MRI contrast-agent developer Epix Medical reported third-quarter 2003 revenues of $3.9 million, compared with $2.8 million in sales recorded in the third quarter of 2002. For the period (end-September 30), the Cambridge, MA-based firm had a net loss of $3.4 million, compared with a net loss of $5.6 million reported for the third quarter last year.
During the first three quarters of 2003, Epix received $11.2 million in revenues, primarily from product-development contracts with Schering and an increase in royalties from Bracco Imaging. Epix has also trimmed its net losses for the period compared with last year, posting a $12.4 million loss in the fiscal year thus far versus $16.9 million for the same period in 2002.
In other news, the company said it would release results from the final two trials in its four-trial phase III clinical study of its MS-325 magnetic resonance angiography (MRA) agent at the American Heart Association meeting on November 10 this year. The two trials, studying the use of MS-325 for imaging in the renal and pedal arteries, met their primary endpoints, according to Epix.
By AuntMinnie.com staff writersOctober 24, 2003
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