On Thursday, "drug developer" Northfield Laboratories (NASDAQ:NFLD) announced that further results and the reanalysis of data from its phase 3 study for development-stage blood-substitute PolyHeme would not be released until May.

Back in December, Northfield released top-line data from the controversial PolyHeme study; results were mixed at best.

In no way stalling for time, Northfield requested that its contract research organization reanalyze the data "to ensure absolute accuracy" after two patients out of 712 in this complex study may have had their dates of death inaccurately classified. It is this reanalysis that Northfield is waiting on and which will be delayed until May.

No matter when the research organization finishes its evaluation of the study, the indication that Northfield is going after for PolyHeme is not some incurable metastatic cancer indication. Additionally, PolyHeme has not proven to extend patient lives, so there is little chance that the drug will gain approval from the FDA (once Northfield stops stalling and files a marketing application, that is).

Another clinical trial may be deemed necessary, even if the drug is somehow able to squeeze an approvable letter out of the FDA. But getting any more PolyHeme studies approved would be quite a feat after all the negative media and congressional attention its last PolyHeme clinical trial received.

In April, Northfield announced its quarterly financial results and working capital (current assets minus current liabilities) of $43 million. Considering the lack of any drug development pipeline and the slim odds that PolyHeme will ever make it to market, shares of Northfield appear overvalued at any market capitalization that values the company much above this break-apart level. In other words, even at its much reduced market cap of $130 million and low $5 stock price, shares of Northfield are no great bargain.  

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Fool contributor Brian Lawler prefers the west versus the north and does not own shares of any company mentioned in this article. The Fool has a disclosure policy.