BIRMINGHAM, Ala., March 4 /PRNewswire-FirstCall/ -- BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced financial results for the fourth quarter and year ended December 31, 2007.
"In 2007, we gained greater clarity in terms of the progress made in each of our lead product programs, peramivir, forodesine HCl and BCX-4208," said Jon P. Stonehouse, Chief Executive Officer of BioCryst. "Each program is now either in mid-stage clinical testing or, in the case of forodesine HCl, a pivotal trial. Over the course of the year, we have assembled a strong management team to execute on our commitments and advance our product candidates in 2008."
Fourth Quarter 2007 Financial Results
The Company reported revenues of $28.2 million in the fourth quarter of 2007, compared to $2.1 million in the fourth quarter of 2006. The increase in revenues is due to revenue from the contract with the U.S. Department of Health and Human Services ("HHS") for the development of peramivir, a $7.0 million milestone payment received from Shionogi & Co., Ltd., and the continuing amortization of deferred revenue from our collaborative agreements.
The net loss for the quarter ended December 31, 2007 was $2.3 million, or $0.06 per share, compared to a net loss of $10.1 million, or $0.34 per share, for the quarter ended December 31, 2006.
Research and development ("R&D") expenses were $29.1 million in the
fourth quarter of 2007, compared to $11.2 million in the fourth quarter of
2006. The increase in R&D expenses is primarily attributable to an increase
in clinical trial related expenses, manufacturing costs for our lead
product candidates and costs related to an increase in the personnel
supporting the advanced development of our pro
|SOURCE BioCryst Pharmaceuticals, Inc.|
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