Advanced Magnetics reports lower first-quarter results

Advanced Magnetics has announced its financial results for the first quarter of fiscal 2000 (end-December 31), reporting sharply decreased revenues compared with fiscal 1999. The Cambridge, MA-based biopharmaceutical developer reported revenues of $410,000 for the quarter, down from $915,000 during the same period last year.

Company chairman and CEO Jerome Goldstein attributed the results to low product sales during the quarter, as well as to the inclusion of sales figures for the company's former subsidiary, Kalisto Biologicals. He said the disappointing results were unlikely to recur in future quarters due to new products in the development pipeline, especially Combidex, a contrast agent developed for MRI to diagnose lymph node and liver disease.

The company filed a new drug application for Combidex with the Food and Drug Administration this past quarter, and also filed a companion application in Europe through Laboratoire Guerbet, its European partner.

By staff writers
January 24, 2000

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