MRI contrast developer Epix Medical reported year-end 2003 revenues of $13.5 million, compared with $12.3 million in sales recorded in fiscal 2002. For the period (end-December 31), the Cambridge, MA-based firm had a net loss of $20.8 million, less than the net loss of $22.2 million reported for 2002.
For its fiscal 2003 fourth quarter, the firm reported revenues of $2.3 million, a downturn compared with sales of $3.7 million for the same period in 2002. The firm's net loss for the quarter rose to $8.4 million, compared with a net loss of $5.3 million for the fourth quarter of fiscal 2002.
Epix said the decrease in fourth-quarter revenues was due to lower product development revenue from its MS-325 contrast agent resulting from the completion of a phase III clinical trial program, as well as an increase in amounts netted against its product development revenues arising from higher spending on MS-325 by partner Schering of Berlin.
In other news, the company said that the new drug application (NDA) submitted for MS-325 to the Food and Drug Administration has been accepted for filing and has been designated for a standard review cycle. The target date for the first FDA action in the standard review cycle is 10 months from the December 2003 date of submission, according to Epix.
By AuntMinnie.com staff writers
February 18, 2004
Related Reading
Epix gets U.S. patent for MS-325, January 13, 2004
Epix submits MR contrast agent for FDA approval, December 16, 2003
Epix COO resigns, November 11, 2003
Epix continues to build revenues, trim losses in Q3, October 24, 2003
Epix to present phase III results, September 15, 2003
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