Contrast agent developer Advanced Magnetics reported fiscal 2004 second-quarter revenues of $766,530, a downturn compared with revenues of $1 million for the same period in fiscal 2003.
For the quarter (end-March 31), the Cambridge, MA-based vendor trimmed its net losses to $566,001,compared with the same period last year when losses were stated at $647,518. Advanced Magnetics partly attributed the revenue dip as the result of a decrease in the recognition of deferred license fee revenue from a license and marketing agreement covering its MRI iron oxide nanoparticle contrast agent Combidex.
The firm also said that the loss in the quarter was lower than the loss for the same period in the prior fiscal year due to a temporary decrease in expenditures associated with its ferumoxytol iron replacement therapy development program
By AuntMinnie.com staff writersApril 16, 2004
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Advanced Magnetics sets $10 million stock sale, July 3, 2003
Advanced Magnetics falls into red in Q1, January 16, 2003
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