WAKEFIELD, MA, May 6 /PRNewswire-FirstCall/ - NUCRYST Pharmaceuticals, a developer and manufacturer of medical products that fight infection and inflammation, today announced its financial results for the first quarter ended March 31, 2008. Total revenues were $5.2 million for the first quarter of 2008, as compared with $5.2 million in the first quarter of 2007. Total revenues in the first quarter 2008 include wound care product revenues of $6.3 million, a 21% increase from $5.2 million in the first quarter of 2007, which was offset by the recognition during the quarter of $1.1 million of a $4.5 million manufacturing cost rebate paid annually to Smith & Nephew under our supply agreement.
Net loss for the first quarter of 2008 was $2.2 million, or $0.12 per share, compared to a net loss of $1.9 million, or $0.10 per share, for the same period last year. As of March 31, 2008, NUCRYST had $23.2 million in cash and cash equivalents, as compared to $17.8 million on December 31, 2007. Further financial information follows at the end of the release.
"We are highly focused on strengthening our core business and we continue to pursue additional opportunities for our nanocrystalline silver based products," said Thomas E. Gardner, Chairman and Chief Executive Officer of NUCRYST. "In addition, we are continuing our focus on improving operating efficiencies and have recently announced further steps to reduce costs, including consolidating management of our research and development organization."
First Quarter 2008 Financial Detail
For the quarter ended March 31, 2008, NUCRYST reported total revenues
of $5.2 million, flat over the same period in 2007. Wound care product
revenues in the first quarter of 2008 were $6.3 million, an increase of 21%
from the same period in 2007. The increase in revenues is primarily due to
increased manufacturing cost reimbursement received from Smith & Nephew
driven by increased product orders received from and ship
|SOURCE NUCRYST Pharmaceuticals Corp.|
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