MR contrast developer Advanced Magnetics reported fiscal 2005 first-quarter revenues of $1.02 million, a 61% increase compared with the $632,000 in sales turned in during the same period a year ago.
And for the quarter (end-December 31, 2004), the Cambridge, MA-based company nearly tripled its net loss from the first quarter of fiscal 2004, from $941,000 a year ago to $2.55 million for the current period.
Advanced Magnetics attributed the loss to an increase in research and development expenses related to its phase III clinical trials for ferumoxytol in iron replacement therapy.
Ferumoxytol is an investigational intravenous iron replacement therapeutic for use in anemic chronic kidney disease patients. It is also in exploratory phase II clinical trials for use as a contrast agent in MR angiography, the company said.
The developer said it expects to submit a new drug application (NDA) to the Food and Drug Administration during the first half of 2006.
By AuntMinnie.com staff writers
January 18, 2005
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Advanced Magnetics launches clinical study, June 1, 2004
Advanced Magnetics shows loss in Q2, April 16, 2004
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