Alliance Pharmaceuticals reported fiscal third-quarter revenues of $22,000, down sharply from the $4.5 million posted in the same quarter a year ago. For the period (end-March 31), the San Diego-based firm had a net loss of $5.1 million, compared with a net loss of $6.2 million last year.
Alliance generates most of its sales from license and research revenues, and the company said that its 2002 second-quarter results included a $4.5 million one-time gain it received for selling additional rights to its PulmoSpheres technology to Inhale Therapeutics (now Nektar Therapeutics) of San Carlos, CA. Alliance compensated for lower revenues in the most recent quarter by slashing expenses, cutting its R&D expenses to $2.8 million from $8.2 million in the second quarter a year ago.
Alliance is planning to sell the rights to its Imagent ultrasound contrast agent to Photogen Technologies of New Hope, PA, in a deal announced in November 2002. Photogen is providing Alliance with bridge financing, without which Alliance would not have sufficient working capital to fund operations through June 30, Alliance said. Alliance’s cash position as of March 31 was $274,000, compared to $1.4 million on June 30, 2002, and the company is seeking additional financing to fund operations.
By AuntMinnie.com staff writersMay 16, 2003
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Alliance eyes bigger slice of ultrasound contrast market in bid for MBI, October 12, 2000
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