Alteon losses increase to $16.9M

Alteon Inc, which is developing new classes of drugs that reverse orslow down diseases of aging and complications of diabetes, has announced a net loss of $16.9 million for the year ended December 31, 2002, compared to $11.6 million for 2001. The net loss applicable to common stockholders, which includes a non-cash charge for a preferred stock dividend, was $20.4 million, or $0.64 per basic/diluted share for 2002, versus $15.0 million, or $0.61.

R&D expenses increased to $15.0 million for the year, up from $8.5 million, primarily due to increased clinical trial costs associated with the Crosslink Breaker program.