MRI contrast agent developer Epix Medical reported revenue of $8.8 million in 2000, up significantly from 1999 revenue of $1.1 million. Epix attributed the revenue spike to its receipt of product development revenue from Schering AG pursuant to a strategic collaboration between the companies.
However, the Cambridge, MA-based vendor posted a net loss of $21 million for the year (end-December 31), compared with a net loss of $17 million in 1999. Epix cited higher costs for research and development related to the Schering AG collaboration, and expenses related to its thrombus imaging program, as factors contributing to the loss.
In the fourth quarter, Epix had revenues of $4.1 million, compared with $520,000 in 1999. For the period, Epix had a net loss of $6.7 million, compared with a net loss of $4.7 million in the fourth quarter of 1999.
By AuntMinnie.com staff writersFebruary 16, 2001
Related Reading
Epix CEO joins board of contrast agent association, February 9, 2001
Schering gains Japanese rights to Epix’s MS-325, January 9, 2001
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