MRI contrast agent developer Advanced Magnetics reported revenues of $1.01 million for the third quarter (end-June 30), up from $851,000 in revenues posted for the same period last year. The Cambridge, MA firm had a net loss of $583,000 for the quarter, compared with a net loss of $2.3 million in the third quarter of 1999.
Earlier this month the firm agreed to be acquired by radiopharmaceutical developer Cytogen of Princeton, NJ. Advanced Magnetics also announced during the quarter that it had received an approvable letter from the FDA for its Combidex MRI contrast agent, subject to certain conditions.
By AuntMinnie.com staff writersJuly 24, 2000
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