MR contrast developer Advanced Magnetics reported fiscal 2005 third-quarter revenues of $403,000, down from the $1.5 million in sales turned in during the same period a year ago.
For the quarter (end-June 30), the Cambridge, MA-based company's net loss showed a dramatic increase from the third quarter of fiscal 2004, from $778,000 a year ago to $3.3 million for the most recent period.
The firm attributed the lower revenues to a decrease in the recognition of deferred licensee fee revenues from a licensing and marketing agreement covering its imaging agent Combidex, as well as lower product sales during the quarter.
The growth in expenses for the period was primarily due to increased research and development expenses resulting in an increased loss in the quarter as compared to the same fiscal quarter last year, the firm said.
By AuntMinnie.com staff writers
July 19, 2005
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Advanced Magnetics' sales drop, losses rise, April 19, 2005
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Advanced Magnetics boosts sales, losses in Q1, January 18, 2005
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