|
(Amounts
in 000’s except for per common share data)
|
Nov.
30,
2006
|
Aug.
31,
2006
|
May
31,
2006
|
Feb.
28,
2006
|
Nov.
30,
2005
|
Aug.
31,
2005
|
May
31,
2005
|
Feb.
28,
2005
|
|||||||||||||||||
|
Revenue
|
$
|
23
|
$
|
7
|
$
|
14
|
$
|
5
|
$
|
6
|
$
|
1
|
$
|
-
|
$
|
3
|
|||||||||
|
Research
and development
|
1,122
|
1,331
|
1,353
|
2,296
|
2,631
|
3,957
|
2,332
|
3,175
|
|||||||||||||||||
|
General
and administrative
|
1,407
|
788
|
730
|
909
|
1,619
|
1,076
|
1,506
|
1,484
|
|||||||||||||||||
|
Net
loss
|
(3,117
|
)
|
(2,770
|
)
|
(2,920
|
)
|
(4,095
|
)
|
(5,102
|
)
|
(5,742
|
)
|
(4,598
|
)
|
(5,274
|
)
|
|||||||||
|
Basic
and diluted net loss per share
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|
$
|
(0.03
|
)
|
$
|
(0.03
|
)
|
$
|
(0.03
|
)
|
|
|
Cash
used in operating activities
|
(2,585
|
)
|
$
|
(1,814
|
)
|
$
|
(1,940
|
)
|
$
|
(3,956
|
)
|
$
|
(2,360
|
)
|
$
|
(4,809
|
)
|
$
|
(3,789
|
)
|
$
|
(4,106
|
)
|
||
|
(Amounts
in 000’s)
|
Less
than
|
|||||||||||||||
|
1
year
|
1-3
years
|
4-5
years
|
5+
years
|
Total
|
||||||||||||
|
Operating
leases
|
139
|
56
|
-
|
-
|
195
|
|||||||||||
|
Convertible
Debenture1
|
-
|
-
|
15,000
|
-
|
15,000
|
|||||||||||
|
Total
|
139
|
56
|
15,000
|
-
|
15,195
|
|||||||||||
|
•
|
We
have a history of operating losses. We expect to incur additional
losses
and we may never achieve or maintain
profitability.
|
|
•
|
We
will need to raise additional funds to conduct research and development,
preclinical studies, and clinical trials necessary to bring our
potential
products to market. We intend to raise additional financing, as
required,
through strategic alliance arrangements, the exercise of options
and
warrants, and the issuance of new share capital, as well as through
other
financing opportunities. There can be no assurance that these financing
efforts will be successful or that we will continue to be able
to meet our
ongoing cash requirements.
|
|
•
|
We
may be unable to obtain partnerships for one or more of our product
candidates which could curtail future development and negatively
impact
our share price.
|
|
•
|
We
may never develop any commercial drugs or other products that generate
revenues.
|
|
•
|
We
may be unable to obtain patents to protect our technologies from
other
companies with competitive products, and patents of other companies
could
prevent us from manufacturing, developing or marketing our
products.
|
|
•
|
We
may violate one or more of the operational covenants related to
our
convertible debentures that could result in an event of default
and the
requirement for early payment of our convertible
debentures.
|
|
•
|
Our
cash flow may not be sufficient to cover interest payments on the
secured
convertible debentures or to repay the debentures upon maturity
or in the
event of default.
|
|
•
|
Our
share price has been and may continue to be volatile and an investment
in
our common shares could suffer a decline in
value.
|
|
•
|
Future
sales of
our
common shares by us or by our existing shareholders could cause
our share price to
fall.
|
|
•
|
our
ability to obtain the capital required for research and
operations
|
|
•
|
the
regulatory approval process;
|
|
•
|
the
progress of our clinical trials;
|
|
•
|
our
ability to find and enter into agreements with potential
partners;
|
|
•
|
our
ability to attract and retain key
personnel;
|
|
•
|
changing
market conditions; and
|
|
•
|
other
risks detailed from time-to-time in our ongoing quarterly filings,
annual
information forms, annual reports and annual filings with Canadian
securities regulators and the United States Securities and Exchange
Commission
|