Contrast agent developer Advanced Magnetics reported revenue of $663,000 in its 2001 fiscal year, up 11% compared with the $594,000 posted in the same period last year. For the period (end-December 31), the Cambridge, MA-based firm had a net loss of $542,000, compared with a net loss of $8.7 million in the 2000 fiscal first quarter.
The firm’s cost-cutting measures included the closing of its Princeton, NJ, offices, as well as consolidation of all operations at the firm's Cambridge, MA, headquarters. In connection with the closing, president and director Len Baum resigned on January 2.
By AuntMinnie.com staff writersJanuary 19, 2001
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