacy studies required for Clinical Trial Application. EXHERIN(TM) works to destroy the blood vessels that feed a cancerous tumor, essentially destroying the tumor's food supply. Adherex has positive results from animal studies using breast, colon, lung and ovarian tumors that show the eruption of tumor vessels, the slowing of tumor growth and the death of cancer cells. Clinical trials for EXHERIN(TM) are on track to begin by the end of 2002.

Additionally, Adherex has strengthened its intellectual property portfolio this fiscal year with 7 new US patents granted, including patents involving treatment of spinal cord injury, and drug delivery with Adherex compounds.

The Adherex executive team was strengthened in 2002 with the addition of Robin Norris, MD as Chief Operating Officer of the Company, and his subsequent appointment to President of the Company. Dr. Norris has broad experience in drug development and his addition brings to Adherex strengths in moving products into human trials, management of scientific programs and business development/licensing.

Adherex's Annual Meeting will be held on Tuesday, November 5, 2002 at 3:45 p.m. in the Capital Hall Salon 2B of the Ottawa Congress Centre, located at 55 Colonel By Drive, Ottawa, Ontario.

About Adherex Technologies


Adherex Technologies is an Ottawa-based biotechnology company that develops therapeutic drugs based upon its proprietary cell adhesion platform technology. The lead compound, EXHERIN(TM), works to destroy the blood vessels that feed a cancerous tumor, essentially destroying the tumor's food supply. Adherex's unique cell adhesion platform has the potential for diverse applications, including drug delivery through the skin. For more information, please visit Adherex's Web site at www.adherex.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Certain information contained in this news release is forward-looking and is subject to unknown risks and uncertainties. The actual results, performance or achievements of the company may differ materially from the results, performance or achievements of the company expressed or implied by such forward looking statements.

ADHEREX TECHNOLOGIES INC.
Financial Highlights
(Audited)
As at June 30,
2002 2001
----------------------------------------------------------------------
Cash and cash equivalents $314,008 $14,052,528
Cash pledged as collateral 300,000 100,000
Short-term investments 8,140,837 -
Other assets 1,582,836 1,671,405
----------------------------------------------------------------------
$10,337,681 $15,823,933
Accounts payable and
other liabilities $1,116,212 $961,690
Shareholders' equity 9,221,469 14,862,243
----------------------------------------------------------------------
$10,337,681 $15,823,933
Years Ended June 30,
Expenses 2002 2001
----------------------------------------------------------------------
General and
administration $1,376,069 $1,118,051
Research and development 4,752,045 2,890,950
----------------------------------------------------------------------
6,128,114 4,009,001
Other Income (153,860) -
Investment income (333,480) (293,876)
----------------------------------------------------------------------
(487,340) (293,876)
Net loss $5,640,774 $3,715,125
Net loss per share $(0.14) $(0.15)


Adherex Technologies Inc.
Investor relations contact:
Michelle Morin, 613/738-8000 Ext. 239
morin@adherex.com
or
Media contact:
Peter Block, 416/586-0180
pblock@national.com


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