Accentia's net loss for fiscal 2006 drops 3%

The USA's Accentia Biopharmaceuticals says that its net loss for the year ended September 30, 2006, was $43.4 million, a 3% drop on the same 12-month period in 2005. Of this loss, $6.4 million, or approximately 15%, was the result of non-cash charges such as depreciation, amortization of product rights, stock-based compensation, asset impairments, derivative gain and amortization of debt discount, the firm noted.

On a fully-consolidated basis, including revenue from its Biovest unit, Accentia's net sales for the period totaled $25.1 million versus $25.2 million. Consolidated R&D costs were $14.6 million for the year, a 33% increase, reflecting ongoing Phase III clinical trials for SinuNase, a product for chronic sinusitis, and BiovaxID, a vaccine therapy for follicular lymphoma. Accentia noted that its percentage ownership of Biovest will fall as the unit continues to pursue self-funding activities.