AXM Pharma Provides Third Quarter 2005 Update
23 November 2005 - 1:32AM
PR Newswire (US)
LAS VEGAS, Nov. 22 /PRNewswire-FirstCall/ -- AXM Pharma, Inc.
(AMEX:AXJ), a manufacturer of proprietary and generic
pharmaceutical and nutraceutical products for the Chinese and other
Asian markets, today announced preliminary financial results for
its third quarter ended September 30, 2005. Revenue for the third
quarter of 2005 totaled approximately $224,000; in the comparable
period in 2004, the Company had no operating revenues. While the
Company has not yet completed its preparation of its third quarter
financial statements, it currently estimates that its net loss for
the period was approximately $(3.3 - 3.6 million), or $(0.16 -
0.18) per fully diluted share, compared to a net loss of
$(3,148,745) for the comparable period in 2004, or $(0.22) per
fully diluted share. The Company has had to delay the filing of its
report on Form 10Q for the third quarter of 2005 because of the
need to first prepare and file a restatement of its second quarter
financial statements, as previously announced on October 31, 2005.
The Company filed an amended report on Form 10Q/A for the second
quarter ended June 30, 2005 on Monday, November 21, 2005,
reflecting the restated financial results. The Company is currently
in the process of preparing its financial statements for the third
quarter of 2005, and anticipates filing its Form 10Q for the third
quarter ended September 30, 2005 no later than November 30, 2005.
About AXM Pharma, Inc. AXM Pharma, Inc., through its wholly owned
subsidiary, AXM Pharma Shenyang, Inc ("AXM Shenyang"), is a
manufacturer of proprietary and generic pharmaceutical products,
which include injectables, capsules, tablets, liquids and medicated
skin products for export and domestic Chinese sales. AXM Shenyang
is located in the City of Shenyang, in the Province of Liaoning,
China. AXM Shenyang has an operating history of approximately 10
years. For additional information on AXM Pharma Inc, please visit
http://www.axmpharma.com/ or call the Company's investor relations
firm, the MKR Group, at 818-556-3700. Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995: The
statements contained in this news release include certain
predictions and projections that may be considered forward-looking
statements under securities law, including the statements regarding
the Company's opportunities for future growth. These statements
involve a number of important risks and uncertainties that could
cause actual results to differ materially including, but not
limited to, the performance of joint venture partners, obtaining
regulatory approvals to market the Company's products, the
uncertainties associated with distributing products in a developing
country such as China, the availability of cash to meet near term
requirements as well as other economic, competitive and
technological factors involving the Company's operations, markets,
services, products and prices. With respect to AXM, except for the
historical information contained herein, the matters discussed in
this news release are forward-looking statements involving risks
and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. Potential
risks and uncertainties include, but are not limited to, AXM's
extremely limited operating history, uncertainties related to the
Company's access to additional capital, competition and dependence
on key management. DATASOURCE: AXM Pharma, Inc. CONTACT: Investor
Relations, Charles Messman or Todd Kehrli, both of MKR Group, LLC,
+1-818-556-3700, , for AXM Pharma, Inc. Web site:
http://www.axmpharma.com/
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