MRI contrast developer Epix Pharmaceuticals of Cambridge, MA, reported declining sales and a higher net loss for its 2005 fiscal year and fourth quarter.
The firm stated revenues of $1.8 million in the fourth quarter (end-December 31), compared with $2.2 million in the fourth quarter of 2004. For the year, the company booked revenues of $7.2 million, compared with $12.3 million for the prior fiscal year.
Losses continue to mount for Epix. The fourth quarter of fiscal 2005 saw a net loss of $5.3 million, compared with a net loss of $5.1 million for the same period in 2004. Net losses for the fiscal year jumped to $24.3 million, compared with net losses of $20.4 million in fiscal 2004.
Epix said that it is in discussion with a privately held therapeutics company for what it terms a "transformative" transaction. In addition, the company said it is in discussions with four companies regarding a potential acquisition.
By AuntMinnie.com staff writers
February 16, 2006
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