MRI contrast agent developer Advanced Magnetics reported fiscal 2002 revenue of $5.7 million, down 4.4% compared with the $6 million posted in fiscal 2001. For the year (end-September 30), the Cambridge, MA-based firm had a net loss of $1.7 million, compared with a net loss of $3.8 million in fiscal 2001.
Advanced Magnetics had fourth-quarter revenue of $1 million, down 41% from the $1.7 million reported in the same period last year. The firm had a net loss of $2.4 million, compared with a net loss of $4.5 million last year.
Chairman, president, and CEO Jerome Goldstein said the company has a strong balance sheet and believes it has adequate financial and human resources to achieve its strategic objectives over the next few years.
By AuntMinnie.com staff writersNovember 25, 2002
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Advanced Magnetics restates FY 2001 results, January 31, 2002
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