MR contrast developer Epix Pharmaceuticals reported fourth-quarter revenues of $2.2 million, down 4.3% compared with the $2.3 million turned in last year. For the quarter (end-December 31), the Cambridge, MA-based firm had a net loss of $5.1 million, compared with a net loss of $8.4 million in the fourth quarter of 2003.
Epix had 2004 revenues of $12.3 million, down 8.9% compared with the $13.5 million posted in 2003. For the year, Epix had a net loss of $20.4 million, compared with a net loss of $20.8 million a year ago.
In other Epix news, the company said it has received correspondence from Italian contrast firm Bracco informing Epix that it had overstated non-U.S. MultiHance royalties for 2001-2004. Bracco said it would offset this overstatement against its royalty payments to Epix, which is challenging Bracco's position and its right under the Bracco license agreement to assert this position.
While Epix is disputing Bracco's position, the effect was reflected in negative royalty revenues in the fourth quarter of 2004. The decline in royalties and a decrease in product development revenues were partially offset, however, by achievement of Bracco's fourth-quarter receipt of Food and Drug Administration clearance for MultiHance.
By AuntMinnie.com staff writersFebruary 18, 2005
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