MRI contrast developer Epix Pharmaceuticals of Lexington, MA, posted a sharply higher net loss for the company's first quarter (end-March 31), due to higher R&D expenses.
For the period, Epix had revenues of $2 million, up 15% compared with $1.7 million in the first quarter the year before. But the company turned in a net loss of $19.5 million for the quarter, compared with $4.5 million for the same period in 2006.
Epix executives said the higher loss was due to increased R&D costs that resulted from its merger with Predix Pharmaceuticals in 2006. Epix acquired four new drug development programs due to the deal, and its R&D expenses ballooned from $3.9 million in the first quarter of 2006 to $13.5 million in the most recent period.
By AuntMinnie.com staff writers
May 9, 2007
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