3rd Qtr Costs And Losses Rise At Amylin

Amylin Pharmaceuticals has reported a sharp increase in net loss forthe third quarter ended September 30, 1997, to $15.9 million, or $0.50 per share, compared with a loss of $3.8 million, or $0.13 per share, for the corresponding period in 1996. Net loss for the nine-month period rose just under 50% to $33.1 million.

The company noted a decrease in third-quarter revenues to $9.1 million, down 31.1% compared to the same quarter in 1996, which included milestone and option fee payments from Amylin's commercial partner, Johnson & Johnson. The increase in net loss, however, was principally due to a significant rise in operating expenses to $25.3 million, up 46.2%.

The bulk of the costs is due to Amylin's decision to expand the development program for its antidiabetes drugs pramlintide following disappointing data from Phase III studies (Marketletter September 1).