November 02, 2005 11:54 ET

Nymox Announces $13 Million Equity Financing

HASBROUCK HEIGHTS, N.J.--(CCNMatthews - Nov 2, 2005) -

Nymox Pharmaceutical Corporation (NASDAQ: NYMX) announced today that the Company has secured commitment for $13 million in private equity financing. The funds will be used for general corporate purposes. The private placement of common stock is with institutional investors and is priced at a 3% discount to the market price. There are no warrants with the placement and no restrictions on other corporate financing.

Nymox's CEO, Paul Averback, said, "This new round of financing allows Nymox to continue to advance our products in development to market while maintaining our low burn rate, zero long term debt and minimal dilution to our shareholders. Our dilution rate (a few percent per year on average) is among the very best in the industry."

Nymox Pharmaceutical Corporation is a biotechnology company engaged in the research and development of therapeutics and diagnostics, with a particular emphasis on products targeted for the unmet needs of the aging population. Currently Nymox has three products on the market, and a healthy pipeline of drug and diagnostic products. The Company also has several hundred patents and patent applications. The Company is conducting pivotal Phase II clinical trials for NX-1207 a drug for benign prostatic hyperplasia (BPH). Nymox has a number of drugs in development for E. coli infection, Alzheimer's disease, oncology, and infectious disease. The Company markets NicAlert™ and TobacAlert™ tests for measuring tobacco product exposure. Nymox offers AlzheimAlert™, a test to aid in the diagnosis of Alzheimer's disease.

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.

Contact Information

  • Nymox Pharmaceutical Corporation
    Roy Wolvin, 1-800-93NYMOX
    website: www.nymox.com